Last Updated on 14/09/2023
Turkey’s real estate industry is very dynamic and continually undergoing changes that may have an impact on supply and demand. To assist you in better understanding the Turkish real estate market, professionals at MEO Consultants regularly monitor the official data on real estate sales in Turkey issued by TUIK each month.
Real estate sales in Turkey reached 97,708 in January 2023
The number of real estate sales in Turkey climbed by 10.6% in January compared to the same month the year before, reaching 97,708. Istanbul had the highest percentage (17.8%) and sold 17,415 homes. Then, Ankara followed it with 8,808 home sales while Antalya was 3rd with 5,572 home sales. They had a share of 9.0% and 5.7% respectively. The lowest number of sales was in the provinces of Hakkari (23 sales), Ardahan (24 sales), and Tunceli (42 sales).
Real estate sales in Turkey by type in January 2023
Compared to the same month last year, the sale of second-hand homes in Turkey climbed by 14.8% in January 2023, reaching thus 70,176 constituting 71.8% of all home sales.
However, first-time real estate sales in Turkey climbed by 1.2% in January 2023 compared to the same month the year before, to 27,532 with a shrew of 28.2% of all home sales.
Real estate sales to foreigners in Turkey in January 2023
Foreigners bought 4,161 properties in Turkey in January 2023
Compared to the same month last year, the number of real estate sales in Turkey to foreigners fell by 0.6% in January 2023, to 4,161 making 4.3% of all home sales. First place went to Antalya with 1,015 international sales. Yet, Istanbul was second with 1,380 home sales. Meanwhile, Mersin ranked 3rd with 331 home sales to foreigners.
Russian buyers at the head of the list
Russian citizens purchased 1,557 homes from Turkey in January. Iranians who bought 526 homes followed them to rank 2nd. However, Iraqis and Ukrainians were in 3rd and second places with 229 and 157 homes respectively.
Forecast of Real estate investment in 2023
The above-explained data gives an optimistic estimation of the evolution of real estate investment in Turkey this year. As we already mentioned, real estate sales in Turkey in January 2023 increased compared to the same month of the year before.
Yet, facing the currency fluctuation and the recent incidents that Turkey underwent recently might discourage some international investors or make them worry about the perspective of the real estate sector in Turkey. And we would say it is totally legitime to wonder whether it is still a successful and profitable alternative.
Important factors in real estate sector in Turkey
Certain factors should be taken into account by investors intending to buy real estate in Turkey due to the recent fluctuations in the value of the Turkish lira and its large depreciation in comparison to other currencies. This makes us ponder whether investing in Turkish real estate is a smart move. We would like to point out that there is always a chance of losing money, regardless of how secure an investment may seem. Successful investors will be able to evaluate a project’s chances for success and place a wager on a framework that will serve to safeguard their interests.
Everyone is aware of the recent changes in the Turkish lira’s value, the increase in real estate prices, the changes to the real estate market, and the rise in the price of raw materials needed for construction and housing projects. As a result, international investors first benefitted from the Turkish Lira’s swings, which were a substantial component. They could afford homes in the center of the city.
MEO Consultants experts assess the real estate market and compare the benefits and drawbacks of potential solutions. Moreover, they provide access to a comprehensive study that helps estimate property earnings. Free initial consultation for an on-demand advisory is available upon request. You can look at our services as well.
