Housing sales in Turkey are finding new momentum quickly to make up for stalling over the two previous pandemic years.
The recently published sales performance for June 2022 is more than positive. For instance, the number of residential properties sold over half a year, since January, has been almost a third larger (31.4%) than over the same period last year. There was a total of 726,398 housing transactions.
The breakdown by categories is as follows:
- In June 2022, there were 40,610 mortgage transactions, which is a whopping 40.6% more than in June 2021 with 28,878 transactions.
- 109,899 mortgage-free transactions were made on the same month, which is 3.8% more than in June 2021 with 105,853 transactions.
- 44,732 new homes were purchased – an 11.6% increase compared to the year before (40,092 homes).
- 105,777 existing residences were sold, with almost the same increase of 11.8%.
This is June-on-June comparison, while the half-year trend is far more impressive:
- 170,317 mortgage transactions over the first half year, or +63.5% compared to the first half year of 2021 (104,168).
- 556,0831 mortgage-free transactions, or +23.9% compared to the first half year of 2021 (448,642).
- 24.2% new homes were sold (208,451 residence in January – June, compared to 167,878 units in January – June 2021).
- 34.6% more existing homes were sold (517,947 residences compared to 384,932).
The foreign demand also increased: sales to investors from other countries in June 2022 almost doubled compared to June 2021.
As for individual districts, Beşiktaş and Sarıyer in Istanbul are the most in-demand in Turkey by housing purchases.