Last Updated on 26/01/2023
Overview of home sales in Turkey in April 2022
After the highest level recorded in March 2022, Home sales in Turkey continued to climb, reaching a remarkable number of transactions. According to Data declared recently by the Turkish Statistical Institute, this situation is partly due to an increase in Russian buyers’ interest.
Experts state that foreign investors continue to regard the real estate sector as a safe investment despite growing prices. House sales grew by 38.8 % year over year to 133,058 units in April 2022, according to the Turkish Statistical Institute.
Home sales in Turkey in April 2022
As mentioned above, Home sales in Turkey climbed by 38.8% in April compared to the same month of the previous year, reaching 133058 sales. As usual, Istanbul took the lead with 19.8% of the sales, with 26,330 properties sold. Then comes Ankara, with 12 thousand 195 house sales, and Izmir, with 8 thousand 459 house sales, followed by Istanbul with 9.2 percent and 6.4 percent, respectively. Ardahan and Hakkari had the lowest number of house sales with 25, followed by Bayburt with 47.
Statistics of home sales in Turkey between January-April 2022
According to the same source data, we can deduce that house sales in Turkey increased by 21.7 % in January-April 2022 compared to the same period the previous year.
Home sales in Turkey by type in April 2022
First-time house sales in Turkey
In April, first-time home sales in Turkey jumped by 24.7 % over the same month the previous year, to 36 thousand 421. It represents 27.4 % of total home sales. First-time house sales grew by 19.4% in January-April compared to the same period the previous year.
Second-hand home sales
In April, second-hand house sales in Turkey jumped by 45.0 % over the same month the previous year, reaching 96,637 sales. It forms 72.6 percent of all home sales. Second-hand housing sales jumped by 29.3% from January to April compared to the same period the previous year, to 322 thousand 263.
Home sales in Turkey to foreigners in April 2022
In April, foreigner home sales in Turkey grew by 58.1 percent over the same month the previous year, with 6 thousand 447 transactions. It accounted for 4.8 percent of all house transactions in April 2022. Yet, Istanbul took first place with 2,564 sales to foreigners. Moreover, Antalya and Ankara come after Istanbul. Furthermore, house sales to foreigners surged by 48.9% in January-April compared to the previous year’s same period.
Russians on top of the list of Turkey’s foreign house sales in April 2022
Recently, Russian investors showed an important interest in Turkey’s real estate market. In fact, In April 2022, Russian citizens purchased 1,000 152 homes from Turkey, coming thus at the top of the list. We should remind that Russian buyers have always had an important position in home sales in Turkey. To clarify, they used to come in the 3rd position after Iraq and Iran. However, April transactions changed the records. Iranians and Iraqis followed Russians with 905 property sales and 714 house sales, respectively.
Home sales to Russians keep increasing
The official data clearly shows an upsurge in Russian demand for properties for sale in Turkey compared to the year2021. We can also conclude a remarkable increase compared to the first months of 2022.
In fact, according to Reuters, Russians have been investing significantly in real estate in Turkey. Thus they seek a safe financial shelter following Russia’s invasion of Ukraine and Western sanctions. Actually, various restrictions have been imposed since the February 24 incident, including Russia’s withdrawal from the SWIFT banking system. In light of this, Turkey has criticized Russia’s actions. Ankara, on the other hand, opposes non-UN sanctions against Russia. Furthermore, Turkey has relatively good ties with Moscow and continues to offer direct flights, giving way to Russians and their investments.
The new reform in Turkish Citizenship application is official
A new reform was declared on April 12, 2022, regarding the Turkish Citizenship application by real estate. The amendment adjusted the investment value and increase it from 250,000$ to 400,000$. That day, the entry into force date was postponed until the publishing on the official gazette. This fact, made the foreign investors rush to buy properties in Turkey to benefit from the Turkish citizenship by the real estate before the increase of the amount. Consequently, home sales in Turkey increased remarkably.
However, the Turkish republic’s presidency declared the amendment official by publishing it on the official gazette on 12/05/2022. However, the published decree states that the amendment will come into force starting from 12/06/2022. This means that Foreign investors interested in Turkish Citizenship Acquisition still benefit from the investment program for a reduced value.
If you would like to know further details about the real estate investment in Turkey, MEO Consultants offer you a complete advisory.
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