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House prices in Turkey shoot up, renew record in April

by DAILY SABAH

ISTANBUL Jun 17, 2021 - 1:09 pm GMT+3
An aerial view of the Galata Tower in Istanbul, Turkey, April 18, 2020. (AFP Photo)
An aerial view of the Galata Tower in Istanbul, Turkey, April 18, 2020. (AFP Photo)
by DAILY SABAH Jun 17, 2021 1:09 pm

The upward trend in Turkish house prices continued in April as they surged to a new all-time high, official data showed.

Residential Property Price Index (RPPI) rose by a whopping 32.4% year-on-year in April, according to data from the Central Bank of the Republic of Turkey (CBRT), up from 32% a month earlier.

Month-on-month prices increased by 2%, the data showed.

Prices of new properties rose 35.6% year-on-year in April, while those of existing houses were up 31.6%.

The surge in Istanbul, the country’s largest city by population and one of its top tourist centers, came in at 28.6%. Prices of properties in the capital Ankara and the Aegean province of Izmir rose 34.3% and 29.8%, respectively.

Despite the increase, some 59,166 houses changed hands a month later, growing 16.2% year-on-year, according to Turkish Statistical Institute (TurkStat) data.

It still marked the lowest level in a year, mostly due to a strict nationwide lockdown in May to curb the rise in daily coronavirus cases. Month on-month sales were down 38.2%.

Sales had skyrocketed by 124% year-on-year in April as a total of 95,863 residential properties changed hands.

The rise in borrowing costs from a summer low continued to weigh in on mortgage sales, which fell 42.9% in May from a year earlier to 10,560 units.

Residential properties sold from January through May were down 3.8% year-on-year to 418,079, the data showed.

Cheap loans extended to ease economic fallout from the pandemic drove the 11.2% year-on-year rise in the overall house sales in the country in 2020, when nearly 1.5 million houses, an all-time high, changed hands.

Mortgaged sales in the January-May period were down 54.3% to 75,290 units.

Turkey imposed curfews, weekend lockdowns and restaurant closures in December. Some of the restrictions were eased in March before a full lockdown was reimposed at the end of April due to surging COVID-19 cases. The country has been gradually easing measures since mid-May.

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  • Last Update: Jun 17, 2021 2:21 pm
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    residential property market istanbul turkey real estate
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