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According to the findings of the Bahcehir University Economic and Social Research Center (BETAM) in May, the decline in real sales prices across Turkey has continued for 11 months.
As current pending sale prices increased less than monthly inflation between April and May 2024 across Turkey and in the three largest provinces, inflation-adjusted (real) sale prices fell across the country and in the three largest provinces.
The report said the annual rate of real price change was -21% nationwide, -22.8% in Istanbul and -20.2% in Izmir. Real house prices also fell in Ankara, but remained at -17.3%.
In other words, the average housing prices in the country and the three major provinces have dropped compared to the actual prices a year ago.
The current price increase is slowing down
The current rate of increase in housing prices also continued to slow down. The annual rate of change in current prices across the country fell by 1 percentage point from April to 38.6%.
The average price per square meter of homes for sale in Turkey is currently 28,548 Turkish liras. The annual growth rate of square meter prices of homes currently listed for sale in the three major cities has declined, with Istanbul reaching 35.5%, Ankara reaching 45.1%, and Izmir reaching 40.1%. The average square meter price of homes for sale in Istanbul is 39,000 455 liras, Ankara is 21,000 564 liras, and Izmir is 33,000 13 liras.
Increased housing demand
Compared with April 2024, the housing demand index increased by 10.9%. The ratio of sold homes to pending homes increased both nationally and in the three major provinces.
The number of homes for sale and the number of homes sold increased nationwide and in the three largest cities.
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