Real estate sales in Türkiye in July 2023
A summary of the state of the Turkish real estate market in July 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.
Among nationalities, Russian buyers were the most active, buying 772 homes in July.
Edited by: Aldar Real Estate ©