Last Updated on 20/09/2022
Overview of property sales in Turkey in July 2022
The real estate market in Turkey has been very active in the year 2022, especially starting from the 3rd month. In fact, property sales in Turkey have been increasing and recorded the highest level in March 2022.
MEO Consultants experts follow the market trends and provide you monthly with the latest data regarding the Turkish real estate market.
Take a look at the Turkish real estate market actions in the previous months; March, April, May and June 2022.
Property sales in Turkey in July 2022 reached 93,902 units
When compared to the same month last year, property sales in Turkey fell by 12.9% in July, totaling 93,902. Yet, Istanbul again had the highest percentage (15.3%) with 14,350 sold properties. However, Ankara got the 2nd position with 7,417 home sales. Izmir was 3rd with 4,868 home sales. Şırnak, with 49 sales, had the lowest number of sales.
Property sales in Turkey between January-July 2022
As mentioned above, property sales in Turkey in July decreased slightly compared to July 2021. However, when we observe the property sales made in the first 7 months of this year, we can affırm a remarkable increase. In fact, property sales in Turkey grew from January to July by 24.2% over the same period in 2021, reaching 820,300 transactions.
Property sales in Turkey made to Foreigners in July 2022
Data on property sales to Foreigners
In July 2022, the number of properties sold to foreigners in Turkey fell by 12.4% compared to July 2021 to 3939. Besides, house sales made to foreigners constituted 4.2% of all the property sales in Turkey in July 2022. Yet, First place went to Antalya province with 1,421 sales to foreigners. Istanbul followed it, with 1,154 home sales, and Mersin, with 289 property sales to foreigners.
When compared to the same time last year, the number of homes sold to foreigners grew from January to July by 57.4% to 39 thousand 322 total.
Russians are still at the head of the list
In July, Russian citizens bought 1028 houses in Turkey thus at the head of the list. Iranians came in 2nd place with 431 properties. However, Iraqis got 3rd place with 380 property sales in Turkey.
Note that Russian nationals have been the number 1 foreign buyers in the Turkish real estate market since March 2022.
Since the beginning of the Russian invasion of Ukraine, Turkey has attracted more and more Russian investors, especially in the real estate sector. Currently, they are at the top of Turkey’s list of foreign buyers of real estate. Nearly 5,000 Russians purchased residences in Turkey between February and June 2022, including 1,275 in June only, according to the Turkish Statistical Institute.
Besides real estate, Russian nationals have been investing in Turkey recently in different sectors. To explain, Russian oligarchs and investors chose Turkey as an investment shelter to avoid Western sanctions.
Property sales in Turkey by type in July 2022
First-time properties
First-time house sales in Turkey fell by 12.2% in July 2022 compared to the same month the year before, reaching thus 28,688. Besides, first-time house sales made up 30.6% of all home transactions. Moreover, First-time home sales climbed from January to July by 18.2% over the corresponding period in the previous year, reaching 237,139 transactions.
Resale Properties
When compared to the same month last year, the sale of second-hand home sales in Turkey fell by 13.2% in July, totaling 65,214. This made 69.4% of all home transactions in July 2022. Second-hand home sales grew from January to July by 26.8% over the same time last year, reaching 583 thousand 161.
MEO Consultants can provide you with comprehensive advice if you’d want more information about real estate investment in Turkey.
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