Content:
- Top and bottom locations
- Mortgage transactions: 5,245
- Other transactions: 88,269
- Primary property sales: 30,472
- Secondary property sales: 63,042
- Sales to foreigners: 2,342
Top and bottom locations
According to the Turkish Statistical Institute (TÜİK), residential sales across Turkey dropped 20.6% in November year-over-year, totalling 93,514 units. Istanbul recorded the highest share of sales with 15,187, or 16.2%. Istanbul is followed by Ankara with 8,250 sales and a share of 8.8% and İzmir with 5,105 sales and a share of 5.5%. The provinces with the fewest residential sales transactions were Hakkâri (52 homes), Ardahan (57 homes), and Gümüşhane (73 homes).
From January through November, the volume of transactions decreased by 14.9% year-over-year, amounting to 1,087,349.
Mortgage transactions: 5,245
Sales of mortgaged property in November dropped 68.5% compared to the same month last year, amounting to 5,245 units. Mortgage-backed transactions accounted for 5.6% of the total volume. Residential mortgage sales from January through November 2023 fell 33.6% year-over-year to 171,706 units. In this segment, 1,390 transactions in November and 51,624 transactions from January through November (over 11 months) were in the new-build segment.
Other transactions: 88,269
Sales without a mortgage across Turkey in November decreased by 12.7% compared to the same month last year, amounting to 88,269. Such transactions accounted for 94.4% of the total volume. From January through November, non-mortgage transactions were down 10.2% year-over-year, amounting to 915,643 units over the 11-month period.
Primary property sales: 30,472
The number of sales in the new-build segment in November decreased by 18.5% compared to the same month last year, totalling 30,472. The share of primary property sales in the total volume of transactions over the month amounted to 32.6%. From January through November, the number of units sold reached 328,299, down 14.1% year-over-year.
Secondary property sales: 63,042
Secondary residential property sales across Turkey in November decreased by 21.6% compared to the same month last year, totalling 63,042 units. The share of secondary residences in the total volume of home sales was 67.4%. From January through November, this figure decreased by 15.2% year-over-year, totalling 759,050 units.
Sales to foreigners: 2,342
Residential sales to foreigners in November decreased by 61.5% compared to the same month last year, amounting to 2,342 units. The share of transactions with foreigners in total housing sales in November 2023 was 2.5%. Antalya ranks first in terms of volume, with 790 sales. It is followed by Istanbul (710) and Mersin (316).
Sales in this segment fell 46.1% year-over-year, totalling 32,941 units over the first 11 months.
As for the nationality of buyers, the largest number of transactions were concluded by citizens of the Russian Federation. In November, they purchased 637 residences in Turkey. Russians are followed by citizens of Iran with 234 units, Ukraine (128), and Kazakhstan (117).