In the first eight months of 2013 the Turkish real estate in major tourist and business centers has increased in price by an average of 6.5%. Rental rates have increased by about 3%.
End of summer season is the best time to take stock of the intermediate results of the development of resort real estate markets. Counseling Center of Real Estate in Turkey tapu.ru pleased investors with a detailed account of the dynamics of prices and rental rates in the markets of the main tourist and business centers of the country for the period from January to August 2013. Rated was the state of the markets of Antalya, Istanbul, Ankara and Izmir, as well as changes in prices of apartments in the new buildings, housing of various sizes and some other indicators, reports ee24.com citing antalyatoday.ru.
Dynamics of prices for residential real estate in Antalya, Istanbul, Ankara and Izmir
|
|
Antalya
|
Istanbul
|
Ankara
|
Izmir
|
|
January, 2013
|
0.81%
|
0.95%
|
0.28%
|
0.30%
|
|
February, 2013
|
0.30%
|
0.18%
|
0.09%
|
0%
|
|
March, 2013
|
0.90%
|
0.94%
|
0.76%
|
0.44%
|
|
April, 2013
|
0.10%
|
0.87%
|
0.28%
|
0.74%
|
|
May, 2013
|
1.19%
|
0.87%
|
0.47%
|
1.09%
|
|
June, 2013
|
1.08%
|
1.66%
|
1.12%
|
1.01%
|
|
July, 2013
|
0.10%
|
2.14%
|
1.29%
|
1.22%
|
|
August, 2013
|
0.68%
|
1.79%
|
1.00%
|
1.48%
|
|
A total of 8 months
|
5.16%
|
9.4%
|
5.29%
|
6.28%
|
In the period from January to August 2013, housing prices in Antalya, Istanbul, Ankara and Izmir showed growth. The fastest rising prices was in Istanbul, an increase in 8 months by 9.4%. The coolest month was February, when in Antalya, Ankara, Izmir and Istanbul, prices rose by an average of 0.14%, and the biggest jump in prices (an increase of 2.14%) was observed in Istanbul in July.
Earlier ee24.com wrote that Turkey, along with Estonia is in the lead in terms of growth in real estate prices in the second quarter of 2013.
Changes in the value of apartments in new buildings in Turkey
|
|
1+1 room
|
2+1
|
3+1
|
4+1
|
|
January, 2013
|
0.16%
|
0.31%
|
0.64%
|
1.06%
|
|
February, 2013
|
-0.16%
|
0.08%
|
0.24%
|
1.38%
|
|
March, 2013
|
0.08%
|
0.99%
|
1.11%
|
1.52%
|
|
April, 2013
|
0.68%
|
1.42%
|
0.60%
|
0.08%
|
|
May, 2013
|
1.87%
|
1.42%
|
-0.15%
|
0.47%
|
|
June, 2013
|
2.14%
|
2.04%
|
2.04%
|
1.34%
|
|
July, 2013
|
1.67%
|
2.15%
|
2.15%
|
1.56%
|
|
August, 2013
|
2.95%
|
2.79%
|
3.01%
|
0.31%
|
|
A total of 8 months
|
9.39%
|
10.71%
|
9.64%
|
6.78%
|
Prices for apartments in the primary market generally showed steady growth. Most rapidly increased the cost of apartments of 2+1 type - 10.71% in 8 months. A little less speed showed the apartment prices of 1+1 and 3+1 (9.39% and 9.64%, respectively). The slowest growth showed apartments of 4+1 type, showing the cumulative growth of only 6.78%.
Such a positive trend confirms the statement by the Minister of Environment and Urban Planning Erdogan Bayraktar that the country's budget will be supplemented by €3.7 billion from the sale of real estate to foreign investors.
The dynamics of the cost of the primary real estate depending on the area
|
|
51-75 sq.m
|
76-100 sq.m
|
101-125 sq.m
|
126-150 sq.m
|
More than 151 sq.m
|
|
January, 2013
|
0.16%
|
0.65%
|
0.47%
|
0.80%
|
0.98%
|
|
February, 2013
|
0.16%
|
0.08%
|
0.23%
|
0.32%
|
0.89%
|
|
March, 2013
|
0.47%
|
0.57%
|
0.62%
|
0.71%
|
1.20%
|
|
April, 2013
|
0.55%
|
1.05%
|
0.23%
|
0.24%
|
0.08%
|
|
May, 2013
|
1.96%
|
1.99%
|
0.84%
|
-0.63%
|
-0.16%
|
|
June, 2013
|
2.15%
|
1.95%
|
2.13%
|
2.14%
|
1.83%
|
|
July, 2013
|
1.50%
|
1.99%
|
1.56%
|
2.25%
|
1.71%
|
|
August, 2013
|
2.22%
|
2.48%
|
2.71%
|
3.03%
|
1.15%
|
|
A total of 8 months
|
8.85%
|
10.76%
|
8.79%
|
8.86%
|
7.68%
|
New housing area of 51-125 m demonstrated steady growth throughout the past 8 months. Most of all rose the prices for real estate area of 76-100 m (by 10.76%). The most insignificant growth was showed by large objects with area over 151 square meters.
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The dynamics of housing prices in Turkey in the first eight months of 2013
|
|
Compared to the previous month
|
Compared with the same month in 2012
|
|
January, 2013
|
0.55%
|
9.53%
|
|
February, 2013
|
0.23%
|
8.84%
|
|
March, 2013
|
1.02%
|
8.56%
|
|
April, 2013
|
0.31%
|
7.99%
|
|
May, 2013
|
0.54%
|
7.95%
|
|
June, 2013
|
1.84%
|
9.03%
|
|
July, 2013
|
1.88%
|
9.91%
|
|
August, 2013
|
2.66%
|
12.47%
|
The highest rates of growth in the value of property occurred in the summer months (1.84%, 1.88% and 2.66%). Compared to the last year the cost of housing in Turkey has grown by an average of 9.3%. By the way, the prices in the east of the country are growing faster than in the western regions, as previously wrote ee24.com.
Dynamics of prices for new housing in Istanbul
|
|
The European side
|
The Asian Side
|
|
January, 2013
|
0.97%
|
0.21%
|
|
February, 2013
|
0.22%
|
0.14%
|
|
March, 2013
|
0.22%
|
1%
|
|
April, 2013
|
0.37%
|
0.28%
|
|
May, 2013
|
0.95%
|
0.21%
|
|
June, 2013
|
1.82%
|
0.49%
|
|
July, 2013
|
1.21%
|
1.05%
|
|
August, 2013
|
1.48%
|
2%
|
The rate of increase in the cost of new housing in the European part of Istanbul were higher than in the Asian part. If the primary property on the European side has increased in price by an average of 0.9% over the past eight months, the Asian part of the content showed only 0.67% growth. Earlier ee24.com noted the rapid increase in the cost of property in Antalya and Istanbul.
_.jpg)
Changing the amount of rent in Antalya, Istanbul, Ankara and Izmir
|
|
Antalya
|
Istanbul
|
Ankara
|
Izmir
|
|
January, 2013
|
1.00%
|
0.23%
|
-0.79%
|
-0.16%
|
|
February, 2013
|
-0.79%
|
-0.93%
|
-0.60%
|
-0.32%
|
|
March, 2013
|
-0.40%
|
0.12%
|
0.20%
|
0%
|
|
April, 2013
|
-0.20%
|
0.47%
|
0.20%
|
0%
|
|
May, 2013
|
0.20%
|
0.35%
|
0.20%
|
0.16%
|
|
June, 2013
|
0.40%
|
1.39%
|
1.39%
|
1.28%
|
|
July, 2013
|
0%
|
1.72%
|
1.18%
|
1.42%
|
|
August, 2013
|
1.39%
|
1.35%
|
0.58%
|
1.24%
|
|
A total of 8 months
|
1.6%
|
4.7%
|
2.36%
|
3.62%
|
The cost of renting in the regions of Turkey was moving in different directions. In Antalya, from February to April 2013 there was a decline in prices, which was replaced, though, by a slight increase in the summer months, but led to a cumulative increase in rental cost by only 1.6 % in 8 months, which is the worst result among the four major cities of Turkey.
In Ankara, rental rates have been less volatile, showing an increase of 2.36% in eight months. In Izmir rates remained unchanged in March and April, but the growth in summer allowed to fix an overall increase in rental rates by 3.62%.
The most radical changes were in Istanbul. In February, it was noted a record rate reduction (-0.93%), and in July as record growth (1.72%). Not surprisingly, the city was the leader to increase the cost of rent, which rose by 4.7% in 8 months.
As was reported earlier by ee24.com, the market of rental housing in the resort Antalya region may overheat in the near future due to the increased attractiveness of the Turkish property to foreign investors, as Turkish economy copes with the crisis much better than other countries.
Text: Ivan Ulitin, ee24.com