Last Updated on 22/05/2023
The housing market in Turkey continues to be vibrant and stable, despite recent economic and political changes and it is still a desirable place to invest in real estate, according to the data of Turkey new home sales for April 2023. Turkey is an appealing option for both domestic and foreign purchasers thanks to a combination of its rich history, diversified culture, and advantageous geographic position. When we examine the April 2023 house sales data, we understand the current situation and perceive the trends, growth patterns, and opportunities that exist for potential buyers and investors in this booming market.
Turkey New Home Sales in April 2023
Turkey new home sales by 35.6% in April 20236 from the same month last year to 85,652. Istanbul had the highest share with 13,944 making 16.3%. Besides, Ankara and Izmir followed Istanbul in terms of home sales, with 10,960 and 4,960 sales, respectively, and shares of 11.7% and 5.8%. However, Ardahan and Hakkari had the lowest number of sales with 22 sales each. In the period January through April, the number of homes sold fell by 18.6% from the same time last year to 368,867. We would like to explain that this decrease in the number of sales is due to the change in the politico situation. Experts estimate the demand to get higher once the elections finish.
Turkey Mortgage Home Sales April 2023
When compared to April 2022, the number of mortgaged home sales in Turkey fell by 32.0% to 21,769. This means that a quarter of all home sales were mortgaged transactions. During the period January to April, the mortgaged home sales fell to 80,59 compared to the same time the year before with a 19.7% fall.
Turkey New Home Sales by Type April 2023
First-time home sales in Turkey
First-time Turkey new home sales fell by 26.0% in April 2023 compared to the same month the year before, reaching thus 26,952. We should explain that 31.5% of all home sales were first sales. However, when compared to the same time last year, the number of first-time home sales fell by 15.3% in the period January to April to 110,859.
Second-hand home sales in Turkey
In Turkey, sales of second-hand homes fell by 39.3% in April compared to the same month the year before, to record 58,700 transactions. Note that 68.5% of all home sales were for used ones. In the months of January through April, sales of used homes fell by 19.9% from the same time last year to 258,008.
Home Sales to Foreigners in Turkey
In April 2023, there were 2,0557 home sales to foreigners, with a 60.3% decline over the same month in the previous year. 3.0% of all home sales in April were to foreigners. The first place went to Antalya with 1024 sales to foreigners. However, Istanbul was second with 792 home sales. Mersin followed them with 186 home sales to foreigners.
TUIK data refers to a 35.1% decline in homes sold to foreigners during the months of January through April from 13,483 compared to the same period last year.
Russian citizens were at the head of the list of international buyers. They purchased 817 homes from Turkey in April 2023. However, Iran citizens were in second place with 377 homes. Besides, Ukrainians who sold 136 homes were third while Iraq citizens followed them to be in 4th position with 124 homes,
If you have a plan to invest in Turkey or would like to understan better the foreign real estate market in Turkey, don’t hesitate to connect with our experts.
Real Estate Sales Statistics Across Turkey in February 2023
Home sales in Turkey reached 80,031 in February 2023. Istanbul had the highest share with 14,980 home sales and an 18.7% rate. Ankara and Izmir followed it with 8,235 and 5,31 home sales, respectively. Yet, the provinces of Hakkari (16), Ardahan (30), and Tunceli (47) had the fewest sales. Consequently, the number of new homes sold in January and February fell to 177,739, a 4.4% decrease from the same period last year.
Take a look at Turkey home sales data for February 2023 for further details.
Average Housing Price in April Across Turkey
The residential property price index is used to calculate the housing index in Turkey. According to the results of Endeksa, which achieved reliable results in real estate valuation with artificial intelligence and big data analysis methods, the annual value increase in Turkey’s average for house sales prices in April was 132%. When the first 30 provinces with the highest number of housing sales in April were evaluated, the provinces with the highest annual value increase were Trabzon, Kocaeli, and Sakarya.
FAQ
What is the outlook for the Turkey property market in 2023?
The outlook for the Turkish real estate market in 2023 is favorable overall. There are a few possible concerns currently due to the political transitions though. However, the economy of Turkey has been expanding consistently in recent years.
Are house prices falling in Turkey?
No. According to Endeksa data, the annual value increase in Turkey’s average house sales prices in April was 132%.
Are property prices in Turkey increasing?
The annual value increase in Turkey’s average house sales prices in April was 132%.
If you need more details to keep track on the real estate market in Turkey and its evlution with a more detailed analysis, MEO consultants can provide you with a customized advisory according to your needs to guide you in your next investment in Turkey. don’t hesitate to request an inital free consultation for an optimal assistance.
