Second Hand Housing Sales Increased 45% Compared to the same Period Last Year in Q2 2022

According to the “Second Hand Housing Market Report” prepared in cooperation with TÜGEM and Endeksa, as of the end of the 2nd quarter of 2022, there was an 182% year-on-year increase in housing prices throughout Turkey. The average residential square meter sales price in Turkey as of 9 thousand 979 TL, the average depreciation period is 17 years, the average marketing period is 62 days, while the annual value increase as of the end of the 2nd quarter The highest provinces were Istanbul, Antalya and Mersin.

Quarterly Residential Sales

Second-hand housing sales accounted for 72% of total sales

Second-hand housing sales accounted for 72% of total sales, credit housing sales accounted for 25%, while 292 thousand 321 second-hand housing sales occurred in the 2nd quarter. With this figure, second-hand housing sales increased 30% compared to the previous quarter and 45% compared to the same period last year. Second-hand housing sales accounted for 72% of total residential sales.

Number of sales of housing by month

In Q2, total number of residential sales increased by 40% compared to the same period last year

In the 2nd quarter of 2022, the sale of 406 thousand 335 units of housing took place. The number of residential sales increased by 27% compared to the previous quarter and 40% compared to the same period last year.

2nd quarter housing sales units comparison

Sale of housing with credit of 101 thousand 975 units

In the 2nd quarter, overcredit housing sales accounted for 25% of total housing sales and amounted to 101 thousand 975 units. Over-credit housing sales increased 49% compared to the previous quarter and 79% compared to the same period last year.

1-year increase in housing prices across Turkey 182%

As of the end of the 2nd quarter, the 1-year value increase in housing sales prices across Turkey was 182%. The average sales price per square meter of housing throughout Turkey is 9 thousand 979 TL, the average housing price is 1 million 317 thousand 228 TL, the average depreciation period is 17 years, the average marketing time is 62 days.

Housing prices in Istanbul increased 232% in 1 year

In Istanbul, where 76,476 units accounted for 19% of housing sales in the 2nd quarter, housing prices increased 232% in 1 year and the average sales price per square meter was 17 thousand 496 TL. In Ankara, 36,995 units accounted for 9% of housing sales in the 2nd quarter and housing prices increased by 169% in the last 1 year, the average sales price per square meter was 7 thousand 354 TL.

There were 23 thousand 861 sales in Izmir, where 6% of housing sales occurred, and housing prices increased 172% in the last 1 year, the average sales price per square meter was 12 thousand 742 TL.

The largest number of stocks in 50 provinces with the largest number of residential sales is in Istanbul. As of the end of the 2nd quarter, Istanbul has 340 thousand 172 housing stocks. The stock is 173 thousand 788 in Ankara and 97 thousand 269 in Izmir.

The most value increase is in Istanbul, Antalya and Mersin

The provinces with the greatest value increase in 50 provinces with the highest number of residential sales were Istanbul, Antalya and Mersin respectively. The annual value increase in Istanbul was 232%, the average housing square meter sales price was 17 thousand 496 TL, the average housing price was 2 million 99 thousand 520 TL, and housing prices in Antalya increased by 225% in the last year. Average sales price of residential square meters 14 thousand 894 TL, average housing sales price 1 million 936 thousand 220 TL, annual value increase in Mersin by 224%, average housing square meter sales price 8 thousand 933 TL, average The sale price of housing was 1 million 339 thousand 950 TL.

Residential sales to foreigners increased 98% compared to the same period last year

In the 2nd quarter, a total of 21 thousand 39 housing sales to foreign nationals took place. With this volume, housing sales to foreigners increased 47% compared to the previous quarter and 98% compared to the same period last year.

Görkem Ögüt, Co-Founder and General Manager of Endeksa, who shared his views on the subject: “The dominance of second-hand housing in the real estate market continues. This is also indicative of a significant increase in the sales of second-hand housing compared to the same period last year. Rising construction costs, fragility in the economy and fluctuations in foreign currencies make it difficult to produce new housing. A certain number of manufactured housing is insufficient to meet the demand. Therefore, both due to the inability of supply in housing production to meet the demand and the high prices of new housing produced, the market has shifted to second-hand housing,” he said.

Hakan Akdogan, Founding President of TÜGEM, said, “The annual price increase of 182% in the real estate market has shown us again how profitable and reliable our sector is during this period. Second-hand housing sales reached 72% of total residential sales also increased the business potential of real estate businesses. We anticipate that mortgage sales will decrease in the coming periods and advance sales will be more preferable,” he said.

Average price, value change, marketing and depreciation period in the top 50 provinces with the largest number of residential sales, number of inventory

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