According to the latest data from TURKSTAT, house sales in Turkey increased by 20.6 percent in March compared to the same month last year to 134,170, while in the period January-March they increased by 21.7 percent compared to the same month of last year and amounted to 320 T63 .
Istanbul ranked first in home sales with 23,974 home sales and 17.9 percent. Ankara was followed by Ankara with 12,609 house sales and İzmir with 8,000 51 house sales. Prices followed the rise in home sales.
According to Habertürk’s news, according to the data released by the CBRT, the house price index rose 96.4 percent annually in February, recording a historic increase. While house prices in Turkey reached 8,000 640 TL per square meter with an annual increase of 113.2 percent, the unit price per square meter in Istanbul was 13,000 836 TL in February.
According to the Central Bank of the Republic of Turkey, the real estate price index rose by 96.4 percent in nominal terms and by 26.9 percent in real terms in February compared to the same month last year. The increase was 106.3 percent in Istanbul, 90.1 percent in Izmir and 97.1 percent in Ankara.
PRICE PER SQUARE METER IN ISTANBUL EXCEEDED 13 THOUSAND TL
Apartment unit prices across Turkey increased annually by 113.2 percent, reaching 8,000 640 TL per square meter. Looking at the average unit prices for the three metropolises, Istanbul was in first place with 13,836 TL/m², followed by Izmir with 10,000 61 TL/m² and Ankara with 6,000 225 TL/m².
BETAM: APARTMENT SALE PRICES UP 134.3 PERCENT OVER THE SAME MONTH OF LAST YEAR
According to the April report of Bahçeşehir University’s Economic and Social Research Center (BETAM), the annual rate of increase in prices of houses for sale last January and February increased, but lost some momentum. Since March, the rate of increase in sales prices has accelerated. The inflation rate, which increased by 10.2 points in February, increased by 15 points in March. With this increase, property prices for sale increased by 134.3 percent compared to the same month last year, setting a new high for the period analyzed in the report.
The annual rate of increase in current prices of houses for sale in Istanbul increased by 21.4 points compared to the previous month. For example, the annual rate of increase in the current sales price for houses in Istanbul was 159.3 percent. It is noteworthy that in recent months real estate prices for sale in Istanbul have risen significantly more than in Ankara and Izmir, and the Istanbul market has entered a clear process of divergence.
ENTERED IN A VIRTUAL CYCLE
Nazmi Durbakalım, CEO of INDER, explained the main reasons behind the increase in real estate prices, saying that the supply is not enough, the high cost of land and the increase in key commodities have pushed the prices to this level. Durbakyim explained that record price hikes also affected rents and a vicious circle set in.
Nazmi Durbakalım, Executive Chairman of Istanbul Builders’ Association (IDER), said that real estate prices increased by 250 percent in a 30-month period between January 2020 and April 2022: “If we take the average from January 2020 to April 2022, the price increase for materials such as iron and cement, between 450 and 500. In the last 8 months, iron is up 400 percent, ready-mix concrete is up 478 percent, and cement is up 516 percent. there was a 450-500 percent increase, but there is a 250 percent increase in house prices in a 30-month period, the increase in house prices has not caught up with the increase in material prices Profits have been sacrificed to ensure the continuity of the builder , and then cheap productions were taken into account.Most of the projects are still going head to head, even at a loss, so as not to lose the market through pre-buying. In other words, it is not possible for him to buy what he has sold with money replace,” he said.
Durbakalım said that the average square meter price of a salable area is 12,000 lire, saying: “Suppose it is made 50 percent for the floor, this rate has exceeded 50 percent, this rate has exceeded 50 percent, your cost of 12 100,000 lire Retail area 24,000 lira. In other words, the square meter cost rises to 24,000 lira.”
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