Real estate sales statistics in Turkey for August 2023

According to the data announced by the Turkish Statistical Institute (TÜIK), home sales in Turkey in August decreased slightly (by 1.1%) compared to the same month last year: 122,091.

Leading cities and anti-leaders

Istanbul is traditionally in the first place in terms of volume: 17,408 housing units were sold, which is 14.3% of the total volume. Istanbul is followed by Ankara with 11,007 units (9.0%) and Izmir with 6,504 units (5.3%). The provinces with the least number of transactions were Ardahan (39 housing units), Hakkari (67) and Artvin (139).

If we estimate the entire period from January to August, then for 8 months the total volume of housing sales decreased by 15.5% compared to the same period in 2022: 797,418 units.

Mortgage transactions: 16,375

The volume of mortgage housing sales across Turkey in August decreased by 26.1% compared to the same month last year, amounting to 16,375 units. The share of such transactions in the total volume was 13.4%. In January-August, the total volume of residences acquired with the help of mortgage lending was 152,438; which is 28.0% less than in the same period last year.

Of these lots sold, 3,762 – for August, and 46,894 – for eight months belong to the segment of new buildings.

Other categories of transactions: 105,716 

The volume of sales without mortgage loans, on the contrary, increased by 4.3% compared to August 2022, reaching an indicator of 105,716 units. The share of such sales in the total volume of transactions for the month was 86.6%. For the period January-August, the total volume of sales of apartments and houses not mortgaged amounted to 644,980 units, which is 11.9% less than in the same period last year.

Primary home sales: 35,310

The number of sales in the segment of new buildings across Turkey decreased by 9.5% compared to August of the previous year: 35,310. The share of primary housing sales in the total volume of transactions for the month is 28.9%. The volume of such transactions in January-August decreased by 13.8% compared to the same period last year: 238,109 units.

Second home sales: 86,781

Sales of so–called second–hand residences – secondary housing – in Turkey increased by 2.7% in August compared to the same month of the previous year: a total of 86,781 units. The share of transactions with secondary housing in the total volume was 71.1%. For eight months of this year, the volume of second-hand housing sales decreased by 16.2% compared to the same period last year, amounting to 559,309 units.

Sales to foreigners: 3,058

The volume of transactions with citizens of other states in August decreased by 42.0% compared to the same month last year, amounting to 3,058 sales. In August, the share of transactions with foreigners amounted to 2.5% of the total sales of residential real estate. In terms of the volume of apartments and houses sold to foreigners, Istanbul took the first place: 1,066 units. Antalya is second (919), Mersin is third (248).

In January-August, the volume of transactions with foreign investors decreased by 43.6% compared to the same period in 2022: a total of 25,134 sales in eight months.

As for nationalities, the most transactions were concluded by citizens of the Russian Federation, who purchased 733 residential residences in August. Russians are followed by citizens of Iran (342), Iraq (220) and Kazakhstan (141).

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