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

A total of 80,031 real estate was sold in February 2023, which is 18.0% less compared to the same month of the previous year. Istanbul ranks first with 14,980 house sales with a share of 18.7%, Ankara comes second with (10.3% share) and 8,235 total sales, and İzmir came third with(6.3% share) and 5,031 total sales. The provinces with the lowest sales were Hakkari with 16, Ardahan with 30, and Tunceli with 47 house sales.

Mortgage-financed sales decreased by %12.7 compared to February 2022 at 17,357 and %21.7 total sales share, (February 2022: %20.4). In the January-February period, mortgaged house sales decreased by 11.8% compared to the same period of the previous year and became 33 thousand 560.

As a result of other real estate sales 62,674 real estate were sold. other real estate sales decreased by 19.3% compared to February 2022. Other house sales had a 78.3% share of all house sales.

23,476 real estate were sold for the first time ( new construction sales ). The number of real estates sold for the first time decreased by % 18.8 compared to February 2022. of all real estate sales new real estate sales share in Turkey %29.3 (February 2022: %29.6 ).

In the sale of second-hand real estate, a total of 56,555 second-hand houses were sold. Second-hand sales decreased by %17.7 compared to February 2022.

Real estate sales to foreigners in Turkey over the same month of the previous year decreased by %27.0, real estate sales to foreigners had 4.2 % share of all Real estate sales in February. Antalya ranked first with thousand 261 sales to foreigners. The followers of Antalya were İstanbul with thousand 133 house sales and Mersin with 225 house sales to foreigners.

Data based on castrate and land registry (17.03.2023)


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