The new home price index in Turkey rose by about 96% in October 2022.

The report on the New Home Price Index in Turkey has been released, which is regularly prepared in cooperation between the Real Estate Investment and Development Information Network (REIDIN) and the Association of Real Estate and Real Estate Investment Partners (GYODER).

An increase of 312%!

According to the data in the report, the New Home Price Index in Turkey in October of this year increased by 1.03% compared to the index value in the previous month.

The increase in the New Home Price Index reached 95.82% compared to its value in the same month of last year, 2021, and the index has risen by 312.6% since the beginning of its study in 2010!

Decrease in the price index for 4+1 and 1+1 apartment types:

In detail, new 3+1 apartments ranked first among other apartment types in terms of the increase in their index value during October 2022.

The increase in the price index for new 3+1 apartments reached 4% during that month, followed by new 2+1 apartments in second place with a 0.5% increase in their index value.

Meanwhile, 4+1 apartments saw a decrease of 0.15% in their index value, and 1+1 apartments also witnessed a decrease of 2.7% in their index value.

Foreign sales in the last 6 months reached about 15%:

According to the data in the report, the percentage of foreign sales from the general sales of new apartments in branded projects during October 2022 reached 5.57%, achieving an increase of 3.12% compared to the percentage of foreign sales in branded projects in the tenth month of 2022.

Moreover, the percentage of foreign sales during the last 6 months reached 14.93% of the total sales of new apartments in branded projects.

1+1 apartments are the most preferred by foreign investors at about 36%:

In the classification of foreign sales of Turkey real estate according to the types of new apartments in branded projects, new 2+1 apartments ranked first as the most preferred type by foreign investors.

The percentage of sales for 2+1 apartments reached 35.71% of the total foreign sales of new apartments in branded projects during October 2022, followed in second place by new 3+1 apartments at 28.57% of foreign sales in branded projects.

Meanwhile, 4+1 apartments ranked third at 14.29%, and 1+1 apartments ranked fourth at 7.14%. The percentage of sales of other types of new apartments in branded projects was 14.29% of foreign sales of new apartments in branded projects.

Down payment is the most preferred payment method at 63.38%:

Regarding the payment methods used for purchasing new apartments in branded projects during October 2022, buying with a down payment ranked first at 63.38%, followed in second place by purchase with promissory notes at 31.88%, while purchase using a bank loan ranked third at 4.74%.

Under-construction apartments account for 60% of new apartment sales:

Regarding real estate inventory figures, the report stated that the consumption rate of real estate inventory for new apartments in branded projects reached 3.63% during October 2022, achieving an increase of 1.63% compared to the consumption rate in the previous month.

Moreover, the percentage of sales of ready-to-deliver apartments in branded projects reached 39.76% during October 2022, while the percentage of sales of non-ready (under-construction) apartments in branded projects during October of this year reached 60.24%.

Edited by: Imtilak Real Estate©

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