CK Enerji: While New Home Transfers Declined by 14% in the First Nine Months of the Year, the Real Movement Occurred in the Second-Hand Market with a 6% Increase
Forex - On the European side, 3.7 million moving activities have occurred since 2018 According to CK Enerji Boğaziçi Elektrik's "Energy of Real Estate Report," there has been a decrease in total moving activities on Istanbul's European side in the first 9 months of this year compared to the same period last year. Moves to new residences decreased by 14%, while the main activity experienced a 6% increase in the second-hand market. Since 2018, the total number of moving activities on the European side has surpassed 3.7 million.
CK Enerji Boğaziçi Elektrik, which monitors its customers in real-time with investments in technology, announced the results of its "Energy of Real Estate Report - First 9 Months of 2024," prepared based on the application and residence data of its subscribers. This report, published regularly since 2018, contains many current data including moving activities, urban transformation, and electricity consumption on the European side. According to the report, the moving activity in the region has decreased by a low rate of 0.75%, showing almost the same level as the previous year.
In the first 9 months, the rate of moves to new residences decreased by 14% compared to last year, while there was a 6% increase in second-hand real estate.
"RESPONDING TO LARGE MOVEMENTS IN THE BEST WAY IS A SUCCESS FOR US" Evaluating the first 9-month results of the Energy of Real Estate Report, Ali Erman Aytac, General Manager of CK Enerji Boğaziçi Elektrik, stated, "The data meticulously prepared by our colleagues provides significant insights not only into the real estate sector but also into how energy demand is shaped. Thanks to our investments in technology, we are able to respond more quickly to consumer demands, operating with the goal of high consumer satisfaction. Istanbul is a very dynamic city, and the moving activity is one of the best indicators of this dynamism. The Energy of Real Estate Report helps us better understand the region's energy dynamics and consumer behaviors, serving as an important guide in our future planning. From 2018 to September 2024, we see over 3.7 million moving activities on the European side. Managing this significant movement involving over 10 million citizens in their living area in the best way possible to meet the needs of our consumers is a major success for us."
71% OF MOVES IN THE FIRST 9 MONTHS WERE TO SECOND-HAND REAL ESTATE According to the Energy of Real Estate Report for the first 9 months of 2024, moving activity on the European side of Istanbul slightly increased compared to the same period last year. The rate of transitions to new residences in the first 9 months decreased from 112,840 to 96,836. During the same period, 71% of the moves occurred in second-hand real estate. The number of moves in the second-hand market was 227,334 in the first 9 months of 2023, rising by 6% to 240,779 in the same period this year.
Including 2018, there have been over 3.7 million moving activities on Istanbul's European side until September 2024. During this period, 983,978 new real estate properties were opened for the first time, while the number of moves in second-hand real estate reached 2,681,000. The largest activity occurred in 2019, with a peak of 753,323 total moves on the European side.
ESENYURT IS ALWAYS AT THE TOP IN MOVING Looking at specific districts, the most moving activity in the first 9 months of this year occurred in Esenyurt. With the title of Turkey's most populous district, Esenyurt experienced 44,926 moving activities in the first 9 months, followed by Küçükçekmece, Bahçelievler, and Bağcılar. Çatalca, one of Istanbul's tranquil areas, stood out as the district with the least activity, recording 2,422 moves.
The Energy of Real Estate Report also included data on electricity consumption by residential subscribers during the first 9 months of the year. Accordingly, electricity consumption in residences on the European side increased by 6% compared to the same period last year. The highest increase in electricity consumption among districts was observed in Çatalca, with a rise of 12%. Arnavutköy followed with 9% and Avcılar with 8%. During this period, the electricity consumption of residential subscribers in Güngören remained the same as the previous year, and there were no districts on the European side where electricity consumption decreased. Meanwhile, 9.53% of the total electricity consumption came from Esenyurt, 7.47% from Küçükçekmece, and 6.20% from Bağcılar.
In the first 9 months of the year, there was a significant decrease in eviction requests due to urban transformation on the European side. The number of eviction requests, which was 27,758 in the first 9 months of last year, decreased by 35% to 17,934 this year. Since 2018, 189,809 subscribers have evacuated their homes due to urban transformation on Istanbul's European side.
MOST SUBSCRIBERS OUTSIDE ISTANBUL ARE FROM SIVAS The Energy of Real Estate Report also provides a distribution of subscribers based on the provinces and countries where they are registered. According to this report, the number of foreign subscribers on the European side of Istanbul increased by 2% from 188,699 at the end of September last year to 192,701.
Excluding those registered in Istanbul’s population, Sivas residents ranked first among electricity subscribers with 189,071 subscribers. They were followed by Kastamonu residents with 146,783 subscribers and Malatya residents with 124,813 subscribers. When looking at the distribution of subscribers on the European side, 18% were Istanbul residents, while Sivas residents were predominantly concentrated in Kağıthane, Sultangazi, Bağcılar, and Sarıyer. According to the report, Kastamonu residents are mainly found in Bağcılar, Gaziosmanpaşa, Esenler, and Kağıthane, while Malatya residents are most concentrated in Bağcılar, and Tokat residents predominantly reside in Esenyurt at a rate of 19%.