Last Updated on 23/03/2023
The real estate market in Turkey is extremely dynamic and constantly undergoing changes that could affect supply and demand. The experts at MEO Consultants continuously follow the official data on real estate market in Turkey released by TUIK each month to help you better understand the Turkish real estate market. Here are the recent data of homes sales in Turkey in February 2023
Turkey Home Sales in February 2023
The number of home sales in Turkey in February 2023 fell by 18.0% from the same month in the previous year to 80 031 houses. Moreover, Istanbul had the highest percentage with 14,980 sales of homes and 18.7%. However, Ankara and Izmir came after with 8,235 and 5,31 house sales, respectively, and a share of 10,3 and 6,3 percent. Yet, the lowest number of sales occurred in the provinces of Hakkari (16), Ardahan (30), and Tunceli (47). When compared to the same time last year, the number of homes sold declined by 4.4% in January and February to 177 739.
Mortgaged Home Sales in Turkey in February 2023
Mortgaged home sales in Turkey fell by 12.7% in February 2023 compared to the same month the year before, to 17 357. In other words, of all home sales, mortgaged homes accounted for 21.7%. Besides, mortgaged home sales fell by 11.8% for the months of January and February compared to the same time last year, reaching 33 560.
Know more about Mortgage in Turkey for Foreigners
Home sales in Turkey February 2023 by type
First-time sales
First-time home sales in Turkey fell by 18.8% in February compared to the same month the year before, reaching thus 23 476. This constitutes 29.3% of all home sales. When compared to the same period the year before, first-time home sales fell by 9.1% in January-February to 51 008.
Second-hand sales
In Turkey, the sale of second-hand homes fell by 17.7% in February compared to the same month last year, reaching 56 555 with 70.7% of all home sales. When compared to the same time last year, the number of second-hand home sales between January and February fell by 2.4%.
Home sales in Turkey to Foreigners – February 2023
Foreigners bought 3350 properties in Turkey in February 2023
Foreigners bought 3350 homes in Turkey in February 2023 making 4.2% of all sales. This data constitutes a 27% decrease compared to February 2022.
Antalya had the highest number of overseas home sales with 1261 transactions. However, ranked second with 1,133 sales while Mersin was third with 225 home sales to foreigners in February 2023.
When compared to the same time last year, the number of homes sold to foreigners fell by 14.4% in the months of January and February, to 7,511.
Russians are the top international buyers
Russian citizens were at the head of the list of real estate overseas buyers in Turkey. In fact, they purchased 1,183 homes in February 2023. Yet, Iran citizens, who bought 446 homes were in second place. Moreover, Iraqis ranked 3rd with 173 sales. They were followed by Ukrainian citizens, who purchased 142 properties in Turkey in February 2023.
FAQs about Turkey Home Sales
Are house prices in Turkey falling?
According to Turkish central bank data, the residential property price index climbed by 6.9 percent on a monthly basis in January 2023, and by 153.1 percent on an annual basis in nominal and 59.1 percent in real terms.
Is it a good time to buy a house in Turkey now?
According to experts, the Turkish real estate market is expected to expand at an average annual pace of 8% between 2022 and 2027.
What is the trend in house prices in Turkey?
According to Trading Economics, Turkey’s housing index had an overall range of 125.16 points between 2010 and 2023, with a record high of 708.30 points in January 2023 and a record low of 45.40 points in January 2010.
