August Housing Market Report: Rental Demand Increased, Real Prices Declined
In July, while the rental housing demand index showed an increase, annual real rents and for-sale housing prices recorded a decline.
According to the August report published in partnership with sahibinden.com and BETAM, while the rental housing demand index increased in July, the annual real rent change across Turkey decreased by 6.5 percent, and a decline was also observed in real prices for housing for sale.
Rental Housing Demand Rose
In July, the rental housing demand index increased by 3.5 percent compared to the previous month and by 10.6 percent compared to the same period of last year.
Real Rents Are on the Decline
The annual real rent change across Turkey decreased by 6.5 percent; this decline was driven by the average current rent increase remaining below monthly inflation.
Rental Status in Metropolitan Cities
Among the three major metropolitan cities, annual real rents increased by 6.6 percent in Istanbul, while decreasing by 7.8 percent in Ankara and by 11 percent in Izmir.
Ages of Closed Listings Shortened
As an indicator of activity in the rental market, the age of closed listings shortened in July across Turkey and in major metropolitan cities.
Housing Prices for Sale Declined
The real price index for housing for sale decreased by 8.3 percent in July compared to the same month of last year, dropping to the level of 142.2, and fell by 0.8 percent compared to the previous month.
For-Sale Demand and Listing Ages
The for-sale housing demand index recorded a decline of 0.6 percent in July compared to the previous month, and 12.4 percent compared to the same month of last year.