Property market in Turkey: Real sales prices in housing fall by 18 percent

A “Rental and For Sale Housing Market Outlook” report, prepared by Sahibinden.com and Bahçeşehir University Economic and Social Research Center (BETAM), analyzes changes in the housing market. According to the report, real estate sales prices across Turkey have decreased because price increases have been below inflation.

In August 2024, real sales prices fell by 18.3% nationwide, while in Istanbul, they dropped by 19%, in Ankara by 17.4%, and in Izmir by 15.4%.

The annual growth rate of property prices slowed to 24.1% nationwide, with similar trends observed in the three major cities. In Istanbul, prices rose by 23%, while in Ankara and Izmir, the increase was 25.5% and 28.6%, respectively. Meanwhile, rental prices across Turkey increased by 47.1%, with rents in Ankara and Izmir rising by 56% and 62.5%, respectively.

Real property prices, which had been steadily increasing since 2020, have been declining since July 2023. In August 2024, the real estate price index stood at 156.6 in Istanbul, 181.7 in Ankara, and 170.6 in Izmir. Additionally, the housing demand index, which had been falling since November 2023, increased by 9.5% in August 2024, reaching 155.9.                                                                  

A notable drop in real rental prices was also observed in August, with an annual decrease of 3.2%. However, current rental prices showed a slight increase, with an annual growth rate of 47.1% recorded in August. (ekonomim.com)