House Price in Turkey exceeded 3 million liras!
According to the December report of real estate valuation platform Endeksa, the average house price in Turkey exceeded 3 million lira. It was noteworthy that the prices in Hatay, which was destroyed by the earthquake, increased by 124 percent in one year.
Endeksa evaluated the December 2023 data announced by the Turkish Statistical Institute (TUIK). According to the report, prices increased by 84 percent in one year. The average house price increased to 3 million 92 thousand 700 liras and the square meter sales price increased to 23 thousand 790 liras. The average return period of a home investment was calculated as approximately 15 years.
December housing sales decreased by 33 percent compared to the previous year.
The average in Istanbul is 4.1 million lira. Highlights from the report are as follows:
The city with the most house sales in December 2023 is Istanbul, with 23 thousand 714 sales and a share of 17 percent.
Ankara ranks second with 11 thousand 458 houses and a share of 8 percent, and Izmir ranks third with 7 thousand 166 houses sold and a share of 5 percent.
As of the end of December, the annual value increase in housing sales prices in Istanbul is 73 percent. The average housing sales price per square meter is 36 thousand 262 TL, and the average housing price is 4 million 170 thousand 130 TL.
Housing prices in Ankara increased by 102 percent in the last year. The average housing price in the capital is 2 million 570 thousand 100 lira, and the square meter price is 19 thousand 770 TL.
Izmir closed 2023 with a 78 percent increase in value. As of the end of the year, the average square meter sales price in the city is 30 thousand 39 liras, and the average housing price is 3 million 754 thousand 875 liras.
Housing prices in Hatay increased by 124 percent in one year.
The first three most valued cities in Turkey in December 2023 are Hatay, Elazığ and Ordu. Housing prices in Hatay have increased by 124 percent in the last year.
The sales price per square meter in the city is 17 thousand 834 liras, and the average housing price is 2 million 764 thousand 270 liras.
The increase in value in Ordu in the last year is at the level of 106 percent. The average square meter sales price to buy a house in the city is 20 thousand 5 liras, and the average house price is 2 million 600 thousand 650 liras. Despite the general increase in real estate sales in December 2023, first-hand housing sales decreased by 34 percent and 51 thousand 243 houses were sold. In 2023, 379 thousand 542 houses were sold first hand, with a decrease of 18 percent.
Houses sold on credit increased by 15 percent. In the last month of 2023, 6 thousand 42 houses were sold with mortgages in Turkey, and this is 4 percent of total sales. In December, housing sales to foreigners dropped by 12 percent and a total of 2,064 houses were sold. It decreased by 68 percent compared to December of the previous year.
