Turkish authorities have published the statistics for the month of February – with interesting results.
The month of February saw a 0.89% increase in prices over the month of January, making an annualised index of 11.49%. Rental price rises saw an increase of 0.24% in February over January, an annualised figure of 7.57%.
With inflation in Turkey at 10.26%, rises are in line with national inflation, a sign of a healthy economy.
Deposits are high
The downpayments made by buyers also increased, with buyers making on average a very high 39% downpayment. Buyers using bank loans is at only 31%, an effect of the high interest rates in Turkey.
Off plan buyers dominate
The majority of buyers in February purchased under construction, “off plan”. Only 18% purchased complete property, whilst a whopping 82% bought at the construction phase.
Turks are buying large apartments
The largest rise in apartment types was in the larger 3 and 4 bed bracket. Buyers of 3 and 4 bed apartments increased 2%, whilst smaller apartments only saw a 0.44% rise.
International buyers made up 6% of the market, with the vast majority buying one bedroom apartments. international buyers have increased over the last month, with the proportion usually at 4% of the market, now at 6%.
