Turkish Real Estate: Decline in Housing Sales and Foreign Investments
Turkish Real Estate: Decline in Housing Sales and Foreign Investments
For investors looking for a profitable place to invest, Turkish Real Estate is a great country to invest in. Cities like Istanbul, Ankara, and Izmir have promising opportunities. Turkey’s location, diverse culture, and ongoing development make it an attractive choice for investors looking for real estate opportunities and potential returns.
Recent data from the Turkish Statistical Institute (TUIK) presents a significant decline in Turkish real estate. In November, housing sales dropped by 20.6%, totaling 93,514 units. Moreover, compared to previous year foreign investments saw a sharp 61.5% decline, with 2,342 units sold. Also, in comparison to other areas Istanbul remains a preferred and growing economic city for real estate investment across the country.
Also, cities like Ankara and Izmir had higher real estate investments contributing to growing real estate in Turkey. The broader economic report reveals a 14.9% year-to-date decrease in housing sales, possibly linked to the ongoing economic recession.
Investment Spotlight: Istanbul Leads the Way
According to the report, Istanbul stands out as a top choice for real estate investment. Moreover it secured 15,187 house sales in November and claimed a significant 16.2% share of the market. With its strategic location, cultural richness, and economic vitality. Istanbul proves to be a promising destination for those seeking to invest in a growing real estate market.
Ankara:
Ankara plays a vital role in Turkey’s real estate scene, with 8,250 transactions. This significant figure represents Ankara’s importance on a national scale, making it a important economic hub for real estate investments.
Izmir:
Izmir stands as another significant city in Turkey’s real estate market, with 5,105 transactions. Its noteworthy sales shows Izmir’s important role, contributing to the diverse real estate trends across the country.
On the other side, the report presents that Hakkari, Ardahan, and Gümüşhane have fewer house sales in the real estate transactions in Turkey
Foreign Home Purchases in Turkey: November Statistics
In November, the number of homes bought by foreigners in Turkey dropped by a significant 61.5% compared to the same month in 2022, totaling 2,342. These foreign purchases constituted 2.5% of the total housing sales for November.
Moreover, Antalya had most housing sales to foreigners, with 790 homes sold. Following closely were Istanbul with 710 and Mersin with 316 home sales.
Specifically mentioned in TGRT reports, citizens of the Russian Federation purchased most houses, acquiring 637 houses in Turkey during November. This was followed by Iran with 234 houses, Ukraine with 128, and citizens of Kazakhstan purchasing 117 houses.
Drop in First and Second-Hand House Sales
In November, the number of First-hand house sold across Turkey decreased by 18.5% compared to November 2022, with total sales reaching 30,472. Moreover, it contributed to 32.6% of all home sales. In the January-November period, new home sales amounted to 328,299, with a 14.1% decrease from the same period in 2022.
As for pre-owned homes, their sales across Turkey decreased by 21.6% in November compared to the same month in 2022, reaching 63,042. Pre-owned homes constituted 67.4% of all home sales. From January to November, second-hand home sales totaled 759,050, experiencing a 15.2% decrease from the same period in 2022.
November Home Sales Overview in Turkish Real Estate
- The sales of first-hand houses in November fell by 18.5% (30,472 units) compared to the same month in 2022.
- First-hand houses accounted for 32.6% of all sales during November.
- From January to November, sales of first-hand houses totaled 328,299, marking a 14.1% decrease from the same period in 2022.
- For Second-Hand homes, sales in Turkey declined by 21.6% in November (63,042 units) compared to the same month in 2022.
- Second-Hand homes represented 67.4% of all sales in November.
- From January to November, sales of second-hand homes totaled 759,050, experiencing a 15.2% decrease from the same period in 2022.
Yearly Recap: A 14.9% Dip in Housing Sales
Looking at the statistics of whole year, there’s been a significant decrease in housing sales. From January to November, housing sales faced a considerable 14.9% drop compared to the same period in 2022, totaling 1,087,349 transactions. This decline extended across both new and second hand homes, with sales decreasing by 18.5% and 21.6%, respectively. The declining trend indicates a challenging year for the real estate sector.
Turkish Real Estate Insights Trends and Opportunities for Investors
