New figures released by the Ministry of Environment and Urbanization have showed that in February of this year there were just over 80,000 homes sold across Turkiye, of which 14.980 were in Istanbul equating to around an 18% share overall. Even though this was a decrease on the same period in 2022, both re-sales and new build sales performed strongly with 23,476 new build properties sold and 56,555 re-sales transactions completed.
Overall, the feeling is that the quarter has performed below predictions but better on reflection given the nature of global economies following on from circumstances such as higher inflation, higher cost of living & the on-going situation with Russia & Ukraine. The impact of these situations has been felt more with foreign sales, when compared to domestic transactions, but things have started to improve and the outlook for quarters two and three is much more positive.
There were 3,350 properties bought by foreigners in February 2023, with Antalya proving to be the most popular destination, closely followed by Istanbul & Mersin. There were 1,261 properties sold in Antalya, 1,133 in Istanbul & 225 in Mersin. If you take 2022, sales to foreigners actually increased by 15.2% when compared to 2021, equating to 67.490 properties demonstrating that interest from overseas buyers to own in Turkey is still very high – not surprising considering that further figures (according to a recent study carried out by Knight Frank) also shows that Turkiye currently holds the Number One spot for House Price growth.
Again, Istanbul proved to be the most popular place for foreign property transactions in 2022 taking a market share of approx. 37% with over 24,900 property transactions throughout the year. Antalya was next, closely followed by Mersin, Ankara and Bursa. Approximately 3.5 million property transactions were carried out across Turkiye in 2022, resulting in a net revenue of 41 billion Lira. Foreigners accounted for 4.5% of all the transactions.
So far, there have been 7,584 property sales in total (4,198 in January & 3,386 in February). 2,853 of those have been in Antalya Province, and 2,513 have been for Istanbul Province whilst other regions such as Mersin, Ankara, Izmir & Mugla have also been popular with buyers. Whilst Russians have led the way so far (especially in Antalya) citizens from Iraq, Iran, Ukraine, Germany, China, America and the UK have also bought homes here.
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