Judging by the recently published report on residential real estate sales for May 2023, the "subsidence" in the volume of transactions observed in recent months has noticeably declined. Despite the fact that during the period January-May, the number of home sales in Turkey decreased by an average of 16%, compared to May of this year with May of last year, the "lag" is minimal: about 7%.
Here are the exact figures for different segments:
2022 (January-May) / 2023 (January-May)
mortgage transactions - 129 707 / 108 067, or -16.7%;
non-mortgage transactions - 446 182 / 374 076, or -16.2%;
new buildings - 163 719 / 145 272, or -11.3%;
secondary real estate - 412 170 / 336 871, or -18.3%.
May 2022 / May 2023
mortgage transactions - 29 335 / 27 476, or -6.3%;
non-mortgage transactions - 93 433 / 85 800, or -8.2%;
new buildings - 32 861 / 34 413, or -4.7%;
secondary real estate - 89 907 / 78 863, or -12.3%.
As you can see, only the secondary sales have noticeably "sunk"; most likely because the owners are trying to hold it now in order to get more profit later. After all, Turkey is again leading in the growth of residential real estate prices.