The Turkish Statistical Institute (TÜİK) reports that the volume of housing transactions decreased by 9.5% compared to September of the previous year, with a total of 102,656 homes being sold in the month.
Content:
- Top cities and laggards
- Mortgage sales: 8,446
- Other transaction categories: 94,210
- New-build home sales: 30,488
- Second-hand home sales: 72,168
- Sales to foreigners: 2,930
TOP CITIES AND LAGGARDS
Istanbul led the way with the highest number of sales: 15,247, accounting for 14.9% of the total. Following Istanbul was Ankara with 9,048 sales (8.8% share), and Izmir with 5,476 sales (5.3% share). Provinces with the fewest homes sold were Ardahan (47), Hakkari (55), and Bayburt (77).
From January to September, housing sales decreased by 14.9% compared to the same period of the previous year, with a total of 900,074 transactions.
MORTGAGE SALES: 8,446
Mortgage-based property sales in Turkey halved in September, decreasing by 50.2% compared to the same month of the previous year, totalling 8,446 units. This accounted for just 8.2% of all housing sales for the month.
From January to September, the sales of homes purchased with mortgages dropped by 29.6% year-on-year, summing up to 160,884 units. Of these, 1,971 were new builds in September 2023 and 48,865 for the first three quarters of 2023.
OTHER TRANSACTION CATEGORIES: 94,210
Non-mortgage sales throughout Turkey saw a decrease of 2.3% in September compared to the same month of the preceding year, with a total of 94,210, which represents 91.8% of all transactions. From January to September, the number of transactions without resorting to bank financing decreased by 10.8% compared to the same period in the previous year, totalling 739,190.
NEW-BUILD HOME SALES: 30,488
The number of new-build home sales in Turkey fell by 15.2% in September compared to the same month of the previous year, amounting to 30,488. The share of these primary market sales in the overall volume of transactions was 29.7% for the month. From January to September, sales in this segment declined by 13.9% year-on-year, totalling 268,597.
SECOND-HAND HOME SALES: 72,168
Resales in the country decreased by 6.8% compared to the same month of the previous year, reaching 72,168 units. The proportion of second-hand home transactions in the overall sales volume was 70.3%. Sales in this category from January to September dropped by 15.2% year-on-year, amounting to 631,477 units.
SALES TO FOREIGNERS: 2,930
The volume of transactions involving foreigners in September plummeted by 42.0% compared to the same month of the previous year, totalling 2,930. The proportion of housing sales to foreign nationals in the total deals for the month was 2.9%.
Antalya led with 1,070 sales, followed by Istanbul with 978, and then Mersin with 211.
From January to September, housing sales to foreigners declined by 43.5% compared to the same period of the previous year, equalling 28,064.
Regarding the nationality of the buyers, Russian citizens topped the list with 722 sales in September. They were followed by citizens of Iran (327), Iraq (191), and Germany (148).