Housing Sales Statistics, August 2023 Turkey

The Turkish Statistical Institute (TUIK) has released new data relating to property sales to foreign investors.

Compiled data shows that, compared to 2022, Turkey has declined sales to foreigners; however, things have picked up in the second part of 2023.

In many cases, the decrease in housing sales can be attributed to economic downturns, stricter lending policies, and higher interest rates.

A massive earthquake that hit Turkey in February and two separate elections affected housing sales in Istanbul and Turkey overall.

The trend for housing sales to foreigners in recent years shows a steady increase in demand, particularly from Middle Eastern and European countries, due to the favourable exchange rate and attractive property prices.

In August, one hundred twenty-two thousand ninety-one ( 122,091 ) houses were sold across Turkey.

House sales across Turkey decreased by 1.1% in August compared to the same month of the previous year, reaching 122,000. Istanbul had the highest share of housing sales, with 17,408 house sales and 14.3%. According to sales numbers, Ankara followed Istanbul with 11,007 house sales and a 9.0% share, and Izmir with 6,504 house sales and a 5.3% share. The province with the lowest number of house sales was Ardahan, with 39 houses—Hakkari, with 67 houses, and Artvin, with 139 homes.

Housing sales decreased by 15.5% in the January–August period.

Housing sales decreased by 15.5% in the January–August period compared to the same period of the previous year, reaching 797,418.

Mortgaged house sales amounted to 16,375.

Mortgaged house sales throughout Turkey decreased by 26.1% in August compared to the same month of the previous year, reaching 16,375. The share of mortgage sales in total housing sales was 13.4%. Mortgaged house sales in the January–August period decreased by 28.0% compared to the same period of the previous year, reaching 152,438.

Mortgage sales on August 3,762; 46,894 of the mortgaged sales in January-August were first-hand sales.

As a result of other types of sales, 105,716 houses changed hands.

Other house sales across Turkey increased by 4.3% in August compared to the same month of the previous year, reaching 105,716.

The share of other deals in total housing sales was 86.6%.

Other housing sales in the January–August period decreased by 11.9% compared to the same period of the previous year, reaching 644,980.

The number of first-hand house sales was 35,310.

The number of first-hand house sales throughout Turkey decreased by 9.5% in August compared to the same month of the previous year, reaching 35,310. The share of first-hand house sales in total house sales was 28.9%. First-hand house sales amounted to 238 109 in the January–August period, a decrease of 13.8% compared to the same period of the previous year.

Eighty-six thousand seven hundred and eighty one ( 86,781 ) re-sales recorded.

Re-sale house sales across Turkey increased by 2.7% in August compared to the same month of the previous year, reaching 86,781. The share of second-hand house sales in total house sales was 71.1%. Second-hand house sales decreased by 16.2% in the January–August period compared to the same period of the previous year, reaching 559,309.

Three thousand fifty-eight ( 3,058 ) houses were sold to foreigners in August.

House sales to foreigners decreased by 42.0% in August compared to the same month of the previous year, reaching 3,0583. The share of housing sales to foreigners in total housing sales in August was 2.5%.

Istanbul took the first place in housing sales to foreigners with 1,066 house sales. Antalya followed Istanbul with 919 house sales and Mersin with 248 house sales.

Housing sales to foreigners decreased by 43.6% in the January–August period compared to the same period of the previous year, reaching 25,134.

According to country nationalities, most house sales were made to Russian Federation citizens.

In August, Russian Federation citizens bought 733 houses from Turkey. Following the citizens of the Russian Federation were those of Iran with 342 homes, Iraq with 220 homes, and Kazakhstan with 141 homes, respectively.

The 20 countries with the most house sales by nationality, August 2023