According to data released by the Turkish Statistical Institute (TÜİK), residential sales in Turkey in August decreased slightly (by 1.1%) compared to the same month last year and amounted to 122,091 units.
Content:
- Top and bottom locations
- Mortgage transactions: 16,375
- Other transactions: 105,716
- Primary property sales: 35,310
- Secondary property sales: 86,781
- Sales to foreigners: 3,058
Top and bottom locations
Istanbul traditionally ranks first in terms of volume: 17,408 residential units were sold, accounting for 14.3% of the total volume. Istanbul is followed by Ankara with 11,007 units (9.0%) and İzmir with 6,504 units (5.3%). The provinces with the fewest transactions were Ardahan (39 residential units), Hakkâri (67), and Artvin (139).
If we evaluate the entire period from January through August, then over 8 months, the total volume of residential sales decreased by 15.5% year-over-year, amounting to 797,418 units.
Mortgage transactions: 16,375
Sales of mortgaged property across Turkey in August dropped 26.1% compared to the same month last year, amounting to 16,375 units. The share of such transactions in the total volume was 13.4%. From January through August, the total volume of residences purchased through mortgage financing was 152,438, down 28.0% year-over-year.
Of these units, 3,762 in August and 46,894 over eight months were sold in the new-build segment.
Other transactions: 105,716
The volume of sales without a mortgage, in contrast, increased by 4.3% compared to August 2022, reaching 105,716 units. The share of such sales in the total volume of transactions over the month amounted to 86.6%. From January through August, the total sales of apartments and houses without mortgage financing amounted to 644,980 units, down 11.9% year-over-year.
Primary property sales: 35,310
The number of sales in the new-build segment across Turkey decreased by 9.5% compared to August of the previous year, totalling 35,310. The share of primary property sales in the total volume of transactions over the month was 28.9%. From January through August, the volume of such transactions decreased by 13.8% year-over-year, amounting to 238,109 units.
Secondary property sales: 86,781
In Turkey, sales of so-called second-hand residences in August rose 2.7% compared to the same month the previous year, totalling 86,781 units. The share of secondary property transactions in the total volume was 71.1%. Over the first eight months of this year, second-hand property sales fell 16.2% year-over-year to 559,309 units.
Sales to foreigners: 3,058
The volume of transactions with citizens of other countries in August decreased by 42.0% compared to the same month last year, amounting to 3,058 sales. In August, the share of transactions with foreigners amounted to 2.5% of total residential real estate sales. In terms of the volume of apartments and houses sold to overseas nationals, Istanbul ranks first with 1,066 units. Second is Antalya (919), and third is Mersin (248).
From January through August, the volume of transactions with foreign investors decreased by 43.6% year-over-year, totalling 25,134 sales over eight months.
As for nationalities, the largest number of transactions were concluded by citizens of the Russian Federation, who purchased 733 residential units in August. Russians are followed by citizens of Iran (342), Iraq (220), and Kazakhstan (141).