GİGDEKS 11: The Average Housing Sale Price to International Investors Reached $268,368.

According to GİGDEKS 11 data, which covers the last quarter of 2023, the average house price sold to international investors has reached $268,368. The GİGDEKS index points were calculated at 166.2.

The Association of Real Estate Exporters (GİGDER) shared the 11th edition of its international investor real estate sales index, GİGDEKS, which is prepared quarterly in collaboration with independent brand and market research firm AGS Global.

According to the GİGDEKS 11 results, which cover the fourth quarter of 2023, there was an increase in the average property sales price to international investors. The average sales price, which was $260,976 in GİGDEKS 10, rose to $268,368 in the latest index. The GİGDEKS 11 index points reached 166.2.

36% of GİGDER Members Expect a Decline in Property Sales to International Investors

In these challenging times, with the market hitting rock bottom, 36% of GİGDER members stated that they expect a decline in sales to international investors over the next three months. Meanwhile, 48% of participants expect sales to remain the same, and 16% predict an increase.

Few Expect Property Prices to Rise

The GİGDEKS 11 survey also asked participants if they believe property prices will decrease due to inflationary pressures on the real estate sector. The responses were as follows:

  • 44% believe prices will decrease
  • 44% believe prices will remain the same
  • 12% believe prices will increase

Most Challenging Aspect of the Valuation Process: GABİM Approval

According to GİGDER members, the most challenging aspects of the real estate valuation process are as follows:

  • Delays in the GABİM approval process,
  • The frequent discrepancy between the first valuation report and the control report, with a control report requested for every sale,
  • Difficulties in aligning regulatory requirements with actual market prices in the valuation and sales processes,
  • Extended waiting times for opinions from the TKGM Real Estate Valuation Department.