The price of a new home in Turkey increased by 107.80%

The price of a new home in Turkey increased by 107.80%

The "New Home Price Index in Turkey" report, which is prepared periodically, was released in cooperation with the Real Estate Investment and Development Information Network (REIDIN) and the Association of Real Estate Partners and real estate investment in Turkey (GYODER).

The report dealt with sales developments and price changes during the month of July of 2021 in real estate projects known in Turkish public circles as Markalı Projeler, ie: registered brand projects.

The biggest increase in 11 years!

According to the information provided in the above-mentioned report, in July 2021 Turkey's new house price index witnessed an increase of 0.9% compared to its value in the previous month.

Compared to the same month last year, 2020, the increase was 3.95%, and the index recorded an increase of 107.80% over its value in the first study of Turkey's new house price index in 2010.

4+1 apartments top the list

In the details related to the increase in the value of the new home price index in Turkey according to apartment types, 4+1 apartments ranked first in the increase in the value of their index during July 2021, with an increase of 0.94% compared to the value of this index in previous years.

It was followed in second place by 3+1 apartments with an increase of 0.64% during the period, while 2+1 apartments with an increase of 0.20%.

The rate of depreciation of the apartments under construction exceeds 50%

With regard to the rate of consumption of apartments under construction, 50.83%, while the proportion of consumption of stock of prefabricated apartments during the mentioned month was 49.17%.

The rate of depreciation of real estate inventory in branded projects reached 6.12% during July 2021.

Purchase with advance payment takes the first place

As for the payment methods for buying apartments in Turkey from branded projects during the month of July 2021, the purchase by advance payment ranked first among the payment methods.

The percentage of purchases with advance payment amounted to 63.86%, and the method of purchasing financial bonds came in second place with a rate of 23.43%, while the method of purchasing with bank loans came in third place with a rate of 12.71%.

Foreign sales are making great progress

In the same context of the new house price index report in Turkey, sales of foreign condominiums in brand enterprises have made remarkable progress.

As the percentage of those sales amounted to 6.33% of the general sales in projects, achieving an increase of 2.76% over its value in June 2021.

The average percentage of foreigners' sales of apartments in brand-name projects during the last six months was approximately 5.96%.

2+1 apartments are most preferred by foreigners

With regard to the apartment types most preferred by foreigners in branded projects during the month of July 2021, 2+1 apartments ranked first among the most popular apartment types for foreigners.

As the percentage of sales of type 2+1 apartments in the total sales to foreigners during the mentioned period amounted to 39.22%, followed by 1+1 apartments with a rate of 29.41% in the second place.

While 3+1 apartments came in third place with 17.65%, followed by 4+1 apartments with 11.76% of foreign sales.

Edited by Imtilak Real Estate©

Reference: Emlak Kulesi

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