Content:
- Top and bottom locations
- Mortgage transactions: 27,476
- Other transactions: 85,800
- Primary property sales: 34,413
- Secondary property sales: 78,863
- Sales to foreigners: 31,677
Top and bottom locations
According to the official data provided by TÜİK, in May, the volume of property transactions decreased by 7.7% compared to the same month last year, with 113,276 residential units sold.
Most sales were recorded in Istanbul, amounting to 18,435 transactions and a share of 16.3%. In terms of transaction volume, Istanbul is followed by Ankara with 11,196 sales and a 9.9% share and Antalya with 6,158 sales and a 5.4% share.
The provinces with the fewest transactions in May were Ardahan (18 units), Hakkâri (38), and Tunceli (55).
In the period from January through May, sales decreased by 16.3% year-over-year, with a total of 482,143 units sold.
Mortgage transactions: 27,476
Sales of mortgaged property in Turkey in May decreased by 6.3% compared to the same month last year and amounted to 27,476 units. The share of mortgage sales made up 24.3% of the total volume of transactions. From January through May, sales were down 16.7% year-over-year, totalling 108,067 units.
Moreover, 9,249 mortgage sales in May 2023 and 34,801 mortgage sales in the period from January through May were in the new-build segment (first-hand sales).
Other transactions: 85,800
Non-mortgage property sales in May decreased by 8.2% compared to the same month last year and amounted to 85,800 units; this is 75.7% of the total number of transactions in May.
From January through May, non-mortgage sales dropped by 16.2% year-over-year, with 374,076 units sold over five months.
Primary property sales: 34,413
In May, the number of residences sold in the new-build segment in Turkey increased by 4.7% compared to the same month last year and amounted to 34,413. This segment accounted for 30.4% of the total volume of property sales.
From January through May, transactions with new builds were down 11.3% year-over-year, totalling 145,272 units.
Secondary property sales: 78,863
In May, sales of secondary property in Turkey decreased by 12.3% compared to the same month last year and amounted to 78,863 units. The share of second-hand sales of residential real estate amounted to 69.6% of the total monthly volume.
From January through May, the volume of such transactions decreased by 18.3% year-over-year and amounted to 336,871 units.
Sales to foreigners: 31,677
Sales to foreigners in May decreased by 46.9% compared to the same month last year; a total of 3,167 residential real estate units were transferred to new owners over the month.
In May, the share of foreigners in the total volume of transactions made was 2.8%. Antalya ranked first in the number of units sold with 1,245 sales. It is followed by Istanbul (934) and Mersin (249).
In the period from January through May, the volume of transactions with foreigners decreased by 37.8% year-over-year and amounted to 16,650 units over five months.
Most transactions were made by the citizens of the Russian Federation who purchased 991 residences over the month. In terms of volume, Iranians come second (503), Ukrainians are in third place (175), and Germans take fourth position (129).