In November 2020, home sales in Turkey decreased by 18.7% compared to last year's November and amounted to 112,483 units.
November sales leaders
Istanbul remains the most popular city for real estate buyers in Turkey. In November, 21,158 residential properties were sold in Istanbul - 18.8% of the total monthly sales. Ankara was ranked the second with 10,710 properties sold or 9.5% of the total. The third popular city is Izmir with 6,574 units or 5.8% of all home sales. The least popular destinations for buying housing included the provinces of Ardahan (15 units in total), Hakkari (23 units) and Bayburt (78 units).
November mortgage sales
The number of mortgage sales is continuing to decline as the interest sales are continuing to increase. The November decline was recorded at 44.3% compared to the same month in 2019. In November, 24,450 houses and apartments in Turkey were sold in mortgages, the share of mortgage transactions amounted to 21.7%. Istanbul took the first place in terms of the number of mortgage sales in November (5,004 units or 20.5%), the lowest number of mortgage transactions (one transaction in November) was recorded in the province of Hakkari.
November direct sales (with no mortgage)
Direct property sales in Turkey decreased in November by 6.8% (compared to the same period last year) and amounted to 88,033 units. Istanbul traditionally took the first place (16,154 units or 18.3%). The share of direct sales in the total volume of transactions in November in Istanbul amounted to 76.3%. Ankara took the second place with 7,975 units), Izmir - the third with 4,898 units. The minimum number of sales was recorded in November in the province of Ardahan with a total of 9 units.
New apartment sales stats in Turkey in November
The number of transactions with new housing decreased by 25% compared to November 2019 and amounted to 36,658 units. The share of new home sales amounted to 32.6% of the total. The first place was taken by Istanbul with 6,177 units or 16.9%, the second - Ankara with 2,662 units, the third - Izmir with 1,888 units. The top three leaders in all types of home sales remain unchanged from month to month.
Secondary home sales stats in November
A decrease in sales of secondary houses and apartments in Turkey in November was recorded at the level of 15.2% with 75,825 secondary housing units sold that month. The top three sales leaders look like this: Istanbul (14,981 units or 19.8% of the total volume), Ankara (8,048 units) and Izmir (4,686 units).
Property sales stats in Turkey from January to November 2020
From January to November, a record number of housing was sold in Turkey: 1,393,335 units. This is 21.5% more than in the same period in 2019. Mortgage sales increased by 98% (834,629 units in total), direct sales without mortgage loans slightly decreased (by 3.4%). New home sales decreased by 0.8% (432,842 new units), while secondary home sales increased by 35.2% (960,493 secondary units).
Home sales to foreigners
Property sales to foreigners increased by 24.4% in November compared to the same month last year and amounted to 4,962 units. The top provinces popular with foreign buyers included:
- Istanbul (2,443 units);
- Antalya (893 units);
- Ankara (297 units);
- Yalova (182 units);
- Bursa (174 units).
During the period from January to November, the total home sales to foreigners decreased by 9.5% and amounted to 36,385 units.
Top foreign home buyers in Turkey in November included nationals of the following countries:
- Iraq (875 units);
- Iran (860 units);
- Russia (434 units);
- Afghanistan (203 units);
- Kuwait (202 units).
Europeans did not make it to the November top buyers, because many countries in Europe have still been closed due to the coronavirus.