Last Updated on 14/07/2023
On a monthly basis, we delve into the dynamic world of Turkey’s real estate market, focusing specifically on the developments that unfolded during the month of June. This article serves as a detailed overview of property sales in Turkey in June 2023, aiming to provide readers with a comprehensive understanding of the market’s performance, key indicators, and notable changes. By examining TUIK data and conducting a thorough analysis, we offer valuable insights into the real estate sector, empowering customers to make informed decisions.
Property sales in Turkey in June 2023
When compared to the same month last year, property sales in Turkey in June 2023 fell by 44.4%, totaling 83,636. Istanbul had the highest percentage, at 16.2%, and sold 13,578 homes. Ankara and Antalya, with respective market shares of 8.8% and 5.4% and 7,325 and 4,503 home sales, respectively, were Istanbul’s followers. The lowest number of sales occurred in the provinces of Ardahan (17), Hakkari (29), and Tunceli (44).
Between January and June, the number of homes sold fell by 22.1% from the same time last year to 565,779.
Property sales in Turkey in June 2023 by type
First-time sales
First-time property sales in Turkey in June 2023 fell by 42.1% compared to the same month the year before, to reach 25,886. Only 31.0% of all home sales were first sales. Moreover, first-time home sales fell to 171,158 during the January–June period compared to the same time the year before, making a decrease of 17.9%.
Second-hand sales
When compared to the same month last year, second-hand property sales in Turkey in June 2023 fell by 45.4%, totaling 57,750. Yet, 69.0% of all home sales were second-hand. They also fell by 23.8% to become 394,621 during the January–June period compared to the same time the year before.
Mortgage property sales in Turkey June 2023
Compared to last year, mortgaged property sales in Turkey in June 2023 fell by 66.8% to 13,463. In fact, only 16.1% of all home sales included mortgaged homes. Furthermore, mortgage sales fell by 28.6% between January and June totaling 121,530.
However, non-mortgage home sales in Turkey fell by 36.1% in June 2023 compared to the same month in 2022, to reach 70 173. Yet, 83.9% of all property sales were not mortgages.
International home sales in Turkey June 2023
When compared to June 2022, the number of properties sold to foreigners fell by 69.6% to 2,0625. In June, the percentage of property sales made to foreign buyers was 3.1% of all home sales in Turkey. With 1004 sales to foreigners, Antalya came in first place. However, Istanbul, and Mersin with respectively 760 and 223 home sales, were in second and 3rd places after Antalya.
In the months of January through June, the number of properties sold to foreigners fell by 45.5% from the same period in the previous year, to reach 19, 275.
Russian citizens purchased 733 homes from Turkey in June and got thus the head of the list. Yet, Iranians who sold 333 houses, Iraq citizens, who sold 175 homes, and Ukrainian citizens, who sold 168 homes, were followers of Russian citizens.
As the real estate landscape in Turkey continues to evolve, staying informed about market trends and developments remains essential. We encourage our readers to stay updated with the latest information and consult trusted sources to gain a deeper understanding of the ever-changing dynamics of the Turkish property market.
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