Real Estate

Endeksa: Housing sales to foreigners increased by 43%

The “Second Hand Housing Market Report” for the third quarter of 2021, prepared in cooperation with the Entrepreneurial Real Estate Agents Association (TUGEM) and the real estate valuation platform Endeksa, has been announced. According to the report, as of the end of the third quarter of 2021, housing prices in Turkey increased by 30% annually, while the number of housing sales and second-hand housing sales increased by 37% compared to the previous quarter. While the highest number of stocks was found in Istanbul among the provinces with the highest sales of housing, the provinces with the highest annual value increase were Aydin, Mugla and Balikesir. In the third quarter, a total of 16,991 residences were sold to foreign nationals. With this number, house sales to foreigners increased by 60% compared to the previous quarter and 43% compared to the same period of the previous year.

According to the “Second Hand Housing Market” report prepared in cooperation with TUGEM and Endeksa, As of the end of the third quarter of 2021, there was an annual increase of 30% in housing prices throughout Turkey, and The average residential square meter sales price in Turkey was ₺3 thousand 483, the average depreciation period was 20 years, and the average marketing period was 65 days. As of the end of the third quarter, the provinces with the highest annual value increase were Aydin, Mugla and Balikesir.

NUMBER OF HOUSING SALES DECREASED BY 26%

In the third quarter of 2021, 396 thousand 328 houses were sold. While the number of house sales increased by 37% compared to the previous quarter, it decreased by 26% compared to the same period of the previous year.

ANNUAL VALUE INCREASE IN ISTANBUL HOUSING PRICES IS 27%

In Istanbul, where 71 thousand 399 residences were sold in the third quarter, housing prices increased by 27% in 1 year and the average square meter sales price was ₺5 thousand 146. In Ankara, 10% of the housing sales in the 3rd quarter were realized with 38 thousand 465 units and housing prices increased by 24% in the last 1 year, the average square meter sales price was ₺2 thousand 630. In Izmir, where 6% of the housing sales took place, there were 22 thousand 319 sales and the housing prices increased by 32% in the last 1 year, the average square meter sales price was ₺4 thousand 637.

MOST STOCK IS IN ISTANBUL

It is seen that the highest number of stocks is in Istanbul among the 50 provinces with the highest number of housing sales. As of the end of the third quarter, there are 257,507 housing stocks in Istanbul. The number of stocks is 135,853 in Ankara and 76,400 in Izmir. Among the 50 provinces with the highest sales of houses, the provinces with the highest value increase were Aydin, Mugla and Balikesir, respectively. The annual value increase in housing prices in Aydin is 59%, the average square meter sales price is ₺5.156. Housing prices in Mugla have increased by 55% in the last year, the average square meter sales price is ₺9.277. In Balikesir, the annual value increase in housing prices is 45% and the average residential square meter sales price is ₺4,067. The provinces with the highest residential square meter sales prices in Turkey were Mugla, Istanbul and Aydin, respectively.

SECOND HAND HOUSING SALES ACCOUNTED FOR 70% OF TOTAL SALES

In the third quarter, 277,050 second-hand houses were sold. With this figure, second-hand house sales increased by 37% compared to the previous quarter, and decreased by 26% compared to the same period last year. Second hand house sales accounted for 70% of total house sales. In the third quarter, loan home sales, on the other hand, constituted 20% of the total housing sales and amounted to 77,687 units. While credit housing sales increased by 36% compared to the previous quarter, they decreased by 68% compared to the same period of the previous year.

HOUSING SALES TO FOREIGN INCREASED BY 43%

In the third quarter, a total of 16,991 residences were sold to foreign nationals. With this number, house sales to foreigners increased by 60% compared to the previous quarter and 43% compared to the same period of the previous year.

Making evaluations about the report, TUGEM Founding President Hakan Akdogan said, “Recently, the increase in rental prices has reduced the depreciation period in real estate. Therefore, the amortization period has decreased to 16-18 years in some regions. We can say that the prices in real estate, especially in the second hand, will continue to increase.”

Gorkem Ogut, Founding Partner and General Manager of Endeksa, said, “We see that the real estate sector, which had a difficult time in the first days of the pandemic and after the closure periods, is on the rise again. In the third quarter of 2021, the number of house sales and second-hand house sales increased by 37% compared to the previous quarter. We think that the number of house sales this year will close at last year’s levels.”

Source: Haberturk / Translated by Irem Yildiz

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