Average home price at 4.2 million Turkish Liras – Latest News

ISTANBUL

The average home price was approximately 4.2 million Turkish Liras (around $108,00) in April, rising 24 percent annually and 1 percent monthly.

Adjusted for inflation, the average home price declined by 10 percent year-on-year and 1 percent month-on-month, according to Endeksa, which collects data on the real estate market.

The average price was 32,149 liras per square meter in April.

Among the country’s 4 largest cities, Ankara saw the highest price increase in the past year. While Ankara experienced a nominal price increase of 32 percent, it recorded a real decrease of 4 percent. In the capital, the average housing price increased to 3.6 million liras.

In Istanbul, prices showed an annual increase of 24 percent in nominal terms, while in real terms the average home price decreased by 10 percent to 5.6 million liras.

In İzmir, the average price was 5.3 million liras, rising 28 percent in nominal terms but falling 7 percent in real terms.

In the popular holiday destination Antalya, home prices plunged 14 percent year-on-year in real terms to 4.6 million liras.

In April, house sales increased 56.6 percent on an annual basis in April to 118,359 units.

The upward trend in the expansion of the housing market which began in July of last year entered its 10th consecutive month in April.

Experts link the strong demand in the housing market to elevated rent prices.

People prefer to buy a house, by using their savings and taking out loans from banks, instead of paying high rents, they said.

Mortgaged home sales surged 147 percent annually to 17,465, accounting for nearly 15 percent of all sales in the housing market.