Development of the real estate sector in Turkey

Development of the real estate sector in Turkey in November 2023 – Housing Sales Statistics in November 2023

In November 2023, a total of 93,514 houses were sold in Turkey, marking a 20.6% decrease compared to the same month of the previous year. Istanbul led the sales with 15,187 houses, accounting for 16.2% of total sales, followed by Ankara with 8,250 sales (8.8% share), and İzmir with 5,105 sales (5.5% share). The provinces with the lowest sales were Hakkari with 52, Ardahan with 57, and Gümüşhane with 73 house sales.

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Development of the real estate sector in Turkey in November 2023 – Changes in House Sales

In November 2023, house sales in Türkiye decreased by 20.6% compared to the same month of the previous year, totaling 93,514. Istanbul led with 15,187 house sales, a 16.2% share, followed by Ankara with 8,250 sales (8.8% share), and İzmir with 5,105 sales (5.5% share). The lowest sales were in Hakkari with 52, Ardahan with 57, and Gümüşhane with 73 house sales.

House Sales Decreased by 14.9% in January-November 2023

From January to November 2023, house sales fell by 14.9% compared to the same period last year, totaling 1,087,349.

Mortgaged House Sales in November decreased by 68.5% year-over-year to 5,245, accounting for 5.6% of all sales. From January to November, mortgaged sales dropped by 33.6% to 171,706.

Other House Sales in November were 88,269, a 12.7% decrease from the previous year, making up 94.4% of total sales. In the January-November period, these sales decreased by 10.2% to 915,643.

First Time House Sales in November were 30,472, down 18.5% from last year, representing 32.6% of all sales. From January to November, first-time sales decreased by 14.1% to 328,299.

Second-Hand House Sales in November totaled 63,042, a 21.6% decrease from the previous year, accounting for 67.4% of all sales. From January to November, second-hand sales decreased by 15.2% to 759,050.

House Sales to Foreigners in November decreased by 61.5% year-over-year to 2,342, representing 2.5% of all sales. Antalya led with 790 sales to foreigners, followed by İstanbul with 710, and Mersin with 316.

Data based on castrate and land registry (15.12.2023)

Development of the real estate sector in Turkey in October 2023– Surge In Mortgage Financed Property Sales in Turkey

A total of 93,761 real estate was sold in October 2023, which is 8.7% less compared to the same month of the previous year. Istanbul ranks first with 14,941 house sales with a share of 15.9%, Ankara comes second with (7.9% share) and 7,394 total sales, and İzmir came third with (a 5.5% share) and 5,192 total sales. The provinces with the lowest number of sales were Hakkari with 40, Ardahan with 43 and Bayburt with 80 house sales.

Houses sales decreased by 14.3% in January-October 2023

In the January-October period, house sales decreased by 14.3% compared to the same period of the previous year and 993 thousand 835.

Mortgage-financed sales decreased by 58.0% compared to October 2022 at 5,577 and 5.9% total sales share, (October 2022: 12.9%). In the January-October period, mortgaged house sales decreased by 31.2% compared to the same period of the previous year and became 166 thousand 461.

As a result of other real estate sales 88,184 real estate was sold. Other real estate sales decreased by 1.4% compared to October 2022. Other house sales had a 94.1% share of all house sales.

29,230 real estate was sold for the first time (new construction sales). The number of real estates sold for the first time decreased by 10.6% compared to October 2022. Of all real estate sales, the new real estate sales share in Turkey was 31.2% (October 2022: 31.8%).

In the sale of second-hand real estate, a total of 64,531 second-hand houses were sold. Second-hand sales decreased by 7.8% compared to October 2022.

Real estate sales to foreigners in Turkey over the same month of the previous year decreased by 52.9%, real estate sales to foreigners had 2.7% share of all real estate sales in October. Antalya ranked first with 931 sales to foreigners. The followers of Antalya were İstanbul with 758 house sales and Mersin with 294 house sales to foreigners.

Data based on castrate and land registry (15.11.2023)