Last Updated on 28/11/2023
In September 2023, the real estate market in Turkey experienced a notable shift, marked by fluctuations in home sales that garnered attention from both industry experts and prospective buyers. This period brought forth a unique set of dynamics influenced by various factors, such as economic conditions, governmental policies, and evolving consumer preferences. In this analysis, we will delve into the trends of home sales in Turkey aiming to shed light on the driving forces behind the shifts in the real estate landscape and their implications for the market’s future trajectory.
Home sales in Turkey in September 2023 reached 102,656
According to TUIK data, home sales in Turkey in September 2023 fell by 9.5% compared to last year, totaling 102,656. Istanbul had the highest percentage with 15,247 home sales and 14.9% of the market. Ankara, with 9,484 home sales, and Izmir, with 5,476 home sales, respectively, followed Istanbul in terms of share with 8.8% and 5.3%. The three provinces with the fewest home sales were Ardahan (47), Hakkari (55), and Bayburt (77). Home sales in Turkey fell by 14.9% between January and September compared to the same period the year.
House sales in Turkey by Type in September 2023
( New Home )First-time home sales in Turkey in September 2023 fell by 15.2% in compared to the same month the year before. They reached 30,488. Consequently, 29.7% of all home sales were first sales. Moreover, first-time home sales fell to 268,597 during the January–September period, down 13.9% from the same time last year.
In Turkey, sales of second-hand homes fell by 6.8% in September compared to the same month the year before, to 72,168. making thus 70.3% of all home sales. Besides Sales of used homes sales in Turkey fell by 15.2% between January and September compared to the same time last year, to 631 thousand 477.
Mortgage properties sales in Turkey in September 2023
Mortgaged home sales in Turkey fell by 50.2% in September compared to the same month the year before, reaching 8446. This constituted 8.2% of all home sales. Moreover, Mortgage home sales fell by 29.6% between January and September of last year, reaching 160,884, in the same time period. Mortgaged home sales in September totaled 1971, and 48,865 between September and January.
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When compared to the same month last year, other house sales in Turkey fell by 2.3% in September, totaling 94,210. Thus 91.8% of all home sales were other house sales. The number of other homes sold between January and September fell by 10.8% from the same time last year to 739,190.
Sales made to Foreigners in Turkey September 2023
In September, there were 2930 sales of homes sales in Turkey made to foreigners, with a 42.0% decline from the same month of last year. In September, 2.9% of all home sales were to international buyers. With 1,071 sales Antalya came in first. Istanbul ranked second with 978 home sales, and Mersin came 3rd with 211 home sales to foreigners.
In the months of January through September, the number of home sales in Turkey made to foreigners fell by 43.5% from the same time last year to 28,064. Russian citizens purchased 722 homes from Turkey in September. However, Iran citizens, who bought 327 homes, and Iraq citizens, who purchased 191 homes, were respectively second and third.
In conclusion, the home sales data for September 2023 in Turkey reflects a significant trend in the real estate market. It is likely influenced by various factors such as favorable economic conditions, government incentives, and increased demand for housing. These statistics highlight the resilience and growth potential of the Turkish housing market, making it an attractive destination for potential homeowners and investors alike. However, continued monitoring and analysis of market dynamics will be crucial to understand the sustainability of this trend and its potential long-term implications on the real estate landscape in Turkey.