Last Updated on 11/03/2023
Turkey’s real estate market is exceptionally dynamic and frequently experiences changes that may impact demand and flow. In order to give you a better understanding of the Turkish real estate market, experts at MEO Consultants actively track official data on home sales in Turkey on a monthly basis.
Home sales in Turkey reached 117,806 in November 2022
According to TUIK data, the number of home sales in Turkey fell by 34.1% in November 2022 compared to the same month in the previous year to 117 806. Istanbul had the highest percentage at 16.7% and 19,687 sales of homes. Ankara came in second place with 9,367 homes, and Antalya was third with 7,902 sales, and recorded respectively, a share of 8.0% and 6.7%. However, the three provinces with the lowest home sales were Hakkari, Ardahan, and Bayburt.
Moreover, one million 277 thousand 659 homes were sold between January and November, recording a 1.0% rise over the same time last year.
Turkey house sales by type in November 2022
Second-hand properties sales in Turkey
Second home sales In Turkey, fell by 34.7% in November compared to the same month last year to reach 80426 sales and 68.3% of all home sales. However, it recorded a rise from January through November by 1.7% over the same time last year, reaching 895 thousand 469 in total.
Brand-new house sales in Turkey in November 2022
First-time house sales in Turkey fell by 32.9% in November compared to the same month the previous year, reaching 37380. This number constitutes 31.7% of all home sales in November 2022. Moreover, first-time home sales fell in January-November by 0.7% to reach 382 000.
House sales to foreigners in November 2022
Foreigners bought 5377 units in November 2022
In November, the number of house sales in Turkey made to foreigners fell by 17.4% from the same month in the prior year to 6083. In November, 5.2% of all home sales were to overseas buyers. First place went to Antalya with 2,616 sales to foreigners. However, Istanbul was second with 1,073 home sales, while Mersin was in the 3rd place with 567 home sales to foreigners.
Moreover, the number of homes sold to foreigners climbed by 20.4% to reach 61,104 between January and November 2022.
The majority of house sales in Turkey were made to Russian citizens
Russian citizens purchased 2,575 homes from Turkey in November 2022. Iranians followed them with 510 homes. Moreover, Iraqis came third with 331 homes.
Other Russian-speaking countries including Ukraine ( 277 homes) and Kazakhs (191 homes) were also among the top 5 foreign purchasers of Turkish real estate in October 2022. The recent investment interest of these nationalities in Turkey can particularly be explained in light of the war situation between Russia and Ukraine that started in February 2022. Since then, a number of factors—including an unprecedentedly significant investment flow—from Russian nationals have been observed in Turkey.
In order to avoid western financial penalties, Russian investors have been making large investments in Turkey across a variety of sectors, but primarily in real estate.
Take a look at the previous 8 months’ data related to properties sales in Turkey;
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