Changes in the real estate market: increased number of residences, increased marketing time.

The real estate market has changed: the number of residential listings has increased and the time to sell has increased.

The number of listings on the real estate market has increased.

It has become more difficult to find a buyer for residential properties. Over the past year, the average time to sell residential properties in the country has increased from 60 to 86 days, in Istanbul from 61 to 91 days. How has it affected the rental housing market? Here are the details...

31.10.2023 08:23 Last updated: 31.10.2023 08:29

The restriction on rent growth that was introduced about 2 years ago, restrictions on lending and the attractiveness of deposits have meant that housing is no longer seen as an investment property.

The number of property listings has increased. Now it has become more difficult to find a buyer for a home. According to a study by Endeksa, the average selling time for secondary homes has increased by 43% in the last year in the whole country, and by 49% in Istanbul. Secondary homes are listed for sale in numbers about 12% higher than the previous year.

ARENTAL RENTAL PROPOSALS CONTINUE TO RISEG/h4>

The number of home sale listings is increasing while the number of rental listings is decreasing, according to Endeksa co-founder and CEO Gorkem Yogut. "When we look at housing over 4 years old that is pending sale in the whole of Turkey, we see that in September it was 86 days pending sale. Last year, the figure was 60 days.

The impact of AIRBNB

The changes made to short-term rentals have also affected the real estate market. Under the new regulations, renting a property for tourism purposes will require a permit document as well as the consent of all building owners. This drastic move has resulted in short-term rentals being converted to long-term leases or sold. It also affected the supply of both rental and for-sale housing.

Prices rose by 109%, rents by 136%

According to Endeksa report, in Q3 2023, housing prices in Turkey increased by 109% and the average price per square meter exceeded 23 thousand liras. Housing prices in Istanbul increased by 93% in a year, with an average price per square meter of 34,856 liras. Nationally, the cost of renting a home rose 136% in one year. The average rental price per square meter was 125 liras in Turkey and 175 liras in Istanbul.

Source: Hürriyet / Gülistan Alagöz rental housing real estate finance