The October results of the "sahibindex Rental and For Sale Housing Market Outlook" reports, prepared in collaboration with sahibinden.com and Bahçeşehir University Center for Economic and Social Research (BETAM), have been released. According to the reports covering September data, housing prices rose nominally but declined when inflation effects are stripped out.
Real prices fell in the For Sale housing market
Turkey's For Sale housing real price index measured 141.9 in September. Inflation-adjusted prices decreased by 7.8% compared to the same period of the previous year. Annual real declines were 4% in Istanbul, 2.5% in Ankara, and 9.3% in Izmir.
The real housing price index was calculated at 146.5 in Istanbul, 182.5 in Ankara, and 148.7 in Izmir.
Average For Sale housing per square meter prices are as follows:
- Turkey-wide: 46,681 TL
- Istanbul: 67,949 TL
- Izmir: 54,310 TL
- Ankara: 40,417 TL
Annual increase in current prices was 19.6% Turkey-wide. Increases of 24.6% were recorded in Istanbul, 26.5% in Ankara, and 17.7% in Izmir.
Real rents continued to decline
On the rental housing side, average per square meter current rent declined 0.8% on a monthly basis. In the same month, inflation was 1.8%. As a result, Turkey's real rent price index fell to 165.6; the annual decline in the index was 5.7%.
The real rent index declined in all three major cities compared to the previous month. Monthly declines were recorded at 2.6% in Istanbul, 3.5% in Ankara, and 3.2% in Izmir. Index values reached 200.7 in Istanbul, 245.7 in Ankara, and 185.5 in Izmir.
Rental demand fell monthly but rose annually
The rental housing demand index fell 15.1% in September compared to the previous month. However, the index remained 5.5% higher compared to the same month of the previous year.
The closed listing age, which shows the duration that closed rental listings remained active, extended by 0.8 days to 28 days Turkey-wide in one month. This period increased by 0.9 days to 23.5 days in Istanbul, increased by 0.4 days to 24.7 days in Ankara, and increased by 0.2 days to 37.5 days in Izmir.
