Annual Value Increase in Residential Sales Prices Across Turkey As of the End of February 116%

In February, Turkey sold 97 thousand 587 units of housing. Residential sales increased by 11% compared to the previous month in February and by 20% compared to the same month of the previous year to 97 thousand 587. According to Endeksa data, the annual value increase in housing sales prices in Turkey as of the end of February was 116%, while the average sales price of residential square meters throughout Turkey was 6. TL 847 thousand, the average housing price is 924 thousand 345 TL, and the return period of housing investment was 19 years.

Mortgaged housing sales increased 36 percent

Across Turkey, mortgage housing sales in February increased by 9% compared to the previous month and 36% compared to the same month last year and 19 thousand 888. In total residential sales, the share of mortgage sales amounted to 20%. Second-hand housing sales increased by 12% compared to the previous month and 22% compared to the same month last year and 68 thousand 690. Second-hand housing sales accounted for 70% of total sales. The sale of housing to foreigners increased by 10% compared to the previous month and 55% compared to the same month last year and amounted to 4 thousand 591.

Residential sales increased by 20% compared to the same period last year

When evaluating February 2022, it is seen that housing sales increased by 20% compared to the same period last year and amounted to 97 thousand 587. During this period, mortgage housing sales increased by 36% to 19 thousand 888, second hand housing sales increased by 22% to 68 thousand 690.

The highest share is again in Istanbul

In February, Istanbul had the highest share in residential sales with 18,752 housing sales and 19%. According to sales numbers, Istanbul was followed by 8,000 464 housing sales, Ankara with 9% share, and Izmir with 5,575 housing sales and 6% share. According to the index data, as of the end of February, the value increase in housing sales prices in Istanbul by 137%, the average sales price of residential square meters is 11 thousand 321 TL, average housing price 1 million 301 thousand 915 TL . Housing prices in Ankara have increased 104% in the last year, the average sales price per square meter is 4 thousand 966 TL, the average housing price is 670 thousand 410 TL. In Izmir, the annual value increase is 108%, the average housing square meter sales price is 8 thousand 903 TL, the average housing price is 1 million 357 thousand 800 TL.

The provinces with the highest annual value growth are Mersin, Aydın and Istanbul

According to Endeksa data, the provinces with the highest annual value growth in the 30 provinces with the highest housing sales in February were Mersin, Aydın and Istanbul, respectively. Housing prices in Mersin have increased by 160% in the last year, the average sales price per square meter is 5 thousand 780 TL, the average housing sales price is 867 thousand 150 TL. The annual value increase in Aydın is 141%, the average housing square meter sales price is 10 thousand 172 TL, the average residential sales price1 million 154 thousand 300 TL. The annual value increase in Istanbul is 137%, the average housing square meter sales price is 11 thousand 321 TL, the average housing sales price is 1 million 301 thousand 915 TL.

Evaluating the data, Görkem Ögut, Co-Founder and General Manager of Indeksa.com, said, “The trend of growth in the housing market continues. Turkish people have full confidence in real estate as an investment tool. Individuals are somehow trying to turn the accumulation in their hands into real estate. Considering the increase in value over the years, we can say that this is the right choice. According to Endeksa data, housing prices have risen 116% over the past year, while the dollar has risen 78% and the euro has risen 65%. For reasons such as the increase in construction costs, change in purchase parity, fluctuations in the exchange rate, the rise in prices in the sale of first-hand homes also in the sale of a second hand home creates mobility. Another important issue that stands out is the increase in housing sales to foreigners. Although sales to foreigners account for 5% of total sales, the increase is remarkable. The number of sales to foreigners increased by 10% compared to last month and 55% compared to the same month last year. Political tensions between countries in our region may affect this graph, but the upward trend will continue.”