October 4, 2024
Although the nominal increase in house prices for sale in Turkey continues, prices have been flat for more than a year due to the influence of inflation. After two months of activity in real estate sales prices announced by TUIK, the direction in which sales prices will follow remains the main item on the agenda in the real estate sector. Changes in housing sales and rental prices are reported by Turkey's leading proptech company, Endeksa October 2024 evaluated in the current housing value report. According to the report, annual real estate price increases continued to be below inflation in October.
Housing prices for sale across Turkey according to the report of Indeksa, which offers real estate valuation with big data analysis and artificial intelligence technology and access to the best, most reliable real estate consultants in the region 26% per annum; in the last month %2 showed an increase. In terms of real value, prices 15% per annum decreased in proportion. Inflation-adjusted monthly change is the last 3 months %0 with %-2 maintains its horizontal course between. Average residential selling price per square meter across Turkey 28.027 TL/m2, If the average price of housing 3.7 million TL at the level. Payback period of housing investment 13 years recorded as.
Görkem Öğüt, CEO and Co-Founder of IndeksaRegarding the October 2024 data, he said:
“From the beginning of 2022, we saw very high increases in housing prices in our country. According to Indeksa data 2022 Annual increase in real estate sales prices in July, August and September of the year 170% It had passed its level. 2024 Although housing sales prices have been rising since the beginning, we see that they have fallen in real terms when taken out of inflation. This downtrend and then ended in July %25 After the implementation of mandatory rent increases, we see the movement of the real estate sector. Those who postponed the decision to invest in housing due to the limit on rent increases began to turn to buying housing again, while prices also fell.
of 2025 We anticipate that the sector will become more active with the arrival of the expected decrease in interest rates in the first quarter and the increase in access to housing credit. In this case, there will be an increase in housing sales prices again. Because construction costs are high, and there is still not enough housing production in our country. Hence, As an index, we consider the current period as a buying opportunity.“
Stating that buying and selling real estate is not an easy decision, Öğüt noted that Indeksa offers its users a significant support in this decision thanks to its big data analysis and artificial intelligence-based analytics and access to the most reliable real estate consultants.
Ankara, Istanbul, Antalya and Izmir different trends in housing prices are noticeable. Smyrna, 29% while it stands out with the increase in nominal value, on a real basis %13 there was a decline. Average housing price per square meter in Izmir 36.689 TL/m2 while it happens, the average price of housing 4.6 million TL at the level. İzmir 29% with nominal increase Ankara followed. Annual price change in real terms %14 The average selling price per square meter of housing in the capital, where it is decreasing 23.676 TL/m2; If the average price of housing 3.1 million TL It happened.
In Istanbul annual nominal increase 27% at the level, on a real basis %15 The decline has been seen. Average residential apartment sale price per square meter in Istanbul 42.526 TL/m2, if the average housing price 4.8 million TL calculated as. In Antalya if annual 19% despite the nominal increase, on a real basis with the effect of inflation %20 There was a decrease. In Antalya average residential selling price per square meter 36.507 TL/m2, average housing price 4.2 million TL.
Highest selling prices across Turkey In Muğla can be seen; the average selling price per square meter of housing in this province 62.820 TL/m2, if the average housing price 8 million TL. On the other hand, at the lowest prices Mus It is worth noting; the average price per square meter of housing in the province 13.821 TL/m2, if the average housing price 2.2 million TL.
According to Indeksa data, rental housing prices in October are annual 46% while increasing, it remained stable on a monthly basis. In real terms compared to last year %2, according to a month ago %3 The decline has been seen. Average price per square meter of rental housing across Turkey 178 TL/m2, if the average rent 19.534 TL at the level.
To Ankara, Istanbul and Izmir annual nominal change of rental prices when viewed 49% with 56% between. Istanbul remains stable in price change free from inflation effect while Ankara and İzmir 3% to 5% An increase is observed between.
