There are nearly 1 million houses for sale

Housing production, which decreased due to the impact of the coronavirus epidemic, accelerated slightly to respond to the rising demand, but is still below the amount Turkey needs. This situation, which negatively affects the sale and rental house market, has improved somewhat after the Kahramanmaraş-centered earthquakes we experienced last year. When the need for safe housing in cities in the earthquake zone, especially Istanbul, came to the fore after the earthquake, there was some activity on the production side.

With the increasing activity in the construction sector, there was an increase in the number of salable houses. According to the report of Endeksa, which offers real estate value calculation using big data analysis and artificial intelligence methods, examining the housing stock situation across Turkey; The total number of housing stocks for sale in March 2024 increased by 3 percent compared to the previous month and reached 983 thousand 520 units.

As of March, the average price per square meter of a house for sale in Turkey was 25 thousand 111 TL, while it is necessary to sacrifice an average of 3 million 264 thousand 430 TL to buy a house. Marmara Region is the region with the highest population density in Turkey and contains the provinces with the highest labor force participation rates. In the period of March 2024, 50 percent of Turkey’s stock for sale was located in the Marmara Region and surrounding provinces. The total number of housing stock for sale in the provinces of Istanbul, Izmir, Balıkesir, Tekirdağ, Bursa, Kocaeli, Sakarya, Manisa, Çanakkale, Yalova, Düzce, Edirne, Kütahya, Kırklareli, Bolu, Uşak and Bilecik reached 491 thousand 864.

Istanbul was followed by Izmir with 71 thousand 925 houses for sale. In Kocaeli, which stands out with its proximity to Istanbul and high employment capacity, the number of houses for sale was 26 thousand 974 as of March 2024, while the total number of houses for sale in the Thrace provinces of Edirne, Kırklareli and Tekirdağ reached 34 thousand 656 units.

In Istanbul, in March 2024, the unit square meter value of housing for sale reached 38 thousand 622 TL. Turkey’s favorite city did not lose the title of “the city with the highest housing stock for sale”. In Istanbul, which is the most populous city of Turkey with a population of nearly 16 million, the total number of housing stock for sale is 237 thousand 846 units. With this figure, Istanbul has 24 percent of the housing stocks for sale in Turkey. The highest number of housing stocks, which increased by 1 percent compared to the previous month, occurred in Esenyurt district. The number of housing stock for sale in Esenyurt in March 2024 is 16 thousand 763.