Turkiye: House price index rises during August of 2022

According to the data contained in the report issued by the Real Estate Investment and Development Information Network (REIDIN) and the Association of Real Estate and Investment Partners (GYODER), the new home price index in Turkiye during August of this year witnessed an increase of 8.58% compared to the value of the index in the previous month, and by 89.18% compared to its value in the same month last year, and the increase in the index from its value since the beginning of its study in 2010 amounted to 295%.

2+1 apartments occupy the first place with the highest index

In the details issued in the report, the new 2+1 apartments ranked first among the types of apartments in terms of the increase in the value of their price index during August of this year, as the increase in the value of its index reached 11.12% during the mentioned month, followed by the second new apartments of type 3+1 with an increase of 9.25%, while apartments of type 4+1 came in third place with an increase of 4.93% in the value of their index, and 4+1 apartments ranked fourth with an increase of 4.69% during August of this year.

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Foreign sales accounted for 12.09%

According to the data contained in the aforementioned report, the percentage of foreign sales of the general sales of new residential apartments in the registered projects in August of this year amounted to 12.09%, an increase of 0.5% compared to the percentage in the previous month, while the percentage of foreign sales during the last six months 21.15% of total sales of new apartments in registered brand projects.

1+1 apartments are the most popular among foreign investors

In the classification of sales of foreigners according to the types of new apartments in the projects with the registered mark, the new apartments of the 1+1 type came in the first place; as the most preferred type by foreign investors, the percentage of sales of this type amounted to 68.18% of the general sales to foreigners of new residential apartments in the registered projects during August 2022.

The new apartments of the 2+1 type came in second with 13.64% of foreign sales in the registered projects, while the 3+1 and 4+1 apartments came in the third place with 4.55%, and the percentage of sales of other types of apartments was new projects with a registered mark are 9.09%.

The majority of sales were made with advance payment

With regard to the payment methods through which new residential apartments were purchased in registered projects in August 2022, the advance payment came in the first place with a rate of 63.81%, followed by the purchase of financial bonds by 29.88%, and the purchase using the bank loan, with a rate of 6.31% came in third place.

The real estate stock depreciation rate reached 3.38%

With regard to the real estate stock figures, the report stated that the real estate stock consumption rate for new apartments in the registered projects amounted to 3.38% during August 2022, achieving an increase of 0.34% compared to the real estate stock depreciation rate in the previous month.

The percentage of sales of brand-name projects from ready-to-delivery apartments reached 73.33% during August 2022, while the percentage of sales of non-ready apartments in projects registered during the same month of this year amounted to 26.67%.

Edited by Imtilak Real Estate ©

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