Real estate sales in Türkiye in July 2023

A summary of the state of the Turkish real estate market in July 2023

21st August 2023

In July, home sales across Turkey increased by 16.7% compared to the same month of the previous year. 109,548 homes were sold during the month. Istanbul was the most successful in this context, with home sales increasing by 14.4% to 15,724 homes. It was followed by Ankara with 8.8% and 9,688 homes sold, while Izmir exceeded 5,203 homes with 4.7% sales.

A decline in home sales for the year through July:
On a broader note, we saw a 17.7% decline in overall home sales over the January-July period compared to the same period in the previous year, when 675,327 homes were sold.

Foreclosed homes are declining:
Foreclosed home sales are down 24.1% in July compared to the same month in the previous year, with 14,533 homes sold, accounting for 13.3% of total sales. On the other hand, mortgaged home sales declined by 28.2% over the year through July, with 136,063 homes sold.

Variation in other types of home sales:
Other home sales increased by 27.1% in July compared to the same month in the previous year, reaching 95,000 homes. These sales make up 86.7% of all home sales. In contrast, there is a 14.5% decline in other home sales over the year through July, when 539,264 homes were sold.

Increase in direct home sales:
A 10.3% increase in the number of direct home sales was recorded in July compared to the same month in the previous year, when 31,641 homes were sold, accounting for 28.9% of total sales. In contrast, direct home sales declined by 14.5% over the year through July, when 202,799 homes were sold.

Improvement in used home sales:
Used home sales improved by 19.5% in July compared to the same month in the previous year, when 77,907 homes were sold. These sales represent 71.1% of all home sales. On the other hand, second-hand home sales declined by 19.0% over the year to July, when 472,528 homes were sold.

Home sales decline to foreigners:
Home sales to foreigners declined by 43.9% in the year to July compared to the same period in the previous year, when 22,076 homes were sold.