House Prices Increased in Istanbul and Turkey

Istanbul Metropolitan Municipality Istanbul Statistical Office published the April 2020 Housing Market Istanbul Economy Bulletin, where the housing market for Istanbul is evaluated. Both housing prices rose in Istanbul in Turkey, 49,1 percent of the total sold to foreigners subject was held in Istanbul. In Istanbul, house sales decreased by 12,4 percent in March compared to February, and increased by 3,4 percent compared to March of the previous year. Compared to the previous year, zero house sales decreased by 23,8 percent, while second-hand house sales increased by 25,5 percent. In the first quarter, the share of mortgaged houses in total housing sales was 37,2 percent. While Zeytinburnu was the district with the highest decrease in house sales, an increase was observed only in Ataşehir and Tuzla.

HOUSING PRICES INCREASED IN ISTANBUL AND TURKEY

Both the average housing prices in Turkey in Istanbul has increased. In Istanbul, in the first two months of 2020, the average square meter unit prices of residences increased compared to the average of the previous year and amounted to 5 thousand 97 TL. The increase in overall Turkey was 3 thousand $ 30.

IN MARCH, HOUSING SALES DECREASED BY 12,4 PERCENT

In the first quarter of 2020, a total of 63 thousand 759 houses were sold in Istanbul. In March, 8,5 percent of total housing sales in Turkey than the previous month, decreased by 12,4 percent in Istanbul. In Istanbul, 22 thousand 662 houses were sold in February and 19 thousand 846 houses were sold in March. In February 2020, house sales increased by 56,7 percent compared to the same month of the previous year, while in March the increase was 3,7 percent compared to the same month of the previous year.

BY THE PREVIOUS YEAR, ZERO HOUSING SALES DECREASED BY 23,8 PERCENT

In March 2020 in Istanbul, second-hand house sales increased by 25,5 percent compared to the same month of the previous year, while zero-house sales decreased by 23,8 percent. While 32,4 percent of the house sales realized in March were zero home sales, 67,6 percent were second hand sales. In March 2019, 44,2 percent of total house sales were zero housing and 55,8 percent were second-hand housing.

LOAN RESIDENTIAL SALES IN THE FIRST QUARTER 37,2 percent

In the first quarter of 2020 in Istanbul, 23 thousand 739 houses were sold with mortgages. The share of the houses bought by using housing loans in the total housing was 2020 percent in the first quarter of 37,2. In Turkey, this ratio stood at 37,9 percent. In March, this rate increased to 39,5 percent in Istanbul.

HOUSING SALES WITH THE MOST FALLING DISTRICT, ZEYTİNBURNU

Zeytinburnu was the district where the decline in house sales was the most experienced in Istanbul in March; only in Ataşehir and Tuzla districts. In March, the decrease in housing sales was 32,2 percent in Zeytinburnu on the European side and 14,4 percent in Üsküdar on the Anatolian side. Following these two districts, the districts where sales dropped the most were Küçükçekmece, Bakırköy, Bahçelievler, Fatih and Beyoğlu, respectively.

49,1 PERCENT OF RESIDENCES SOLD TO FOREIGNERS IN ISTANBUL

In March, compared to the previous month, the housing sales to foreigners decreased by 23,9 percent in Istanbul. In the first quarter of 2019, foreigners bought 4 houses from Istanbul, while the number of houses sold in the first quarter of 321 rose to 2020. In the first 5 months of 375, while the sales to the foreigners increased compared to the same months of the previous year, in March it decreased by 2020 units compared to the same month of the previous year and became 2 7. 1 first quarter sales of 513 percent in Turkey in regard to foreign held in Istanbul.

Housing Market Bulletin April 2020 while preparing, Turkey Statistical Institute (TUIK) and the Central Bank of the Republic of Turkey (CBRT) has benefited from the data.