Feb 5, 2023

Real Estate Sales in Turkey in the Last Three Years

The real estate Turkey market has always been in a state of continuous prosperity and development. As the Turkish government confined to focusing efforts and interests greatly on the real estate market in all states, especially Istanbul and other large cities. Therefore, this economic boom that Turkey is witnessing does not come from nothing, as real estate Turkey sales to foreigners have recorded continuous growth. Despite the negative effects that occurred on all sectors due to the Corona pandemic, this sector maintained a great increase rate and good stability, despite the difficult conditions at the time.

Turkey is witnessing a remarkable turnout by foreigners, in terms of buying real estate and real estate investment, especially after the decision issued by the Turkish government at the end of 2018, which stipulates granting Turkish citizenship for real estate investment, as this decision was a milestone for many. The real estate Turkey market witnessed different rates than it was before the issuance of this decision, as the percentage of sales varied and became more high and the demand for it increased. In addition to the remarkable revitalization of the real estate market by foreign visitors, which greatly facilitated matters for foreigners.

The continuous growth of real estate Turkey sales to foreigners is due to several reasons, perhaps the most important of which is that the security that Turkey enjoys which has become an attractive factor, especially for many citizens of conflict and crisis areas in the region. And that the strength and stability of the Turkish economy encourages investors to continue buying real estate, so we find that the percentage of real estate Turkey sales is improving and rising.

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Real estate Turkey sales during the pandemic

The negative effects imposed by the Corona pandemic on most sectors and fields have caused harm to the largest economies in the world. While the Turkish economy maintained control and maintained advanced performance in general and important sectors in particular. The most important of which was the real estate sector. Despite the pandemic and the general closure of all countries, Turkey has tried hard to progress and reap positive results despite the bumpy road in the past periods. Yet the Turkish government's plans were fruitful to confront and mitigate the effects of the pandemic, while maintaining the economic wheel at the same time. Referring to the percentage of real estate sales to foreigners in Turkey in the past periods, that is, during the period of the spread of the virus, the numbers are very positive and striking. It did not record a significant decline despite the global closures, where real estate Turkey sales to foreigners recorded a very simple and natural decline, as Turkey kept not collapsing and providing its best money, so the results on the real estate level were satisfactory as it achieved good sales results.

Real estate Turkey sales statistics 2021

According to the statistics issued by the General Directorate of Land Survey, the number of properties sold in all Turkish cities during the first half of 2021 reached approximately one and a half million properties. And real estate Turkey sales amounted to about 230 thousand and 320 houses in the first half of 2021, throughout Turkey.

The Turkish capital, Ankara, ranked second among the Turkish states that sold the most real estate during the first seven months of the year 2021, as real estate sales there during the aforementioned period amounted to about 100,000 properties, achieving 6.7% of real estate sales throughout Turkey.

Izmir came in third place among the Turkish states that sold the most real estate during the first seven months of the year 2021, as real estate sales in Izmir during the aforementioned period amounted to 70,705 houses, achieving a rate of 4.7% of the total real estate sales throughout Turkey. These results were expected, as these cities are among the major cities that are witnessing remarkable activity in terms of real estate Turkey sales.

The largest share in sales was for residential apartments, as they are the most sold properties. In other statistics from departments specialized in real estate affairs, residential apartment sales in Turkey ranked first among the most sold types of real estate during the first seven months of the year 2021, with 670,000 residential apartments sold. As for agricultural lands, they came in second place, with sales amounting to about 400 thousand agricultural lands.

Real estate Turkey sales statistics 2022

According to statistical data issued by the Turkish Statistics Authority, Turkey’s annual real estate sales of residential apartments to foreigners amounted to 67,490 residential apartments, recording an increase of 15.2% compared to sales in 2021, and the percentage of apartments sold to foreigners during the past year reached 4.5% of the residential apartments sold, throughout Turkey.

In the details of real estate Turkey's sales to foreigners in terms to the Turkish states, Istanbul ranked first as the most Turkish state selling real estate Turkey to foreigners during the year 2022, with 24,953 residential apartments sold, followed by Antalya in second place with 21,860 residential apartments, and in third place came the state of Mersin with a total of 4,316 residential apartments sold.

As for the nationalities that purchased the most real estate Turkey, Russians ranked first among the nationalities that purchased the most apartments during the year 2022, purchasing 16,312 residential apartments, followed in second place by the Iranians, purchasing 8,223 residential apartments, and in third place were the Iraqis, purchasing 6 thousand and 241 residential apartments.

Real estate Turkey sales statistics 2023

Based on real estate Turkey sale statistics published in the third quarter of 2023, Turkey has seen a significant rise in housing prices and rental rates on an annual basis. According to housing sales data published by TUIK, the fact that there was no significant change in property sales compared to the previous year indicates that market momentum has stabilized.

INDEXA's housing sector analysis report, which includes data for the third quarter of 2023, revealed that the annual increase in real estate Turkey sales prices across the country reached 109%. Istanbul, the economic and cultural capital and commercial and financial center of Turkey, accounted for 14% of total housing sales across the country in the third quarter of the year. The number of homes sold in Istanbul in 2023 reached 48,379, and house prices in Istanbul rose by 93% last year, reaching an average of 34,856 Turkish liras per square meter.

While Istanbul is the city with the highest value in the real estate market, the average house price is around 4,123,670 TL. Moreover, Istanbul leads the market, real estate prices in Ankara follow Istanbul with a 126% increase in value, and Antalya with a value increase of nearly 100%.

A total of 759,000 50 resale home sales have been completed since the beginning of 2023. In the third quarter of the year, resale home sales accounted for 67% of total sales with 236,856 sales. Sales made with home mortgage constitute 12% of total housing sales, amounting to 39,354 units. This indicates a decrease of 37% compared to the previous quarter and 32% compared to the same period last year.

To learn more about real estate sales and real estate investment in Turkey, please contact us via WhatsApp, here. We will respond to you as quickly as possible.

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