Last Updated on 28/11/2023
The real estate industry reflects a country’s economic growth, investment opportunities, and general health and is used to gauge the economy’s strength and dependability. Like other countries, Turkey’s real estate market has been a primary driver of economic expansion and a significant sign of the country’s stability. By carefully examining the data on residential real estate transactions in Turkey during May 2023, we gain essential knowledge about the status of the market and the ramifications it has for buyers and sellers. This article analyzes the property sales in Turkey in July 2023 using TUIK data, performing a thorough analysis of the patterns, key market drivers, and prospective outcomes for anyone thinking about purchasing or selling real estate.
Property sales in Turkey in July 2023 reached 109.548
Property sales in Turkey in July 2023 experienced a significant uptick of 16.7% compared to the same month in the previous year. It totaled 109,548 transactions. Among these, Istanbul accounted for the largest portion, comprising 14.4% with a total of 15,724 house sales. Ankara secured the second position with 9,688 house sales making up 8.8%. Yet, Izmir held the third spot with 5,203 house sales, making up 4.7% of the market share. On the contrary, the provinces with the lowest house sales figures were Ardahan, Hakkâri, and Tunceli with 27, 40, and 91 respectively.
During the January-July timeframe, there was a decline of 17.7% in property sales in comparison to the corresponding period in the prior year, resulting in a total of 675,327 transactions.
Property sales in Turkey by type in July 2023
First-time property sales in Turkey in July 2023 rose by 10.3% in comparison to the corresponding month of the prior year. They reached a total of 31,641 transactions. Initial sales accounted for a notable 28.9% of the overall house sales. However, during the January-July duration, there was a decline of 14.5% in first-time house sales compared to the same period in the previous year, resulting in a total of 202,799 transactions.
On the other hand, the number of second-hand house sales totaled 77,907. In Turkey, second-hand property sales experienced a substantial increase of 19.5% in July compared to the same month of the preceding year, reaching a total of 77,907 transactions. Thus, they constituted a significant 71.1% share of all house sales. Nevertheless, during the January-July interval, second-hand house sales saw a decrease of 19.0% compared to the same period in the prior year, amounting to 472,528 transactions.
Mortgage property sales in Turkey in July 2023
Mortgage property sales underwent a decline of 24.1% in July 2023 when compared to the same month of the preceding year. They resulted in a total of 14,533 transactions. Mortgaged house sales constituted a share of 13.3% of all house sales. Throughout the January-July timeframe, the sales of mortgaged houses experienced a reduction of 28.2% in comparison to the same period of the previous year. They had a total of 136,063 transactions.
House sales made to foreigners in July 2023
The number of properties sold to foreigners experienced a decline of 28.9% in July when contrasted with the corresponding month of the prior year, resulting in a sum of 2,801 transactions. Among the entirety of property sales in Turkey in July 2023, those made to foreigners constituted a share of 2.6%. Antalya was Leading the pack with the highest number of 996 sales to foreigners. Istanbul followed it with 832 house sales and Mersin with 263 house sales to international buyers.
During the period from January to July, there was a drop of 43.9% in property sales in Turkey made to foreigners when compared to the same duration of the prior year, resulting in a total of 22,076 transactions.
Russians were leading the roster. In fact, they acquired a total of 772 properties from Turkey in July 2023. Following them, Iran nationals secured the second spot with 272 properties sold. In the third position were Iraqis, having made 204 house purchases. Ukraine citizens secured the fourth position with a notable count of 146 homes sold.
Keep track of the property market in Turkey
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