Content:
- Indicators of the past year – and the previous eight years
- December – a recording month
- Mortgage loans
- Other types of transaction speedily grow
- Comparison table of data of December and the whole year 2020/2021
- Secondary real estate market dominates the primary one
- Comparison table of data for December and the whole year of 2020/2021
- A bid was made upon the sales to foreigners
- Countries
- Male buyers against female buyers
Indicators of the past year – and the previous eight years
Institute of Statistics TÜİK published detailed data on real estate sales in Turkey in 2021. The total number of transactions accounted for 1,491,856.
Istanbul is heading the list: 276,223 transactions, or 18,5% from the absolute figure during the year. Ankara is second from top with 144,104 transactions and the share of 9,7%, Izmir made 86,722 deals, that is 5,8%. Least deals were registered in Hakkari, Ardahan and Bayburt: 267, 377 and 871 transaction per year respectively.
Interestingly, the total number of transactions is almost identical to the results of 2020, differentiating at just 0,5%.
The analysts examined the sales dynamics over the past 9 year. Following are the results of sales throughout the country:
- 2013 – 1,157,190;
- 2014 – 1,165,381;
- 2015 – 1,289,320;
- 2016 – 1,341,453;
- 2017 – 1,409,314;
- 2018 – 1,375,398;
- 2019 – 1,348,729;
- 2020 – 1,499,316;
- 2021 – 1,491,856.
December – a recording month
December 2021 was advantageous: sales soared at 113,7% compared to the same month of the previous year, totaling at 226,503 transactions. The three leaders of December sales match the yearly indicators, whilst the percentage ratio is practically the same:
- 1st place – Istanbul: 39,026 deals, 17,2%;
- 2nd place – Ankara: 21,481 deals, 9,5%;
- 3rd place – Izmir: 13,386 deals, 5,9%.
The least number of sales was registered in Hakkari: 44 deals.
Mortgage loans
Mortgage sales in December 2021 in Turkey raised by 209,3% compared to the same month of the previous year, as a result reaching 45,260 units. However, during the 12 months sales dropped twice as much at 48,6% compared to 2020, and have accounted for 294,530 deals.
In 2021, the share of mortgage sales in total equals to one fifth at 19,7%.
Taking into account the sudden rise of total transactions at the end of 2021, the number of mortgage sales proved December to be the most advantageous in the last three years:
- December 2019 – 202,074 deals;
- December 2020 – 105,981 deals;
- December 2021 – 294,503 deals.
Last year, the second successful month was November: 178,814 transactions.
Other types of transaction speedily grow
The scope of non-mortgage deals in Turkey almost doubled in December: it has grown by 98,4% compared to the same month of the previous year. The number of transactions reached by the results of the month 181,243 ones, by the results of 12 months 1,197,326 ones, that is 29,3% higher than during the period of 12 months of 2020.
In 2021, the share of non-mortgage sales in total reached 80,3%.
Comparison table of data of December and the whole year 2020/2021
December
| 2021 | 2020 | Dynamics (%) | |
|---|---|---|---|
| Total | 226 503 | 105 981 | +113,7% |
| Mortgage sales | 45 260 | 14 631 | +209,3% |
| Non-mortgage sales | 181 243 | 91 350 | +98,4% |
January-December
| 2021 | 2020 | Dynamics (%) | |
|---|---|---|---|
| Total | 1 491 856 | 1 499 316 | -0,5% |
| Mortgage sales | 294 530 | 573 337 | -48,6% |
| Non-mortgage sales | 1 197 325 | 925 979 | +29,3% |
From above, with almost identical number of transactions in 2020 and 2021 buyers tend not to use bank loans, if possible.
If consider indicators presented in a form of graphics, it is obvious that the scope of mortgage transactions exceeded the scope of non-mortgage ones and approximately equaled it in June-July-August of 2020. At that period, the government of Turkey tried to support buyers in the first and most dramatic moths of starting pandemic and lowered down the interest rates to their historical minimum.
Respectively, when after the few months interest rates started to grow again, the percentage of applications for bank loans dropped down.
Comparative data for December and the last 3 years:
- December 2019: 50,278 mortgage sales, 151,796 non-mortgage sales.
- December 2020: 14,631 mortgage sales, 91,350 non-mortgage sales.
- December 2021: 45,260 mortgage sales, 181,343 non-mortgage sales.
December 2021 turned out to be the most successful in the year; November takes the second place, with its 39,366 mortgage transactions and 139,448 non-mortgage transactions.
Secondary real estate market dominates the primary one
The number of sales in the newly-built housing in Turkey has grown up at 108,0% in December, compared to the same month of the previous year and accounted for 76,747 deals. From January to December the sales of such housing dropped insignificantly at 1,7% compared to the analogue period of 2020 года: their total number accounted for 461,523 in 2021, that is one third less of the total sales 30,9%.
Deals at the secondary real estate market totaled 149,756 units in December (both apartments and houses). The figure is 116,8% larger than that of December 2020. Yearly difference was minimal, just +0,1%.
In total, the share of sales in the secondary market in 2021 accounted for 69,1%.
Comparison table of data for December and the whole year of 2020/2021
December
| 2021 | 2020 | Dynamics (%) | |
|---|---|---|---|
| Total | 226 503 | 105 981 | +113,7% |
| Primary | 75 747 | 36 898 | +108,0% |
| Secondary | 149 756 | 69 083 | +116,8% |
January-December
| 2021 | 2020 | Dynamics (%) | |
|---|---|---|---|
| Total | 1 491 856 | 1 499 316 | -0,5% |
| Primary | 461 523 | 469 740 | -1,7% |
| Secondary | 1 030 333 | 1 029 576 | +0,1% |
Comparison data for Decembers of the last three years:
- December 2019: 75,480 transactions at the primary market, 126,594 transactions at the secondary market.
- December 2020: 36,898 transactions at the primary market, 69,083 transactions at the secondary market.
- December 2021: 76,747 transactions at the primary market, 149,756 transactions at the secondary market.
December 2021 was the most successful in terms of the two indicators, both new housing and second hand housing.
A bid was made upon the sales to foreigners
In 2021 in Turkey, 58,576 units of real estate were sold to foreigners. That is larger at 43,5% than in 2020.
The year as a whole, the share of sales to the residents of other states accounted for 3,9% from the total number of sales. Istanbul is obvious favorite taking the first place with 26,469 deals. Quite expectedly, the second place is taken by resort capital Antalya (12,384 deals), the third place is taken by the country’s official capital Ankara with 3,672 deals.
As for December, the last and traditionally the most successful month, in December 2021 the sales to foreign investors raised at 77,1% compared to the analogue month of the previous year, accounting for 7,841 deals. Out of them, little less than half were stricken in Istanbul: 3,300 housing units, also 827 transactions in Antalya, 489 ones in Ankara.
However, the leading triple did not look like that five years ago. Antalya took the first place by the number of apartments and houses bought by foreign residents.
Should you check the dynamics starting 2013 года, sales figures to foreigners in Turkey were as follows:
- 2013 – 12,181 units;
- 2014 – 18,959;
- 2015 – 22,830;
- 2016 – 18,189;
- 2017 – 22,234;
- 2018 – 39,663;
- 2019 – 45,483 (until recently this year was leading);
- 2020 – 40,812;
- 2021 – 58,576.
Making comparisons of December with the last 3 years, the last month of 2019 quite recently was considered the most profitable, the foreigners bought 5,298 housing units that month in Turkey. December 2020 boasts 4,427 deals, December 2021 almost doubles the sales figures of the previous year reaching 7841 deals.
During the last 25 months (from December 2019 to December 2021), the last month of 2021in particular, the maximum of transactions was concluded. November is on the second place, 7,363 transactions.
As for the most misfortunate months throughout the said period, those are April and May of 2020, which coincides with the start of pandemic.
The third place in the anti-leaders list is taken by May 2021. That month the most severe pandemic restrictions were adopted of all the two years.
Countries
In 2021, the largest part of real estate was sold to the residents of Iran: they concluded 10,056 deals. The second active were citizens of Iraq (8,661 deals), the third active Russians (5,379 deals).
By December results, Iranians bought 1,462 apartments or houses, Iraqi 1,039, Russians 885.
20 countries whose residents bought housing in Turkey in December 2021
- Iran – 1,462
- Iraq – 1,039
- Russian Federation – 885
- Germany – 296
- Kazakhstan – 282
- Kuwait – 263
- Afghanistan – 254
- Azerbaijan – 192
- Jordan – 183
- Ukraine – 171
- Egypt – 163
- Yemen – 163
- USA – 151
- Palestine – 150
- UK – 150
- China – 146
- Lebanon – 128
- Pakistan – 109
- Algeria – 101
- Sweden – 98.
20 countries whose residents bought housing in Turkey in 2021
- Iran – 10,056
- Iraq – 8,661
- Russian Federation – 5,379
- Afghanistan – 2,762
- Germany – 2,358
- Kazakhstan – 2,090
- Kuwait – 1791
- Azerbaijan – 1,517
- USA – 1,416
- Yemen – 1,332
- Palestine – 1,296
- Jordan – 1,257
- Ukraine – 1,246
- Egypt – 1,166
- UK – 1,089
- Lebanon – 1022
- China – 963
- Pakistan – 962
- Sweden – 850
- Sudan – 699.
As you can see, many top-20 countries occupy the both lists, just forming the different order. The triple leaders are the same for many months in a row, meaning Iran, Iraq and the Russian Federation.
Male buyers against female buyers
To make a full picture, let us provide data on gender range of happy owners of new real estate in Turkey.
In 2021, females bought 506,495 housing units, and males 819,730. In addition, 28,900 were bought by males and females in cooperation, at half-base. 136,731 deals are referred to the category “other” (TAPU documentation mentions several owners).
The country’s largest megapolis Istanbul leads by the scope of sales, Women concluded 83,226 transactions, men 142,120 transactions; 6,962 contracts stipulating joint ownerships rights were signed.
Just to remember, it is allowed to buy real estate with several owners, family members, for example, and is often is use.