Last Updated on 20/09/2022
Overview of Real estate sales in Turkey in May 2022
Facing the rapid development of the real estate market in Turkey, the Turkish statistical institute follows the trends and publishes a monthly audit of real estate sales in Turkey.
To provide accurate information to its customers, the MEO consultants team keeps track of the market movements. we present a monthly summary of these statistical data for better investment estimation.
Here is the overview of property sales in Turkey in May 2022.
Take a look at March 2022 and April 2022 house sales in Turkey.
Real estate sales in Turkey in May 2022
In May 2022, real estate sales in Turkey climbed by 107.5 % over May 2021, to 122,768. With 18.0 % and 22 thousand 148 house sales, Istanbul had the first position. Ankara, and Izmir, followed Istanbul with 9.4 % and 5.8 %, respectively. Yet Hakkari and Ardahan kept having the fewest real estate sales in Turkey.
Real estate sales in Turkey increased in January-May 2022
According to the Turkish Statistical Institute, Real estate sales in Turkey surged by 37.7% from January to May compared to the same time the previous year, reaching 575,889 units.
Real estate sales in Turkey by Types in May 2022
First-time home sales in Turkey
Last month, first-time real estate sales in Turkey grew by 80.5 % over the same month the previous year, to 32 thousand 861. they accounted for 26.8% of all home sales. Moreover, they increased by 28.1 % in the January-May period compared to the same period the previous year.
Second-hand house sales in Turkey
In May, second-hand property sales in Turkey climbed by 119.5 % over the same month the previous year, reaching 89 thousand 907. They accounted for 73.2 percent of all home sales.
Real estate sales in Turkey to foreigners in May 2022
In May, real estate sales in Turkey made to foreigners increased by 235.7 % over the same month in 2021. They reached thus 5962 houses. This number constitutes 4.9 % of all housing transactions. With 2,451 sales to foreigners, Istanbul kept its first position. However, Antalya and, surprisingly, Mersin followed Istanbul with 1885 and 264 sales, respectively.
Russians keep their position at the head of the list
Russian nationals have always invested in the real estate market in Turkey, especially in the last 5 years. To clarify, they used to invest in Antalya, the favorite Russian destination or ” little Russia,” as many people call it. However, the year 2022 started to change the records with an unprecedented increase in Russian demand for properties for sale in Turkey in many cities, mainly Istanbul. In fact, Russian real estate sales in Turkey started to have the most significant share in April 2022. Similarly, they also keep the 1st position in May sales with 1275 sales. Moreover, Iranian and Iraqis followed them with 736 and 617 sales, respectively.
This remarkable upsurge of Russian real estate investment in Turkey can be explained by the current situation between Russia and Ukraine. As a consequence of the financial punishment set on Russian, Russian nationals are searching for a safe shelter for their funds.
While the real estate market increase, new reforms are set
While the real estate market in Turkey keeps developing, the government has set new regulations regarding some investment aspects and advantages. Eventually, these recent reforms would affect the real estate sales in Turkey.
Turkish citizenship by real estate requires a 400k$ minimum
In May 2022, the Turkish presidency announced after the cabinet meeting the increase of the investment value for Turkish citizenship from 250k$ to 400k$. The amendment came into force starting on the 13th of June 2022, as explained the decree number 5554.
Residence permit by real estate for 75k$ in big cities
Foreigners interested in getting a residence permit in Turkey through real estate must purchase a property worth at least $75,000 in major cities, according to Minister Suleyman Soylu’s statement. In other Turkish cities, however, the property must have a minimum worth of $50,000.
We should remind that Until the Turkish interior minister’s recent declaration, obtaining a residence permit in Turkey through real estate did not need a minimum value for the purchased property. Foreign nationals and their families could buy any property in Turkey and receive a one-year renewable residency permit.
If you want further details about the real estate investment in Turkey, MEO Consultants offer you a complete advisory.
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Update: On June 2nd, 2022, Turkey’s name changed officially to Türkiye with the approval of the UN.
