- Jul 19, 2023
- Reading time: 2 minutes
Turkey Residential Accessibility Index Decreased 29% from 65.2 to 46
Using the advanced possibilities of digital technologies in real estate valuation, Endeksa has published a housing affordability index for Turkey, which it prepared by considering housing prices, household income, loan interest rates and loan installment amounts. According to the June report, housing sales prices across Turkey increased by 2% compared to the previous month and 110% compared to the same month of the previous year, reaching an average of 2 million 539 thousand 680 TL. Between January and June 2023, the housing affordability index decreased by 29% from 65.2 to 46 points.
Reaching reliable results in real estate value calculation using artificial intelligence and big data analysis methods Housing affordability index explained by the index, the ability to buy housing by assuming an average income aims to calculate its ability.
Housing affordability index calculation, average residential sales in Turkey According to the price, the amount of credit that the household will use is taken into account. For loan interest rates Central Bank data were used. With this data, the user credits the entire price of the real estate The loan installment amount is calculated assuming that it will pay. TÜİK Income and Living Conditions for Household Income Research data, as data for 2022 and 2023 have not yet been published, to the rate of increase in the minimum wage is included in the calculations by updating. Index by accepting January 2019 = 100 in this data reached created.
Residential affordability index is up 46 points from 65.2 retarded
Between January and June 2023, the housing affordability index is 65,2 decreased from 46 points, showing a 29% reduction trend from June 2023 to the previous year If compared to the same month, the affordability of housing recorded as 51.2 points in June 2022 According to the index, a decrease of 10% was observed.
The average price of housing sales in Turkey was 2 Million 539 Thousand 680 TL
According to Endeksa data, housing across Turkey as of the end of June 2023 Sales prices increased by 2% compared to the previous month and 110% compared to the same month of the previous year, on average 2 Million 539 Thousand It reached the level of 680 TL. There is a regular increase in housing values, with a minimum in December 2022 With a raise in wages, the average household experienced a rise in the income level and purchased housing at the end of January 2023 The readability index was recorded as 65.2 with an increase of 18.5 points. In the following months in 2023, January the rise in the month is not maintained and the housing affordability index to 46 levels in the period June 2023 was seen to restrain. When the housing affordability index is examined, the months of January — June 2023 There is a decrease of 29% between June 2023 and 10% between June 2023 and the same month of the previous year. Pre-pandemic housing affordability, except for periods when the minimum wage is increased when compared with the period It is observed that the index tends to decline.