The Association of Real Estate Exporters (GİGDER) has shared the 12th edition of its international investor housing sales index, GİGDEKS, prepared quarterly in collaboration with independent brand and market research company AGS Global.
According to the GİGDEKS 12 data, created with the participation of GİGDER members, the average housing sale price to international investors, which was $268,368 in the previous quarter, has decreased to $170,719 in the first quarter of 2024.
The index points, which were measured at 166.2 in the GİGDEKS 11 results, which included the last quarter of 2023, fell sharply to 105.7 in the first quarter of 2024. This figure is notably lower than the 121.7 level recorded in the second quarter of 2021, when GİGDEKS was first established.
Participants in GİGDEKS 12 were also asked about their forecasts for international housing sales (in terms of quantity and revenue) over the next three months. In their responses, 47.6% of members predicted a continued decline in housing sales, while 28.6% expected sales to remain the same and 23.8% anticipated an increase. These responses highlight a high level of pessimism.
GİGDER members were asked how they viewed the assignment of valuation report processes for sales to international investors to GEDAŞ Real Estate Valuation Inc., a subsidiary of TOKİ. In response to this question, 38.1% of participants found the change negative, while 33.3% believed it would not have a significant impact. Meanwhile, 28.6% expressed a positive view regarding GEDAŞ's authorization.
When asked, "What do you think would be beneficial for the interest of international real estate investors in our country to increase in the upcoming period?" GİGDER members responded in order of importance as follows:
GİGDER will continue to be the voice of industry representatives with its work! We look forward to meeting in the GİGDEKS 13 study, which will cover the second quarter of 2024.
