Rental housing demand increased while real prices declined in July
According to the newly released housing market report, the rental housing demand index increased in July, while annual real rents and housing sale prices saw a decrease.
According to the results of the August housing market report prepared in cooperation with sahibinden.com and BETAM, the rental housing demand index increased in July, while annual real rents and housing sale prices experienced a decline.
Rental Housing Demand Increased
In July, the rental housing demand index recorded an increase of 3.5 percent compared to the previous month. Compared to the same month of the previous year, this increase reached 10.6 percent.
Real Rents and Prices Fell
Across Turkey, the annual real rent change decreased by 6.5 percent. In the same period, real prices for housing for sale also showed an annual decline of 8.3 percent.
Closed Listing Ages Shortened
In metropolitan cities, the closed listing age, which is an indicator of vitality in the rental housing market, shortened in July. Across Turkey, the listing age dropped to 27.6 days, in Istanbul to 22.2 days, in Ankara to 24.4 days, and in Izmir to 39 days.
Housing Sale Prices Declined
The real housing sale price index decreased by 8.3 percent in July compared to the same month of the previous year, falling to 142.2. The index also dropped by 0.8 percent compared to the previous month.
Real Housing Prices in Metropolitan Cities
On an annual basis, real housing prices recorded declines of 5.1 percent in Istanbul, 2.7 percent in Ankara, and 9.7 percent in Izmir.
Current Square Meter Prices
The average current square meter price for housing listings for sale across Turkey was 45,078 liras. This price materialized as 65,000 liras in Istanbul, 38,929 liras in Ankara, and 53,125 liras in Izmir.
Change in Housing Demand for Sale
The housing demand index for sale decreased in July by 0.6 percent compared to the previous month and by 12.4 percent compared to the same month of the previous year.