According to GIGDEKS 7 data covering the fourth quarter of 2022, the average housing sales price to foreigners reached $261,613, hitting its highest level to date. The GIGDEKS base score, which was 115.9 in the first quarter of 2022, increased by 39%, closing the year at 162 points.
The Foreign Real Estate Promotion Association (GIGDER), in collaboration with the brand and market research company AGS Global, has released the 7th edition of the foreign housing sales index 'GIGDEKS' prepared quarterly. According to the GIGDEKS 7 data covering the fourth quarter of 2022, the average housing sales price to foreigners reached $261,613, hitting its highest level to date. The GIGDEKS base score, which was 115.9 in the first quarter of 2022, increased by 39%, closing the year at 162 points.
GIGDEKS 7, with the participation of 33 GIGDER member companies, set a new record. Focusing on the fourth quarter of 2022, marked by the impact of the Russia-Ukraine war, GIGDEKS reached its highest level to date with a score of 162, as the effects of the Covid-19 pandemic diminished. The GIGDEKS base score, which was 115.9 in the first quarter of 2022, reached 162 in the fourth quarter of 2022. Thus, there was a 39% increase in the GIGDEKS score in one year. Meanwhile, in this quarter, the sector reached its highest level to date with an average sales price of $261,613, surpassing the $250,000 threshold for the first time.
Behind the data of the GIGDEKS 7 index, which has been on a rapid upward trend for 3 quarters and reached its highest level with GIGDEKS 7, lies the post-war foreign demand. Turkey being chosen as a plan B country for foreigners to live and invest positively influences the sales of value-added products.
GIGDEKS first reached its highest level with the GIGDEKS 5 data, examining the second quarter of 2022. In GIGDEKS 5, the unit sales price, which was $187,175 in the previous quarter, surpassed the $200,000 threshold for the first time and reached $217,642. The increase in demand was initiated before the regulation raising the investment amount for citizenship to $400,000 came into effect.
In the research covering the third quarter of 2022, GIGDEKS 6, which examines the period of July, August, and September of 2022, started with a score of 152.2, reaching its highest level since its inception. Particularly, the interest of Russian investors in Turkey continues after the Russia-Ukraine war, and it was observed that the investor destination range has expanded.
In GIGDEKS 7, the optimism rate in foreign sales, which was at 45% in the previous quarter, decreased to 33% in this quarter. On the other hand, pessimists and undecided participants represent the other one-third of the distribution. This somewhat equal distribution can be considered a normal process brought about by the expectations of the election. It may be possible to think that the post-election period, the second quarter of 2023, will show the optimism of industry professionals again.
