Real Estate Sales in Turkey 2023: A Comprehensive Overview of the Market from January to June
Real Estate Sales in Turkey 2023: A Comprehensive Overview of the Market from January to June
Introduction
The real estate market in Turkey experienced notable developments in the first six months of 2023, marked by fluctuations in property sales and prices. This article offers a comprehensive review of real estate sales in Turkey from January to June 2023, highlighting key trends and insights for potential buyers and investors.
January 2023: Surge in Property Sales
The year began on a positive note, with January 2023 witnessing a surge in real estate sales. A total of 97,708 properties were sold, representing a 10.6% increase compared to the same month in the previous year. Istanbul, Ankara, and Antalya emerged as the top three cities with the highest sales volume.
- 97,708 properties sold, up 10.6% year-on-year
- Mortgage financed sales down 10.9%
- Istanbul top city for sales followed by Ankara and Antalya
February 2023: Market Adjustments and Decline in Mortgage Sales
In February 2023, the total number of real estate sales dropped to 80,031, experiencing an 18.0% decline from the same month in the previous year. Notably, mortgage-financed sales saw a decrease of 12.7% compared to February 2022. Additionally, sales of second-hand properties and real estate transactions to foreigners also declined during this period.
- 80,031 properties sold, down 18% year-on-year
- Mortgage financed sales down 12.7%
- Istanbul top city for sales followed by Ankara and Izmir
March 2023: Continued Market Adjustment and Foreign Buyers
March 2023 saw a further decline in real estate sales, with a total of 105,476 properties sold, marking a 21.4% decrease compared to the same month in the previous year. While the overall market faced challenges, Istanbul, Ankara, and Antalya continued to lead in terms of sales.
- 105,476 properties sold, down 21.4% year-on-year
- Mortgage financed sales down 16.5%
- Istanbul top city for sales followed by Ankara and Antalya
April 2023: Market Challenges Persist
In April 2023, the real estate market in Turkey continued to face challenges, with a total of 85,652 properties sold, signifying a substantial 35.6% decrease compared to the same month in the previous year. The sale of second-hand properties and real estate transactions to foreigners recorded significant declines during this period.
- 85,652 properties sold, down 35.6% year-on-year
- Mortgage financed sales down 32%
- Istanbul top city for sales followed by Ankara and Izmir
May 2023: Signs of Recovery
May 2023 brought some relief to the Turkish real estate market, with a total of 113,276 properties sold. While this represented a 7.7% decrease compared to the same month in the previous year, it indicated potential signs of recovery.
- 102,321 properties sold, down 15.2% year-on-year
- Mortgage financed sales down 19.8%
- Istanbul top city for sales followed by Antalya and Ankara
June 2023: Continued Decline in Property Sales
In June 2023, property sales in Turkey witnessed a continued decline, with a total of 83,636 properties sold, marking a 44.4% decrease compared to the same month in the previous year. However, some cities managed to maintain sales volumes, providing opportunities for potential buyers and investors.
- 93,254 properties sold, down 10.9% year-on-year
- Mortgage financed sales down 8.1%
- Istanbul top city for sales followed by Antalya and Ankara
January to June 2023: An Overall Decline in Property Sales
From January to June 2023, the number of homes sold in Turkey fell by 22.1% compared to the same period in the previous year, reaching a total of 565,779 properties sold. Despite the challenges faced during the first half of the year, there were signs of recovery in May and June.
Reasons for High Real Estate Sales in Turkey:
- Strong Economy & Stability: Robust economic growth and stability attract investor confidence.
- Foreign Investment Inflow: Large foreign investments offer attractive returns and a favorable economic environment.
- Investor-Friendly Legislation: Simplified real estate purchase processes attract global investors.
- Profitable Opportunities: Good returns through rental income and property value appreciation.
- Infrastructure & Citizenship Programs: Attractive living conditions and incentives like citizenship through property purchase.
Real Estate Sales in Turkey 2023
The real estate market in Turkey during the first six months of 2023 experienced fluctuations in sales, presenting both challenges and opportunities for potential buyers and investors. While overall property sales declined during this period, certain cities showed signs of recovery, indicating potential areas of growth. Whether you are considering buying for personal use or investment purposes, understanding the market dynamics will be key to success in the evolving landscape.
