The Industrial Development Bank of Turkey (TSKB) Real Estate Appraisal has shared the results of its report titled "2024 Housing Market at a Glance."
Haber Giriş Tarihi: 10.08.2024 13:08
Haber Güncellenme Tarihi: 10.08.2024 13:08
Kaynak:
Ekonomist
In a statement from the company, the report indicates that mortgage-backed home purchases in the first half of 2024 have dropped to the lowest level in history.
The report highlights that during the first six months of 2024, overall home sales remained stagnant, while mortgage-backed purchases fell by 9%, marking a historic decline.
While cash and promissory note sales continued strongly in the first half of the year, the share of housing in total sales rose to 45%. Transactions conducted through the land registry decreased by 10% compared to the previous year.
Decline in Home Sales to Foreigners
The housing price index continued to trend below inflation on a monthly basis. Sales to foreigners also declined, dropping to 1.9%, returning to levels seen before 2018. In Antalya, where the share of foreign sales was 23% in 2023, this figure fell to 12% in 2024.
While building permits increased, occupancy certificates lagged behind this trend. The construction cost index reached its highest increase in 16 months, rising by 72.78%. The labor cost index increased by 108.93% annually, while the material index saw an annual increase of 58.75%.
The trend of the housing price index remaining below inflation on a monthly basis has continued since July 2023, and since February 2024, annual increases have also fallen below the Consumer Price Index (CPI). Real change has remained in negative territory, and this trend is expected to continue for the remainder of the year.
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Historic Decline in Mortgage-Backed Home Sales
The Industrial Development Bank of Turkey (TSKB) Real Estate Appraisal has shared the results of its report titled "2024 Housing Market at a Glance."
In a statement from the company, the report indicates that mortgage-backed home purchases in the first half of 2024 have dropped to the lowest level in history.
The report highlights that during the first six months of 2024, overall home sales remained stagnant, while mortgage-backed purchases fell by 9%, marking a historic decline.
While cash and promissory note sales continued strongly in the first half of the year, the share of housing in total sales rose to 45%. Transactions conducted through the land registry decreased by 10% compared to the previous year.
Decline in Home Sales to Foreigners
The housing price index continued to trend below inflation on a monthly basis. Sales to foreigners also declined, dropping to 1.9%, returning to levels seen before 2018. In Antalya, where the share of foreign sales was 23% in 2023, this figure fell to 12% in 2024.
While building permits increased, occupancy certificates lagged behind this trend. The construction cost index reached its highest increase in 16 months, rising by 72.78%. The labor cost index increased by 108.93% annually, while the material index saw an annual increase of 58.75%.
The trend of the housing price index remaining below inflation on a monthly basis has continued since July 2023, and since February 2024, annual increases have also fallen below the Consumer Price Index (CPI). Real change has remained in negative territory, and this trend is expected to continue for the remainder of the year.
Kaynak: Ekonomist
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