Official statistics show that residential real estate sales in Turkey in February 2022 rose by 20.1% compared to the same month of the previous year. It totaled 97,587 units.
Leading cities and anti-leaders
Istanbul leads in sales with 18,752 transactions or 19.2% of the total volume. Istanbul is followed by Ankara, the capital of Turkey with 8464 deals at 8.7%. Izmir ranks third with 5,575 transactions and a 5.7% share.
The lowest sales were in Ardahan (23), Hakkari (40), and Bayburt (47).
Dynamics for the year
The total volume of home sales for the first 2 months of 2022 grew by 22.5% compared to the same period last year. The volume of transactions then was 185,893.
Mortgage transactions: 19,888
In February, mortgage transactions in Turkey were 35.6% more than in the same month of 2021 at 19,188. The share of mortgage transactions in the total volume was 20.4%.
Mortgage loan sales in January-February increased by 49.9% compared to the same period last year with a total of 38,071.
Other types of transactions: 77,699
The volume of transactions without a mortgage in February rose by 16.7% compared to February last year at 77,699. These sales accounted for 79.6% of the total.
In the first 2 months of 2022, non-mortgage transactions were 16.9% more than in the same period of the previous year at 147,822.
Primary home sales: 28,897
New buildings were sold in February by 16.8% more than in February 2021 at 28,897 housing units. The share of primary home sales in the total volume of transactions was almost a third – 29.6%.
In January and February, the volume of primary home sales grew by 19.3% compared to the same period of the previous year, totaling 56,100.
Second-home sales: 68,690
Sales of second homes in Turkey in February 2022 increased by 21.6% compared to the same month last year at 68,690 transactions. The share of secondary home sales was 70.4% of the total.
And in January-February, this indicator rose by 23.8% compared to the same period in 2021 at 129,793.
Sales to foreigners: 4,591
The number of transactions with foreign investors in February grew by 54.9% compared to February 2021 at 4,591.
The share of residential real estate sales to foreigners is 4.7% of the total volume of transactions.
Istanbul leads as the city preferred by international buyers with 1,958 sales. Antalya ranks second (1,999 sales), and Ankara is in third place (288 sales).
Most owners of residential real estate were Iranians at 711 sales. Iraq ranks second (633), and Russia is in third place (509).
In January and February, the number of transactions by foreigners increased by 55.6% compared to the same period last year at 8,777.