The Average House Price in Turkey Was 3 Million 92 Thousand 700 TL, Housing Sales Increased by 48%

42 thousand 338 homes sold in three major metropolises in one month

The city with the most homes sold in December 2023 23 thousand 714 sales and 17 percent with share Istanbul It happened. During the second part of the list 11 thousand 458 housing and 8 percent with share Ankara If in the third place 7, thousand 166 the sale of housing and 5% with share İzmir var.

The average price in Istanbul is over TL 4 million

According to Endeksa data as of the end of December In Istanbul the annual increase in the value of housing sales prices 73% It happened. Average selling price per square meter of housing in the largest city of Turkey 36 thousand 262 TL, if the average housing price 4 million 170 thousand 130 TL was identified as. In Ankara house prices in the last year 102% showed an increase. Average price of housing in the capital 2 million 570 thousand 100 TL, if the price per square meter 19 thousand 770 TL at the level. İzmir 2023 78% closed with an increase in value. Average selling price per square meter in the city at the end of the year 30 thousand 39 TL, if the average housing price 3 million 754 thousand 875 TL.

Top rated cities in Hatay, Elazığ and Ordu

The top three most valued cities in Turkey, according to the study of the 30 cities that sold the most housing in December 2023 by Indeksa Hatay, Elazığ and Ordu It happened. In Hatay housing prices in the past year 124 percent increased. Selling price per square meter in the city 17 thousand 834 TL, if the average housing price 2 million 764 thousand 270 TL. In Elazığ if the recorded value increase 107 percent determined as. Average selling price per square meter in the province 11 thousand 918 TL, if the average housing price 1 million 966 thousand 470 TL. In the Army Valuation in the last year 106 percent in proportion. The average amount that must be paid per square meter to buy a dwelling in the city 20 thousand 5 TL, if the average housing price 2 million 600 thousand 650 TL.

'First hand' continues negative trend

Despite the overall increase in real estate sales in the last month of the past year, there was a 34% decrease in first-hand home sales, with a total of 51 thousand 243 homes sold. Throughout the year 2023, a total of 379 thousand 542 homes were sold as first-hand, resulting in an 18% decline. Looking at homes sold with credit, sales increased by 15% in the past month. In the last month of 2023, 6 thousand 042 homes were sold in Turkey with a mortgage, constituting 4% of the total sales.

It remains the flagship of the second-hand market

Another of the key real estate sales items that rose in December was second-hand housing. Second-hand home sales in the last month 39 percent increased. The largest share of total property sales in Turkey 63 percent with second hand housing sales. In the second-hand market in 2023 846 thousand 384 sales occurred and compared to the same month of the previous year 17 percent a decline was recorded.

2 thousand 64 houses sold to foreigners

Also in the sale of housing to foreigners in December 12 percent There was a decrease, and the total 2 thousand 64 homes sold. When this item is evaluated in relation to the same month of the previous year 68 percent There is a downward trend.

Evaluating developments Endeksa Co-Founder Görkem Öğüt : “2023 was the year with the lowest sales activity in the last nine years in terms of the real estate sector. The effects of this situation can be explained by the strict monetary policy observed in Turkey as well as in the whole world. The biggest causes of this recession in the housing market are the increase in interest rates, making access to credit more difficult and investors turning to different vehicles rather than real estate. 2022 was a year in which real estate became almost the only investment vehicle of choice and prices increased by over 200 percent. 2023 was not such a year. However, we can still say that housing retains its attractiveness compared to other investment vehicles, especially with an increase in value of 84 percent, especially in the sales market.

The real estate market is currently in a situation where conditions prevail where buyers are stronger. Construction activities, of course, which will be decisive for 2024. For the end of 2024, we predict a growth in value in parallel with inflation, as in 2023. We closed the year we left behind at a level of 20 points above inflation. Considering that the projected inflation rate as of the end of 2024 is around 45 percent, it is possible to predict that the market will close the year with an increase of around 60-65 percent. The anticipation of the campaign is also actually a reason for the recession in the market. Since July, the market has been waiting for the campaign, which is known to offer a 15-year loan to those who buy their first home at a rate of 1.20. This causes both buyers and those who are going to sell a house to behave with the motto 'wait and see. '” He said