Last Updated on 28/11/2023
The real estate landscape in Turkey underwent significant shifts in October 2023, as reflected in the latest house sales statistics. With a total of 93,761 houses sold during the month, the market experienced an 8.7% decrease compared to the same period in the previous year. Therefore, tThis comprehensive overview delves into the multifaceted aspects of properties sales in Turkey, encompassing variations in sales by type, financing methods, and the dynamic market for sales to foreign investors.
As we navigate through the intricacies of these statistics shared by TUIK, a nuanced understanding of Turkey’s real estate trends in October 2023 emerges, shedding light on both domestic and international influences shaping the housing market.
Overview of Properties Sales in Turkey in October 2023
In October 2023, properties sales in Turkey reached 93,761 houses, reflecting an 8.7% decline compared to the same period in the previous year. Moreover, Istanbul led the sales with a 15.9% share, accounting for 14,941 houses. Besides, other notable contributors were Ankara and İzmir, with 7,394 and 5,192 house sales, respectively. Provinces such as Hakkari, Ardahan, and Bayburt reported the lowest sales numbers.
Yet, the trend of declining property sales in Turkey persisted in the January-October 2023 period, registering a 14.3% decrease compared to the same timeframe in the previous year, totaling 993,835 houses sold.
Mortgaged House Sales in Turkey
Mortgaged properties sales in Turkey experienced a significant drop of 58% in October 2023, constituting 5,577 sales and representing a 5.9% share of total house sales. Furthermore, the January-October period saw a 31.2% decrease, totaling 166,461 mortgaged house sales. Of these, 1,369 in October and 50,234 in the cumulative period were first-time sales.
However, non-mortgaged properties sales in Turkey slightly decreased by 1.4% in October, amounting to 88,184 houses and holding a substantial 94.1% share of total house sales. Over the January-October period, other house sales decreased by 9.9%, reaching 827,374.
Property Sales by Type
First-time properties sales in Turkey totaled 29,230 in October, constituting 31.2% of all house sales and experiencing a 10.6% decrease. The January-October period showed a 13.6% decline, amounting to 297,827 first-time house sales. Second-hand house sales decreased by 7.8% in October, with 64,531 sales representing 68.8% of total house sales. The January-October period recorded a 14.6% decrease, totaling 696,008.
House Sales to Foreigners
In October 2023, properties sales in Turkey made to foreigners decreased by 52.9%, amounting to 2,535 sales and holding a 2.7% share of total house sales. Antalya led in sales to foreigners with 931, followed by İstanbul with 758 and Mersin with 294. The January-October period saw a 44.4% decrease, totaling 30,599 sales to foreigners.
Russian citizens dominated house purchases in October, acquiring 713 houses. Other notable nationalities included Iran citizens with 235, Germany citizens with 152, and Ukraine citizens with 138 house sales.
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