Housing demand and prices have increased in Istanbul

According to the latest TURKSTAT data, house sales in Turkey increased by 20.6% in March compared to the same month of the previous year and became 134 thousand 170, while in the January-March period they increased increased by 21.7% compared to the same month. period of the previous year and amounted to 320 thousand 63.

Istanbul ranked first in home sales with 23,000,974 home sales and 17.9%. Ankara was followed by Ankara with 12 thousand 609 house sales and İzmir with 8 thousand 51 house sales. Prices followed the increase in home sales.

According to Habertürk News, according to data released by the CBRT, the housing price index increased by 96.4% year on year in February, registering a historic increase. While the unit prices of housing in Turkey reached 8,000,640 TL per square meter with an annual increase of 113.2%, the unit price per square meter in Istanbul was 13,000,836 TL in February.

According to data from the Central Bank of the Republic of Turkey, the housing price index increased by 96.4% in nominal terms and 26.9% in real terms in February compared to the same month of the year. previous. The increase was 106.3% in Istanbul, 90.1% in Izmir and 97.1% in Ankara.

PRICE PER SQUARE METER IN ISTANBUL HAS EXCEEDED 13 THOUSAND TL

Unit prices for housing throughout Turkey increased by 113.2% per year and reached 8,000,640 TL per square meter. Looking at the unit price averages for the three metropolitan cities, Istanbul ranked first with 13,836 TL/square meter, followed by Izmir with 10.61 TL/square meter and Ankara with 6,225 TL/square meter .

BETAM: PRICES OF HOUSING FOR SALE INCREASE BY 134.3% COMPARED TO THE SAME MONTH OF LAST YEAR

According to the April report prepared by Bahçeşehir University’s Center for Economic and Social Research (BETAM), the annual rate of increase in house prices for sale continued to increase in January and February last year, but lost momentum. Since March, the rate of increase in selling prices has accelerated. The rate of price increase, which had increased by 10.2 points in February, increased by 15 points in March. With this increase, the prices of houses for sale increased by 134.3% compared to the same month of the previous year, reaching the new high level of the period analyzed in the report.

The annual rate of increase in current prices of houses for sale increased by 21.4 points in Istanbul compared to the previous month. Thus, the annual rate of increase in the current price of houses for sale was 159.3% in Istanbul. It should be noted that in recent months the prices of homes for sale in Istanbul have risen much more than in Ankara and Izmir, and the Istanbul market has entered a separate process of divergence.

ENTRY INTO A VIRTUAL CYCLE

Explaining the main reasons for the increase in housing prices, INDER Board Chairman Nazmi Durbakalım said that there is not enough supply, high land costs and increases in major commodities have driven prices to these levels. Durbakyim said the record price increases were also affecting rents and a vicious circle had entered.

Stating that there is a 250% increase in housing prices over a 30-month period between January 2020 and April 2022, Istanbul Builders Association (IDER) Chairman of the Board, Nazmi Durbakalım , said: “When we take the average from January 2020 to April 2022, the increase in prices of materials such as main iron and cement between 450 and 500. In the last 8 months, iron has increased by 400 percent, ready-mixed concrete increased by 478 percent and cement by 516. On average, there was an increase of 450 to 500 percent. However, there is a 250 percent increase in house prices over a 30 month period. The increase in housing prices has not caught up with the increase in material prices. This is because first profits were sacrificed to ensure the sustainability of the builder, then cheap productions were taken into account. Most projects still compete, even at a loss, so as not to lose the market by buying eventually. words, it is not possible for him to replace what he has sold with money,” he said.

Saying that the average price per square meter of salable area is 12,000 lira, Durbakalım said: “Assuming that it is made for the ground with 50%, this rate exceeded 50%, this rate exceeded 50% , your salable area cost of 12,000 lira is 24,000 lira, in other words, the cost per square meter increases to 24,000 lira.

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