Real Estate

Property for sale is mostly searched in Istanbul and Izmir

According to Emlakjet’s research, Istanbul is the leading province with 20% in February, followed by Izmir with 9%.

The results of the February 2021 Real Estate Report prepared by Emlakjet in line with the movements in the ads for sale and rental real estate, reaching 400 thousand, were shared with journalists at the press conference.

Speaking at the online meeting, Emlakjet Senior Manager (CEO) Tolga Idikat said that there was a 31.6% decrease in housing sales in February compared to the same period last year and the number of sales decreased to 81 thousand.

Stating that the decrease in mortgage sales rose to 67%, the main reason for this was the rise in interest rates, Idikat explained that the decrease in the January-February period was 35% and that the year had a weak start.

Referring to the increase in demand in 2020 compared to the previous year, Idikat reported that there was an 80% increase in apartments with balconies, 50% in gardens and pools, and 200% in duplex and detached houses.

Stating that the demand for studio apartments has decreased due to the epidemic and the closed universities, Idikat said, “The most demanded houses are apartments with balconies.”

Idikat stated that 63% of those who wanted a house in February were looking for a house for sale and 37% for rent, and that 58% of those who searched for housing were women, however, 62% of them were men.

Stating that new apartments stand out with 56% in the demand for housing for sale, Idikat said that half of those looking for housing for sale do not have any houses, 20% want to change their homes, and 30% are investors.

Property for sale was mostly searched in Istanbul and Izmir

Tolga Idikat stated that Istanbul is the leading province with 24%, followed by Izmir with 9%, Ankara with 7%, Antalya with 5% and Bursa with 4%.

Expressing that Ankara has always been in the second place before, and the increasing demand for seaside and summer resorts due to the epidemic has brought Izmir to second place, Idikat said, “Among these 5 provinces, the highest price increase in February was seen in Ankara with an increase of 3% compared to the previous month. An increase of 2% was observed in Istanbul, Izmir and Antalya, and 1% in Bursa.”

Noting that housing prices are still increasing, Idikat said, “When we look at the price increases in February compared to the same month of the previous year, Antalya is the leader with 38%. This rate is 30% in Izmir, 28% in Istanbul and 26% in Ankara. Therefore, the price increase in real estate is still continuing.”

Stating that Beylikduzu led the districts with the highest housing demand in February, it was followed by Gaziantep, Sahinbey, Pendik, Bodrum, Esenyurt and Antalya, Alanya.

Rental budget with the highest demand is ₺1,500 and below

Emlakjet CEO Idikat stated that the interest in rental housing increased due to the rise in housing prices and interest rates and gave the following information:

“Accommodation is a compulsory need. Therefore, renting comes to the fore when housing purchases are difficult. In February, rental housing searches increased by 5% compared to the previous month and 18% compared to the monthly average of 2020. The highest demand in renting across Turkey is for residences of ₺1,500 and below. This is the budget of 47% of those looking for rental housing. 36% of the budget is looking for a house in the range of ₺1,500-2,500.”

Idikat said that The numbers in Istanbul are just one click above the country average, and the rental housing demand of ₺2 thousand 500, which is 83% in Turkey, and 76% of the rental housing demand in Istanbul.

Tolga Idikat said, “However, there is an imbalance between supply and demand in Istanbul. 51% of the supply and 76% of the demand are up to ₺2,500.”

Stating that 46% of the users stated that they have been looking for a rental house for more than 2 months, Idikat reported that the rate of seeking for rent for the last 7 days was 26%.

Idikat explained that the demand also varies according to age groups, 94% of the 18-25 age group were looking for a house up to ₺2,500, and the budget increased as the age got older.

Rental searches are on the rise, high demand and limited number of housing reflected on prices

Zuhtu Esiyok, Board Member of All Entrepreneurial Real Estate Consultants Association (TUGEM), said that he expects a rapid increase in the search for rental housing as of April in his evaluations on the data.

Esiyok said, “However, due to stock shortages in certain areas, many tenants will have a hard time finding what they want. Rent prices will continue to increase. In addition, we anticipate that the rental housing prices in the summer regions will continue to rise rapidly, as people cannot travel due to the epidemic and are turning to summer resorts.”

Emlakjet Prestige Member Eryaman Construction Manager Aykut Bozkurt stated that Esenyurt and Beylikduzu, the regions they serve, are the most sought-after districts, and added saying, “With the intensity of demand, the price increase continues in the houses for sale in these two regions. For this reason, we have determined that the interest in rents has increased recently. Nevertheless, the demand for properties for sale in these two regions is still high.”

Source: AA / Translated by Irem Yildiz

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