GIGDER has released the GIGDEKS 4 data, including the first-quarter 2022 figures. According to the data, which was marked by the Russia-Ukraine conflict at the end of February, the average foreign housing sales price remained relatively stable compared to the previous quarter, reaching $187,185.
The Foreign Housing Sales Index 'GIGDEKS,' conducted in collaboration with the brand and market research company AGS Global by the Foreign Real Estate Promotion Association (GIGDER), has published the data covering the first quarter of 2022. The GIGDEKS 4, which involved the participation of 31 association members, was significantly impacted by Russia's invasion of Ukraine that began in late February.
"Fluctuations in the average sales price in the first 3 quarterly GIGDEKS data have given way to a horizontal trend in the GIGDEKS 4 data. Accordingly, in the first three months of 2022, the average foreign housing sales price for GIGDER member companies was realized at $187,175, showing a similar performance to the previous quarter. The value recorded in the previous quarter was $187,091.
While GIGDEKS 1 represents the second quarter of 2021, GIGDEKS 2 represents the third quarter of 2021, and GIGDEKS 3 represents the last quarter of 2021, GIGDEKS 4 encompasses the first-quarter data for 2022.
As a result, Turkey's successful pursuit of a balanced policy between two crucial partners in exports, tourism, and housing sales, despite the invasion, and its establishment of a peace platform have been effective. Turkey has emerged as a significant option, especially due to restrictions on Russians' financial transactions and investments in Europe.
In the first quarter of the year, the GIGDEKS score (on a scale of 100) created by the foreign housing sales of GIGDER member companies experienced a partial increase, reaching 115.9.
The companies participating in GIGDEKS 4, covering the first three months of the year, continue to report a decline in the average sales volume. In the previous quarter, GIGDER member companies made an average of 61 sales to foreign investors, while this quarter, the sales volume decreased to 56. Compared to the initial GIGDEKS, there is a significant decline in sales per company.
The invasion of Ukraine by Russia and subsequent Western sanctions against Russia have positively impacted GIGDER members' sales of properties to Russian citizens. Accordingly, 71% of the members stated that their sales to Russian citizens increased after the war. Although not as much, there is also an observed increase in the interest of Ukrainians in the Turkish real estate sector. Accordingly, 45.2% of GIGDER member companies stated that their sales to Ukrainians increased after the war, while 41.8% mentioned a decrease in property sales to citizens of the occupied country.
