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In 2023, we spent the most money on housing and rent

The Turkish Statistical Institute (TÜİK) released consumption expenditure statistics for the year 2023: According to the data, housing and rent expenditures had the highest share of household consumption expenditures nationwide, at 23.9%. Transportation followed in second place with 21.9%, and food and non-alcoholic beverages ranked third with 20.6%. Among total consumption expenditures, insurance and financial services had the lowest share at 0.8%, education services at 1%, and entertainment, sports, and culture expenditures at 1.9%. The monthly average consumption expenditure per household, calculated taking into account household size and composition, was estimated at 24,383 Turkish Lira per household and 12,521 Turkish Lira per equivalent individual. Households primarily dependent on salary, wages, or daily earnings allocated 22.8% to transportation, 22.2% to housing and rent, and 18.9% to food and non-alcoholic beverages. In contrast, households with entrepreneurial income allocated 27.3% to transportation, 19.7% to housing and rent, and 19.5% to food and non-alcoholic beverages, indicating varying spending patterns based on primary income source. Looking at consumption expenditures by income group, the lowest income quintile (first 20%) households allocated 36.6% to food and non-alcoholic beverages, 29.2% to housing and rent, and 8.8% to transportation. Conversely, the highest income quintile (fifth 20%) households spent 28.3% on transportation, 21% on housing and rent, and 14.5% on food and non-alcoholic beverages. This highlights that lower-income households allocate more than double the proportion of their spending to food compared to higher-income households. Regarding household size, single-person households allocated 31.8% to housing and rent, 18.7% to transportation, and 16.3% to food and non-alcoholic beverages. Larger households with 7 or more members allocated 30.2% to food and non-alcoholic beverages, 19.9% to housing and rent, and 14.9% to transportation, showing that single-person households allocate significantly more to housing and rent compared to larger households.

The 2nd country with the most housing purchases is Turkey

From which countries do Russians buy housing abroad? RBC newspaper, which reports on the data announced by the international real estate broker Tranio, gives the answer to this question from the United Arab Emirates. 11.9 percent of Russian citizens who bought housing abroad in the period between January and August 2023 preferred this country. Tranio analysts state that Russians' demand for housing in the United Arab Emirates has increased by 55 percent this year. The average amount of money spent by Russians to buy a house in this country is 250 thousand euros. Greece and Türkiye rank second and third with 9.9 percent each. Russians spend 250 thousand euros in Greece and 160 thousand euros in Turkey to buy housing. However, while the demand for Greece increased by 26 percent, the demand for housing from Turkey decreased by 50 percent. The newspaper points to the difficulty of obtaining a residence permit from Turkey as the reason for the situation. Finally, among Russians who bought housing from abroad, Muscovites predominate with 52.9 percent. In second place was St. Petersburg with 10.8 percent. Petersburgers and in third place are those from Krasnodar with 4.8 percent.

Housing Price Index increased by 7.3 percent in July

Housing Price Index data for the July 2023 period was announced by the Central Bank of the Republic of Turkey (CBRT). KPI (2017=100), which is calculated to monitor the quality-adjusted price changes of houses in Turkey, increased by 7.3 percent compared to the previous month in July and reached 988.5. While KPI increased by 94.7 percent on an annual basis in July, the real increase in this period was 31.2 percent. Looking at the KPI change for three major provinces, an increase of 6.8, 8.1 and 5.5 percent, respectively, was observed in Istanbul, Ankara and Izmir in July compared to the previous month. Index values increased to 82.7 percent in Istanbul, 105.2 percent in Ankara and 97.1 in Izmir compared to the same month last year.

Russians are leaving Alanya

While housing prices have increased astronomically in the last two years, this increase has been over 500 percent in the tourism city of Alanya. After this increase in housing prices, Russians and Ukrainians started to settle in Mersin, which is cheaper. Alanya real estate sector representatives evaluated the issue in Yeni Alanya. 'RUSSIAN NOW PREFER MERSIN, NOT ALANYA' Özgür Erbaş, President of Alanya Real Estate Agents Association (ALEMDER), said, “Prices in Alanya have risen a lot. Russians could buy a house for 80-100 thousand euros before. Now there is no house less than 150-200 thousand euros. Since Mersin has high floors and wide land, its prices are more attractive than Alanya. Russians now prefer Mersin, not Alanya." 'BALANCES WILL SET IN PLACE AFTER THE ELECTION' Kerim Balıktay, President of Alanya Real Estate Agents Association (ALEKOD), said, “As it is known, there was an intense demand for real estate sales in our region in the past years. The reason for this was primarily due to the wealthy people fleeing the Russia-Ukraine war. There has been a price increase due to this and the sudden increase in construction costs, but as it is known, there is a presidential election in our country. As always, this worries foreign investors. But we think that investors will come to our region again after the elections. Regarding the issue of investors shifting to Mersin, there were investments in Mersin before and there will still be, but it is not very true that it has shifted from here to there. Russians and Ukrainians buy real estate from all over Turkey, but since Alanya is more beautiful than anywhere else in Turkey, there is a higher demand for our region. Hopefully, after the elections, all the balances will be settled again.”

#Housing

In 2023, we spent the most money on housing and rent

The 2nd country with the most housing purchases is Turkey

Housing Price Index increased by 7.3 percent in July

Russians are leaving Alanya