17 October 2010
REIDIN.com INDEXFocus Turkey September 2010 Real Estate Sector Analysis – Residential
INTRODUCTION
The REIDIN.com Turkey Residential Property Price Indices (TRPPI) is designed to be a reliable and consistent benchmark of housing prices in Turkey. The purpose is to measure the average differences in house prices in a particular geographic market.
The monthly REIDIN.com TRPPI uses a stratified median index approach for index calculation with data covering the 7 major cities and their 71 districts, including Istanbul, Ankara, Izmir, Adana, Antalya, Bursa and Kocaeli. The national TRPPI (Turkey Composite Index) is a weighted average of those city indices.
Index series are set at 100 starting at the beginning of June 2007 and are calculated by using a moving average algorithm.
INDEX SUMMARY
• The residential sales prices increased 0.29% in Adana, 0.48% in Ankara, 0.60% in Bursa, 0.46% in Istanbul and 0.09% in Izmir; on the other hand, prices were down 0.47% in Antalya and 0.35% in Kocaeli during September 2010.
• The residential rent prices increased 0.20% in Adana, 0.50% in Bursa, 0.72% in Istanbul and 0.61% in Kocaeli; on the other hand, prices were down 0.13% in Ankara, 0.54% in Antalya and 0.11% in Izmir during September 2010.
• When adjusted by inflation rate according to the Consumer Price Index (+1.23%), the residential real estate investments caused a loss to the investors in real terms in September 2010. Accordingly, the rate of loss in real terms is 0.66% in Adana, 0.72% in Ankara, 0.76% in Antalya, 0.73% in Bursa, 0.69% in Istanbul, 0.76% in Izmir and 0.71% in Kocaeli on monthly basis.
DETAILED ANALYSIS
The monthly REIDIN.com TRPPI uses a stratified median index approach for index calculation with data covering the 7 major cities, 71 districts, and their 481 sub districts including Istanbul, Ankara, Izmir, Adana, Antalya, Bursa and Kocaeli. The national TRPPI (Turkey Composite Residential Property Price Index) is a weighted average of those city indices. Index series are set at 100 starting at the beginning of June 2007 and are calculated by using a moving average algorithm.
Table 1.1 REIDIN.com House Sales Price Indices (Nominal, June 2007 = 100)
|
|
REIDIN.com House Sales Price Indices (Nominal, June 2007 = 100) |
|||||||
|
|
Turkey Composite |
ISTANBUL |
ANKARA |
IZMIR |
||||
|
Month |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
|
January |
87.4 |
91.3 |
85.8 |
88.8 |
84.5 |
88.4 |
91.7 |
100.6 |
|
February |
86.5 |
91.7 |
84.7 |
89.5 |
84.0 |
88.8 |
90.2 |
100.2 |
|
March |
85.3 |
92.0 |
83.4 |
89.9 |
82.6 |
89.1 |
89.2 |
100.2 |
|
April |
85.8 |
91.9 |
83.9 |
90.6 |
83.2 |
89.2 |
91.2 |
97.8 |
|
May |
87.3 |
91.8 |
84.8 |
91.0 |
84.8 |
89.0 |
95.0 |
96.6 |
|
June |
88.7 |
92.1 |
85.8 |
91.2 |
86.8 |
89.2 |
97.0 |
96.7 |
|
July |
89.7 |
92.2 |
86.4 |
91.3 |
87.8 |
89.4 |
98.1 |
96.8 |
|
August |
90.2 |
92.3 |
86.9 |
91.3 |
88.0 |
89.7 |
98.5 |
96.9 |
|
September |
90.8 |
92.6 |
87.5 |
91.7 |
88.1 |
90.1 |
99.9 |
97.0 |
|
October |
91.0 |
|
88.1 |
|
88.1 |
|
100.6 |
|
|
November |
91.2 |
|
88.4 |
|
88.2 |
|
101.1 |
|
|
December |
91.1 |
|
88.4 |
|
88.2 |
|
100.8 |
|
|
Average |
88.7 |
92.0 |
86.2 |
90.6 |
86.2 |
89.2 |
96.1 |
98.1 |
|
Copyright © REIDIN.com
|
||||||||
|
|
REIDIN.com House Sales Price Indices (Nominal, June 2007 = 100) |
|||||||
|
|
ADANA |
ANTALYA |
BURSA |
KOCAELI |
||||
|
Month |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
|
January |
95.0 |
103.2 |
89.9 |
85.6 |
87.5 |
90.4 |
94.2 |
104.7 |
|
February |
94.0 |
102.9 |
88.6 |
85.2 |
87.5 |
90.9 |
96.1 |
105.6 |
|
March |
94.9 |
103.2 |
87.8 |
85.1 |
85.0 |
91.4 |
94.9 |
105.6 |
|
April |
95.0 |
103.4 |
85.8 |
84.4 |
86.1 |
91.1 |
95.2 |
105.8 |
|
May |
95.8 |
103.7 |
86.7 |
84.8 |
88.1 |
91.0 |
96.3 |
106.3 |
|
June |
96.6 |
104.5 |
88.1 |
85.9 |
90.7 |
90.9 |
99.1 |
106.0 |
|
July |
97.8 |
105.0 |
90.5 |
85.9 |
92.3 |
90.5 |
101.9 |
106.1 |
|
August |
98.6 |
104.5 |
90.5 |
86.7 |
92.4 |
90.5 |
104.5 |
106.2 |
|
September |
99.3 |
104.8 |
89.8 |
86.3 |
92.5 |
91.0 |
105.6 |
105.8 |
|
October |
100.5 |
|
87.9 |
|
91.7 |
|
105.6 |
|
|
November |
101.9 |
|
86.6 |
|
91.2 |
|
105.0 |
|
|
December |
102.8 |
|
86.0 |
|
90.9 |
|
104.9 |
|
|
Average |
97.7 |
103.9 |
88.2 |
85.5 |
89.7 |
90.9 |
100.3 |
105.8 |
|
Copyright © REIDIN.com |
|
|
|
|
|
|
||
Chart 1.1 Turkey Composite House Sales Price Index (Nominal, June 2007 = 100)
Chart 1.2 Turkey Composite Rent Index (Nominal, June 2007 = 100)
Table 1.2 REIDIN.com Rent Indices (Nominal, June 2007 = 100)
|
|
REIDIN.com Rent Indices (Nominal, June 2007 = 100) |
||||||||
|
|
Turkey Composite |
ISTANBUL |
ANKARA |
IZMIR |
|||||
|
Month |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
2009 |
2010 |
|
|
January |
89.1 |
90.1 |
87.6 |
89.4 |
93.4 |
92.0 |
86.1 |
88.1 |
|
|
February |
87.8 |
90.0 |
85.6 |
89.6 |
92.3 |
91.8 |
84.3 |
87.3 |
|
|
March |
86.7 |
90.2 |
84.9 |
89.9 |
91.2 |
91.8 |
81.8 |
87.7 |
|
|
April |
87.7 |
90.7 |
86.2 |
90.4 |
92.6 |
92.1 |
82.8 |
88.2 |
|
|
May |
89.7 |
90.9 |
88.6 |
90.6 |
93.8 |
92.0 |
84.2 |
88.4 |
|
|
June |
90.7 |
91.2 |
89.6 |
90.8 |
94.4 |
91.9 |
86.1 |
89.1 |
|
|
July |
91.1 |
91.2 |
89.9 |
90.5 |
94.6 |
92.5 |
87.1 |
89.2 |
|
|
August |
91.4 |
91.2 |
90.1 |
90.4 |
94.8 |
93.3 |
87.9 |
88.6 |
|
|
September |
91.3 |
91.6 |
90.0 |
91.0 |
94.6 |
93.2 |
88.4 |
88.5 |
|
|
October |
90.9 |
|
89.9 |
|
93.6 |
|
88.6 |
|
|
|
November |
90.5 |
|
89.6 |
| |||||
