Real estate prices rose 133 in March - Latest News. | Blog

Real estate prices rose 133 in March - Latest News.

Real estate prices rose 133% in March.

Housing real estate prices

The prices for residential real estate in March increased by 132.8% compared to the same month last year, according to the data of the Central Bank. In real terms, the index rose 55.4%, with a monthly increase of 5.4%. The price per square meter is 21,800 Turkish liras ($1,100). In Istanbul, real estate prices rose 127% compared to March 2021. In the capital Ankara, the annual increase amounted to more than 135%. In Izmir, the third largest city in the country, real estate prices rose 133.4% year-on-year.

Real estate sales
Residential real estate sales continue to decline in April. Last month was''85,652 homes were sold, marking a 35.6 percent drop compared to the same month last year.

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In the first four months of 2023, home sales fell 18.6 percent to 369,000 units, the Turkish Statistical Institute (TUIK) reported last week.

Problems in getting loans

The problems with getting loans are still ongoing, real estate market expert Mustafa Hakan Ozelmacıklı said. People are refusing to buy houses as investments after the government announced the extension of a 25 percent cap on rent increases, he added. Sales of mortgage-financed homes fell 32% in April from a year earlier to account for 25% of total sales.

"Many people are choosing to place''their funds in deposit accounts with protection against currency risk rather than buying a house,' Ozelmachykly said, adding that real estate prices are expected to fall in real terms amid weak demand for housing. However, he predicted that rental prices would remain high and could continue to rise. "The month of May kicks off the wedding season, which means an increase in demand for rental properties. Moreover, landlords will ask for higher prices when renting out their properties to new tenants because of the 25% rent increase cap," he said.

Economy.