February Housing News
This February has seen some fantastic house news. Annual increases were incredible, beating last year by 11% and the previous year by 20%.
According to data analysts, ninety-seven thousand five hundred and eighty-seven houses were sold from around all of Turkey in February this year.
Data also shows that:
- Housing prices were up 116%
- The price of residential per square metre was 6,847 TL
- The average house price was 924,345 TL
- Istanbul continues to be the city with the highest share of increases at 19%, followed closely behind by Mersin and Aydin.
- It has been calculated that an average time of 19 years will see a return on the housing investment made.
Mortgage Sales Increase
February saw an increase of 9% in mortgage sales compared to January and when we compare the same time period for last year, we can see a rise of 36%! Twenty per cent of total house sales were in properties with a mortgage taken out against them. The resale market also saw healthy increases this year with a rise of 12% compared to January and a rise of 22% when we compare to the same time last year. The resale markets represent 70% of all house sales, totalling 68,690 homes. Interestingly, house sales to foreigners also increased by 10% and when we look at the same time period last year, it has increased by a whopping 55% and amounts to 4,591 sales.
Looking into the data further, it breaks down to look like this:
- Istanbul 18,752 sales which are 19% of the total share. The average house price is 1,301,914 Tl
- Ankara 8,464 sales which are 9% of the total share. The average house price is 670,410 TL
- Izmir 5,575 sales which are 6% of the total share. The average house price is 1,357,800 TL.
What are the reasons for the increases?
It seems that confidence is rising in real estate as an investment opportunity amongst foreigners, but data reveals that Turkish people feel confident too. They are now using their savings to buy property. Looking at the money breakdowns, we can see that housing prices increased by 116% in the last year, 78% in Dollars and 65% in Euros. It is thought that this pleasing upward trend will continue to rise as fluctuations in the exchange rates creates interest and movement in the real estate sector.