Leading cities and anti-leaders
The Turkish Institute of Statistics (TÜIK) has published data on sales of residential real estate in Turkey. In February, they decreased by 18% compared to the same month last year and amounted to 80,031 residential units.
The largest share is in the largest Turkish metropolis, Istanbul: 14,980 sales, or 18.7% of the total for the month. Istanbul is followed by Ankara with 8,235 sales (10.3%) and Izmir with 5,031 sales (6.3%). The provinces with the least number of residence houses sold were Hakkari with 16 housing units, Ardahan with 30, and Tunceli with 47.
For the period between January and February, sales decreased by 4.4% compared to the same period of the previous year and amounted to 177,739 residential units in two months.
Mortgage transactions: 17,357
Sales of mortgage real estate in Turkey in February "sank" by 12.7% compared to the same month last year and amounted to 17,357 residential units. The share of transactions involving mortgage lending in the total volume of housing transactions amounted to 21.7%.
In January–February, the volume of mortgage transactions decreased by 11.8% compared to the same period of the previous year: 33,560 residential units.
A number of 5,093 transactions in February 2,023 and 9,353 transactions in January–February were in the segment of new buildings.
Other categories of transactions: 62,674
In February, 62,674 contracts were concluded for other non-mortgage transactions in Turkey. This is 19.3% less compared to the same month last year. The share of non-retail sales in the total volume was 78.3%. In January–February, the volume of transactions in this segment decreased by 2.5% compared to the same period of the previous year: 144,179 residential units in two months.
Primary real estate sales: 23,476
The number of transactions of purchase and sale of residential real estate in the segment of new buildings in Turkey in February decreased by 18.8% compared to the same month last year and amounted to 23,476. The share of sales of primary real estate in the total volume was 29.3%.
For two months – January & February – sales of new buildings decreased by 9.1% compared to the same period of the previous year and amounted to 51,008 residential units.
Second real estate sales: 56,555
A number of 56,555 residential units changed hands in February 2023. According to statistics, sales of secondary real estate this month fell by 17.7% compared to the same month last year.
The share of secondary real estate sales in the total volume of transactions still prevails: 70.7%. However, there is a slight decrease in January–February: the volume of transactions with secondary real estate in January–February decreased by 2.4% compared to the same period in 2022 and amounted to 126,731 residential units.
Sales to foreigners: 3,350
Real estate sales to foreigners in February decreased by 27% compared to the same month last year: 3,350 residential units. In February 2023, the share of residential real estate sales to citizens of other states amounted to 4.2% of the total volume of transactions.
Antalya took first place in terms of real estate sales: 1,261 sales. Istanbul (1,133 sales) and Mersin (225 sales) are in second place.
As for the nationality of buyers, the most deals were concluded in February by citizens of the Russian Federation, having purchased 183 lots. They are followed by Iranians with 446 lots, Iraqis with 173 lots and Ukrainians with 142 lots.