The new home price index increased by 13.73% in February 2022

The new home price index increased by 13.73% in February 2022

The Real Estate Investment and Development Information Network (REIDIN), in cooperation with the Association of Real Estate and Real Estate Investment Partners (GYODER), issued its periodic report on the new home price index in Turkey.

According to the data contained in the report: The price index for new homes in Turkey during February 2022 witnessed an increase of 5.24% compared to the value of the index in the previous month, and by 13.73% compared to its value in the same month of the previous year. Since the beginning of its study in 2010, the index has increased by 132.80%.

4+1 apartments rank first with the highest index

In detail, based on the aforementioned statistics:

• New apartments in Turkey of the 4+1 type ranked first among other apartment types in terms of the increase in the value of its index during February of this year, as the increase in the value of its index amounted to 14.22%.
• New apartments of the 3+1 type came in second place, with an increase of 8.42% in the value of its index.
• Followed by 1+1 apartments in the third place, with an increase in the value of its index amounting to 2.26%.
• 2+1 apartments ranked fourth, with an increase of 1.18% in their price index during February 2022.

Foreign sales increased by 13.28% in February

According to the data contained in the aforementioned report:

• Despite the increase in the price of new homes in Turkey, the percentage of foreign sales of the general sales of new apartments in the registered projects during February of this year amounted to 13.28%, achieving an increase of 4.55% over the percentage of sales in the previous month.
• While the percentage of foreign sales during the last six months amounted to 9.38% of the total sales of new apartments in Turkey in the registered projects.

1+1 apartments are the most preferred by foreign investors

In the classification of sales of foreigners according to the types of new apartments in the projects with the registered mark:

• Turkey's new 1+1 apartments ranked first as the most preferred style by foreign investors, as the percentage of sales of this type amounted to 44.44% of the general sales to foreigners of new apartments in the registered projects during February 2022.
• The new apartments of type 2+1 ranked second with 33.33% of foreign sales in the registered brand projects.
• Apartments of the 4+1 type came in third place with a rate of 13.89%.
• Followed in fourth place by the apartments of type 3+1, with a rate of 2.78%.
• Foreigners' sales of other types of serious residential apartments in projects with a registered mark amounted to 5.56%.

The majority of sales were made with prepayment

Regarding the payment methods through which new apartment purchases are made in Turkey within the registered projects during February 2022:

• Purchase with prepayment ranked first with 49.12%.
• Followed by the purchase of bonds, at 39.51%
• Purchasing using a bank loan came in third place, with a rate of 11.37%.

The real estate inventory depreciation rate reached 3.37%

With regard to real estate inventory figures: It was stated in the report that:

• The real estate inventory depreciation rate for new apartments in the registered projects amounted to 3.37% during February 2022.
• The percentage of sales of registered projects from ready-to-delivery apartments reached 20.59% during February 2022.
• While the percentage of sales of unfinished apartments in the registered projects during February of this year amounted to 79.41%, an increase of 10.16% over the percentage of sales of unfinished apartments in the previous month.

Edited by Imtilak Real Estate ©

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