Duygu Erdoğan – Apartment sales prices, which have risen sharply due to the fall in supply in Turkey, are also quickly reflected in the market. Endeksa.com, a technology driven real estate appraisal platform, processes the average home price each month using first and second hand home sale price data. In the Turkey-wide evaluation, the differences in the last four months are quite remarkable. Accordingly, the average house sale price in Turkey from summer 2021 to November is in the range of 450,000 lire, affecting major cities and coastal towns. However, a rapid increase can be observed in December. Accordingly, the average house selling price across the country suddenly rises to 680,000 lira. A new wave is coming in March. Accordingly, the average real estate price in Turkey in March has reached a new historical level of 998,000 lire.
Istanbul was supported
While the average real estate price in Istanbul was 585,000 in October 2021, it increased to 690,000 liras in December 2021. The average in Izmir, which is 570,000 lire, rises to 658,000. While the average price in Aydın increases from 695,000 to 821,000, in Antalya it increases from 537,000 to 639,000. It can be seen that this rate of increase will continue in January 2022. The average house price in Turkey increases to 736,000 in January 2022. The actual jump shows its face in March. These numbers make it clearer that those who are taking advantage of the supply gap in the market are quickly pulling the used market up. In the past two months it can be seen that the average property prices in the prominent provinces have doubled. While the average house price in Istanbul in January 2022 was 730,000, in March 2022 it exceeds 1 million 400,000 lira. The average house price in Izmir, which was 693,000 in January, exceeds 1,220,000 million. In Ankara, that average increases from 397,000 to 720,000.
The offer was limited
On the one hand, the fact that the new residential construction production, which started to decline before the pandemic, took a very stagnant trajectory during the 2-year pandemic period, and then the reflection of the rising costs on the prices, the square meter increases prices in new projects all over Istanbul on the primary market over 30,000 lire. While Turkey needs an estimated 700,000 new houses annually, production has shrunk significantly due to the sharp rise in demand. In the second-hand market, existing homes are showing an inevitable rise as the market grows. Even if they are not produced at new cost, they take their course with every market movement. In the ads on the websites that sell houses, the prices are renewed with increases, sometimes even daily.
Over 10,000 TL in Izmir
Reasons for the recent increases are the impact of the pandemic, exchange rate fluctuations, the increase in construction costs (commodities), the course of inflation and the supply of new housing below demand.
Görkem Öğüt said: “According to TURKSTAT data, the construction cost index increased by 87.91 percent compared to the same month last year. While new home production has lagged behind demand over the past 3 years, lack of supply has seen home sales prices increase by 97 percent and rental prices by 83 percent in 2021. Due to the pandemic, there have been astronomical increases, especially in summer areas.”
According to the CBRT study, which is additional data analyzed by Ahmet Deniz Yağbasan, ALB Investment Research Assistant Specialist, it was found that:
According to data released by the CBRT on Monday, the home price index, which rose 13.5 percent month-on-month in February, rose 96.4 percent year-on-year. Property prices rose 106.3 percent in Istanbul, 97.1 percent in Ankara and 90.1 percent in Izmir. For the first time in history, the price per square meter in İzmir exceeded 10,000 lire.”
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