According to the statement made by the company, it was reported in the March results of the “sahibindex Housing Market Outlook for Rent and Sale” research, prepared in cooperation with sahibinden.com and Bahçeşehir University Economic and Social Research Center (BETAM), that the decline in real sales prices has continued for 9 months.
According to the report, the annual rate of change in real prices decreased to minus 14.1 percent across the country, to minus 16.1 percent in Istanbul, and to minus 13.6 percent in Izmir. The annual rate of change in current prices decreased by 2.2 points across the country compared to February, reaching 44.8 percent.
The decline in the real house price index across the country, which has been increasing continuously since May 2020, since July 2023, continued, albeit to a lesser extent, in March 2024. The real house price index was 172.7 in March, with a 0.8 point decrease compared to February. While the inflation rate from February to March was approximately 3.2 percent, the current house price increase across Turkey remained at 2.7 percent in the same period. Real prices have been decreasing as current house prices have systematically remained below inflation in recent months.
THE DECLINE CONTINUES IN ALL THREE METROPOLITAN CITIES
As in the previous eight months, the housing real sales price index decreased in three metropolitan cities in March. From February to March, the real housing price index decreased by 1 point in Istanbul, 2.4 points in Ankara, and increased by 0.2 points in Izmir. In March, the real housing price index was 169.3 in Istanbul, 193.3 in Ankara and 177.8 in Izmir.
The annual real price increase, which reached 65.8 percent in August 2022, started to decline rapidly as of September 2022. The annual real price, which rose temporarily in February 2023 due to the impact of the major earthquake, started to decrease again as of March, and in March 2024, the annual price change rate decreased by 2 points compared to February 2024 and continued to remain at negative values at minus 14.1 percent.
The number of housing advertisements for sale increased slightly throughout the country and in two metropolitan cities, but decreased in Istanbul. Compared to last month, the supply of houses for sale increased by 1.5 percent across the country, 1 percent in Ankara and 2.9 percent in Izmir. The decrease in Istanbul is at the level of 0.1 percentage points.
ANNUAL CHANGE IN REAL PRICES IS NEGATIVE
Annual increases in inflation-adjusted real rent across Türkiye have been decreasing for a long time. From May to June, excluding the exceptional increase, the annual increase in average real rent peaked at 86.6 percent in February 2023 and then started to decline, decreasing by 4 points from December to January to 9.5 percent. Real average rent, which decreased by 1.1 percent on an annual basis in February, decreased by 8 percent on an annual basis in March. With this decrease, the average real rent in March 2024 fell 8 percent below March 2023.
While the rental housing demand indicator decreased between August and November, it increased slightly in December and January and remained almost the same in February.
In March, the rental housing demand index increased by 4.8 percent. On an annual basis, there is a 20.2 percent decrease in rental housing demand.
