Real Estate Prices In İstanbul Are Doubled Since the Last Year

There were approximately 102.600 real estate sales in October in Türkiye. Real estate sales between January and October saw a slight increase by 7 percent in comparison to the last year with 1 million 159 thousand 853 sales. Türkiye in general has seen a dramatic increase in property values which rose up by more than 200 percent in the last year. While the estimated average value of a square meters is 12.571 TL, the average housing prices are estimated a 1.634.230 TL around Türkiye.

Antalya Saw the Most Increase in Property Prices

Antalya is the first in the list seeing a 246 percent increase in real estate with an average house costing 2 million 202 thousand TL and 18 thousand 350tl per square meters. Following it, İstanbul is seen to have a 229 percent increase in real estates with 2 million 415 thousand per housing and 575 TL and 21.005 TL per square meters on average.

Mortgaged housing saw a sharp decline by 53 per cent seeing 13.268 sales in October in comparison to last years data meanwhile 15 per cent rise was seen in the volume versus last year which is approximately 241.869 in between months of January and October.

Second-Hand Property Sales Fell By 27 Per Cent

While it can be seen that second hand housing sales rose up by 8 percent with an 815.043 total in 2022, sales in October saw a sharp fall by 27 per cent versus last year.

Foreign Investors Prefer Antalya

Antalya is first in most foreign investors with 2.123 housing sales in October. Following Antalya, İstanbul is the second in line with 1.658 sales and followed by Mersin with 490 sales done to foreign investors in October. The most of the investors are from Russia, Iran and Iraq as follows.

Most Sales Were Done in İstanbul and Ankara

İstanbul city was the city most sales done in with 17 per cent margin and 16.987 pieces. Following İstanbul, Ankara was the second with 8 per cent margin and 8.146 pieces and it was followed by Antalya with a 6 per cent margin and 6.323 pieces. 

The Increase in Prices is Slowed Down but Still Continues

Due to the limitations on loans and low stocks the numbers in the sales can be seen to fall. The main reason of this decrease in sales is the expectation that the prices will fall. I can be said that the increases in prices are slowed down but it still continues to rise up.