According to the ‘GYODER Indicator’ 2022 3rd Quarter Report prepared by GYODER with the contributions of Ziraat GYO; In the third quarter of 2022, house sales decreased by approximately 16.5% on an annual basis and became 330 thousand 795 units. Housing sales, which reached the highest second quarter data in the last quarter data set, experienced the lowest third quarter data since 2016 in the third quarter.
Second-hand house sales received a share of 68.7%
While the share of second-hand house sales in total sales was 68.7%, the share of first-hand house sales increased from 28.1% in the previous quarter to 31.3%. In the third quarter, 103 thousand 667 units were first sold, and a decrease of 9.1% was recorded compared to the previous quarter, while 227 thousand 128 units were sold with a decrease of 22.3% in second-hand sales compared to the previous quarter.
Mortgage housing sales amounted to 58,284 units.
While the mortgaged house sales realized in the third quarter amounted to 58 thousand 284 units, a decrease was recorded by 25% compared to the previous quarter and by 42.8% on an annual basis, with the effect of the continuation of the increase in housing loan interest rates and the new regulations regarding the use of housing loans.
Housing loan interest rates increased
The weighted average of housing loan interest rates, on the other hand, increased by 119 basis points compared to the same period of the previous year and rose to 19.09%. The share of mortgaged sales in total sales also decreased to 17.6%, a sharp decrease from 25.1% in the previous quarter. The decline in other sales was more limited than in mortgage sales. Other sales amounted to 272 thousand 511 units, with a decrease of 10.5% compared to the previous quarter and a decrease of 14.5% on an annual basis. Housing sales to foreigners; As of the end of the 3rd quarter of 2022, in the first 9-month period, it increased by 32.46% compared to the same period of the previous year and amounted to 49 thousand 644 units.
Antalya ranks first in sales to foreigners
According to the ‘GYODER Indicator’ 2022 3rd Quarter Report; In the third quarter, Antalya took the first place in housing sales to foreigners on a provincial basis, leaving Istanbul behind with a share of 33.8%. While Istanbul is in the second place with a share of 33.0%, Mersin is in the third place with a share of 6.6%. Similar to the previous quarter, the highest purchase by country was made by citizens of the Russian Federation, while the share of the country in sales to foreigners increased from 20.3% in the previous quarter to 24.0%.
Ukraine was among the top 10 countries that preferred Turkey.
In the 3rd quarter of 2022, 27.3% of the real estates acquired by foreigners became the subject of citizenship transactions. When the investments made by foreigners in Turkey on the basis of all real estate types are examined; At the end of the 3rd quarter of 2022, unlike the same period of 2021, Ukraine was among the top 10 countries that preferred Turkey. Russian Federation, Iran and Iraq continue to share the top three, respectively.
Annual change in the new house price index is 176.4%
On the other hand, the increase in housing prices continues and the highest increase rates have been seen in the August data; The annual change in the housing price index was 184.6%, and the annual change in the new housing price index was 176.4%. The slowdown in housing production, inflationary effects and the continuity in housing demand continue to be determinants of housing prices. With these results, housing prices continued their upward trend and as of May, the real return on housing prices increased to 58.0% and to 53.4% for new houses, reaching their highest level in the data history. As of August, housing unit prices throughout Turkey increased to 15,076 TL/m², while the unit prices of residences in Istanbul, one of the three big cities, were 24,534 TL/m², in İzmir 17,305 TL/m², and in Ankara 10,781 TL/m².
Houses sold for the first time decreased by 13,09%
According to the data of the 3rd quarter of 2022, the number of houses sold for the first time decreased by 13,09% compared to the same period of the previous year and became 103,667. Second-hand house sales decreased by 18.02% and amounted to 227 thousand 128 units. In the third quarter of 2022, the share of mortgaged house sales in total house sales was 17.6%. In the total of 2021, this rate was measured as 19.7%. In the third quarter of 2022, a total of 330 thousand 795 houses were sold. There was a 16.5% decrease compared to the same quarter of the previous year. According to September 2022 data, the number of houses sold for the first time decreased by 18.2% compared to the same period of the previous year and became 35 thousand 954. Second-hand house sales decreased by 24.9% to 77 thousand 448 units. According to September 2022 data, mortgaged house sales decreased by 42.98% compared to the same period of the previous year and became 16 thousand 970. According to the results of REIDIN-GYODER New House Price Index, in September 2022, nominal increase was realized by 3.39% compared to the previous month, by 94.75% compared to the same period of the previous year and by 308.4% compared to January 2010, the starting period of the index. .
Housing Purchasing Power Index fell by 4.8%
Housing Purchasing Power Index Turkey average decreased by 4.8% compared to the previous quarter, decreased by 43.1% compared to the same quarter of the previous year and was announced as 52.5 in the 3rd quarter of 2022. While the Confidence Index, which was measured as 86.8 in the third quarter of 2022, was announced as 88.5, the average of the last year was announced as 150.6 in the Price Expectation Index, which was measured as 163.8 in the same period.
The most down payment was preferred in branded housing projects.
Consumers who purchased houses from branded housing projects preferred the most down payment in the 3rd quarter of 2022, among the down payment, promissory notes and bank loan options. In the third quarter of 2022, the stock depletion rate was 2.8%, while 8.71% of the sales in branded housing projects were made by foreign investors. At the end of the 3rd quarter of 2022, Istanbul was the city most preferred by foreigners for real estate investments. When we examine the investments made by foreigners in Turkey in 2021 and 2022 on the basis of all real estate types, there was an increase of 26.8% on the basis of the total number of real estates at the end of the 3rd quarter of 2022 compared to the same period of 2021.
Housing prices in Istanbul were 5.7 times the average household disposable income
The volume amount calculated in Istanbul in the 3rd Quarter of 2022, taking into account the number of housing sales and the average sales prices of the houses, is 44.3 billion TL. Sales transaction volume in the related quarter decreased by approximately 17% compared to the previous quarter. Compared to the same quarter of 2021, an annual increase of 156% was achieved. According to the house price household income ratio data, house prices in Istanbul were 5.7 times the average household disposable income. According to the relevant data, monthly installments of the housing loan to be used for a 100 m2 house in Istanbul in the 3rd quarter of 2022 is 63% of the disposable income of the household. According to the results of the MINTLAB Istanbul Housing Return Index, in March 2022, nominal increases were realized by 34.56% compared to the previous quarter, by 131.61% compared to the same period of the previous year and by 330.8% compared to January 2017, the starting period of the index.
Total consumer loans reached TL 964.2 billion
Total consumer loans stood at TL 964.2 billion in September. The share of housing loans, which was 38.4% in September 2021, in total consumer loans decreased by 1.6 points to 36.8% as of September 2022. While total loans were around TL 6.8 trillion, the share of individual loans in total loans was 19.2%. This rate was 22.9% in September 2021.
CPI increased by 59.91%
In the Consumer Price Index (CPI) in September 2022, 3.08% compared to the previous month, 52.40% compared to December of the previous year, 83.45% compared to the same month of the previous year and 59% according to the twelve-month averages. There was an increase of .91. When the increase and return performances of housing price increases and financial investment instruments in the 3rd quarter of 2022 are analyzed, the return on Government Domestic Debt Securities is 28.04%; A return of 30.74% was achieved in the Bist100 index.
Building permits issued by municipalities increased
In the 4th quarter of 2021, the number of buildings increased by 14.0%, the area increased by 24.1%, and the number of flats increased by 16.8% compared to the same period of the previous year. Although the total number of residences in 2021 has not been announced yet, the number at the end of the first 3 quarters of 2021 exceeded 40.2 million.