Last Updated on 21/09/2022
Overview of house sales in Turkey in August 2022
The real estate market in Turkey is an active sector with rapid and unpredictable changes that could affect the market’s flow and requirements. MEO Consultants experts follow the trends monthly and provide its investors with the official data regarding house sales in Turkey released by the Turkish Statistical Institute. 
House sales in Turkey reached 123,491 in August 2022
The number of house sales in Turkey reached 123,491. It decreased thus by 12.7 % compared to the same month last year. Istanbul had the highest home sales with 18,485 transactions constituting 15%. Ankara was in the 2nd position with 9736 sales followed by Izmir which got 6395 houses sold. However, Hakkari, Ardahan, and Bayburt were the three provinces with the fewest home sales with 41, 63, and 101 sales respectively.
Yet, the same data stated the growth of home sales in Turkey in January-August by 17,7% compared to 2021 totaling 943,791.
House sales in Turkey by property type in August 2022
Second-hand properties have 68,4% of total sales
In Turkey, the number of second-home property sales reached 84,466 in August 2022 constituting thus 14.5% of the total house sales. Obviously, this data includes a fall of 14.5% compared to August 2021. However, the number of resale properties sold between January and August 2022 increased by 19.5% compared to the previous year.
We should note that many foreign and local investors prefer the purchase of second-hand properties for affordable prices and many other benefits.
First-time home sales in Turkey in August 2022
When compared to the same month the year before, first-time house sales in Turkey fell by 8.5% in August, to 39,025. they made up thus 31.6% of all home sales. Moreover, they climbed in the period January-August 2022 by 13.6% over the corresponding period in the previous year, reaching 276,164 homes sold.
House sales in Turkey made to foreigners in August 2022
5273 homes were sold to foreigners in Turkey
Compared to the same month last year, the number of houses sold to foreigners reached 5,273 in August 2022 decreasing thus by 10.1%. this makes up 4.3% of total home sales in Turkey. Antalya had the highest share of house sales in Turkey with 1,01814 transactions. Istanbul followed it with 1750 home sales.
When compared to the same time last year, the number of homes sold to foreigners grew between January and August by 44.6% to 44,595.
Most of August house sales in Turkey were made to Russians
Russian citizens purchased 1238 properties in Turkey in August 2022 being thus at the top of the list.
we should remind that, since the start of Russia’s invasion of Ukraine, Turkey has drawn an increasing number of Russian investors, particularly in the real estate market. They currently lead Turkey’s list of foreign purchasers of real estate. In fact, due to western financial sanctions, Russian investors looked for an alternative and started investing in Turkey remarkably in different sectors.
Iran citizens took the 2nd position with 633 home sales, followed by Iraqis, with 417 transactions.
Those who are interested to follow the real estate market evolutions can check the data for the following months.
The investment specialists at MEO Consultants offer a thorough recommendation based on a thorough examination of Turkish economic trends. Foreigners interested in making investments in Turkey could ask for a risk-free initial consultation to get more specific support.
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