Housing prices across Turkey continued their upward trend in September. According to Endeksa data, the average price per square meter for residential apartments was calculated at 41,529 TL. The average sales price for a 120-square-meter house reached 4 million 983 thousand 480 TL.
The increase in prices has also widened the gap between provinces. While the number of provinces with an average housing price below 3 million TL has dropped to 5, Istanbul became the most expensive city.
THE 5 MILLION TL THRESHOLD EXCEEDED IN THE MOST EXPENSIVE PROVINCES
In the September data, Istanbul ranked first with an average housing price of 7 million 426 thousand TL. Istanbul was followed by Muğla with 7 million 196 thousand TL and Antalya with 5 million 735 thousand TL.
The rest of the list includes İzmir with an average price of 5 million 616 thousand TL and Çanakkale with 5 million 235 thousand TL. Thus, prices in the top 5 provinces with the highest average housing prices have exceeded the 5 million TL threshold.
LOWEST PRICES IN KİLİS
The provinces where the average housing price remained below 3 million TL were Kilis, Hakkâri, Kars, Bitlis, and Ardahan. Kilis stood out as the only province with an average price below 2 million TL, at 1 million 901 thousand TL.
- - Kilis: 1 million 901 thousand TL
- - Hakkâri: 2 million 461 thousand TL
- - Kars: 2 million 586 thousand TL
- - Bitlis: 2 million 881 thousand TL
- - Ardahan: 2 million 993 thousand TL
- - Osmaniye: 3 million 70 thousand TL
- - Ağrı: 3 million 191 thousand TL
- - Düzce: 3 million 247 thousand TL
- - Kırıkkale: 3 million 277 thousand TL
- - Tekirdağ: 3 million 316 thousand TL
Housing prices have increased by 22.97 percent nominally over the last year. When rental income is also taken into account, the total return rate rose to 32.40 percent. The annual gross return on housing investments was calculated at 8.04 percent, and the average amortization period was 12 years.
However, sales data indicated a slowdown in the market. In the January-September period, 1 million 92 thousand 919 houses were sold across Turkey; this figure represents a 7.2 percent decrease compared to the same period last year.
The Housing Price Index rose by 1.2 percent on a monthly basis and 22.3 percent on an annual basis in September. However, when the effect of inflation is taken into account, a real annual loss of 5.7 percent was recorded in housing prices.
News Source: 12punto
