According to the GIGDEKS 9 data covering the second quarter of 2023, the average housing sales price to foreigners decreased from $297,174 to $241,643. The GIGDEKS base points, which had been moving upward for five quarters, dropped to 149.6.
The Real Estate Promotion Association Abroad (GIGDER) released its 9th foreign housing sales index, GIGDEKS, prepared in collaboration with the brand and market research company AGS Global.
According to the GIGDEKS 9 data, which was based on the participation of 23 GIGDER member companies and covered the second quarter of 2023, the average housing sales price to foreigners decreased from $297,174 to $241,643. Additionally, the GIGDEKS base points dropped from 184 to 149.6. Factors such as the impact of earthquakes, elections, and the 'wait-and-see' policy of foreign investors influenced the results in this quarter.
The index, which has been in an upward trend for the past 5 quarters, achieved its first record with the GİGDEKS 5 data covering the second quarter of 2022, where the average housing sales price to foreigners surpassed the $200,000 threshold for the first time, reaching $217,642. Since that period, GİGDEKS has set a new record in each quarter, raising the bar to $297,000 with its 8th survey. However, the level of $241,643 in GİGDEKS 9 disrupted this rising trend.
GİGDER members were asked about their predictions for the future of foreign housing sales, and 34.8% expressed an optimistic view that sales would increase. In the previous quarter, the rate of those sharing this view was 33.3%. According to the data, the percentage of those expecting a decrease in sales increased from 37.1% in the previous quarter to 43.5% in this quarter.
87% of GİGDER members believe that supporting the existing CBI program in foreign sales with a 'gradual' RBI program would be beneficial. Additionally, 56.5% of members express that they will increase their marketing budgets in the upcoming period, while 26.1% state that they will keep the budget the same. Only 17.4% seem to be pessimistic about this matter.
