Increasing trend of second-hand homes for sale in Turkish property market

The number of advertisements placed to sell second-hand houses in the market has been on an upward trend.

Potential homebuyers are increasingly turning to the second-hand market as prices of new houses have risen significantly due to the demand picking up.

People are looking for safer houses in the wake of the deadly earthquakes that flattened tens of thousands of buildings and claimed the lives of more than 50,000 in southern Türkiye in early February. People are also buying houses as they view property as a good investment.

All these factors have pushed up the prices of new houses.

The increase in the number of advertisements placed for second-hand houses touched its highest level in the past year in March, according to a study by Istanbul-based Bahçeşehir University’s Economic and Social Research Center (BETAM).

The number of houses offered rose by 10.1 percent in March compared with the previous month to 882,100, showed the study, which collected data from the online classified advertisements platform

The increase in Istanbul, the country’s largest city by population, was up 12.9 percent monthly to around 253,000, while the month-on-month increase in the capital Ankara was 11.5 percent to more than 87,000.