Last Updated on 28/11/2023
A country’s growth, investment potential, and general landscape are alreflected in the real estate market, which gaugehe economy’s strength and stability. Similarly, the property market in Turkey has been a significant contributor to the growth of the economy and a crucial gauge of its stability. By examining the figures for house sales in Turkey May 2023, we gain insights into the current situation of the real estate market and its consequences for both buyers and sellers.
Based on TUIK data, this article examines the May 2023 housing market data, including a thorough analysis of the patterns, major market drivers, and potential ramifications for prospective buyers and sellers.
House sales in Turkey in May 2023 reached 113,276
When compared to the same month last year, house sales in Türkiye in May 2023 fell by 7.7% totaling 113, 276. Istanbul had the highest percentage with 18.435 home sales and 16.3%. Ankara got second place with 11,196 home sales. Antalya however was in the 3rd place with 6,158 sales, for a proportion of 5,4% and 5,4%. The provinces with the lowest home sales were Ardahan (18), Hakkari (38), Bayburt (55), and Tunceli (38).
Between the months of January through May, the number of house sales fell by 16.3% compared to the same period last year to 482 thousand 143.
Mortgage house sales in Turkey May 2023
Mortgaged house sales in Turkey in May 2023 fell by 6.3% compared to the same month the year before, to 27,476. Of all home sales, mortgaged homes accounted for 24.3%. Moreover, mortgaged home sales fell to 108 067 in the period January-May, with a 16.7% decline compared to the same period last year.
House sales in Turkey by type
Second-hand home sales in Turkey May 2023
In Turkey, the sale of second-hand homes in Turkey May 2023 fell by 12.3% compared to the same month last year. It reached 78,863. Moreover, they constitute 69.6% of all home sales. Yet, in the period January-May, second-hand home sales fell to 336 thousand 871 recording, an 18.3% decline from the same time last year.
First-time home sales May 2023
May saw a 4.7% increase in first-time home sales in Turkey compared to the same month last year, totaling 34,413. 30. They constitute 4% of all home sales in May 2023. Moreover, F
first-time home sales fell to 145,272 during the January-May quarter, down 11.3% from the corresponding period the year before.
Home sales in Turkey made to foreigners
In May, the number of homes sold to foreigners fell by 46.9% from the same month in the previous year to 3167. Therefore, house sales to overseas buyers constituted 2,8% in May 2023. With 1245 sales to foreigners, Antalya came in front. Istanbul followed it with 934 home sales. However, Mersin ranked 3rd with 249 house sales.
In the months of January through May, the number of homes sold to foreigners fell by 37.8% from the same time last year to 16 thousand 650.
Russian citizens were at the head of the list. In fact, they purchased 991 homes from Turkey in May 2023. Yet, Iran nationals, who sold 503 homes got the second place. Besides, Ukrainian citizens, ranked 3rd with 175 house sales. German citizens got 4th place with sold 129 home sales.
A multifaceted approach is necessary to comprehend the dynamics of home sales in Turkey. Our experts examine geographical variances within the nation as well as the macroeconomic factors influencing the market, such as interest rates, governmental regulations, and economic indicators. We identify new trends, market preferences, and possible investment hotspots by analyzing the performance of various cities and areas. To be informed you oly need to fulfill the form below.
