Housing sales increased rapidly, a record was broken in sales to foreigners

Housing sales increased by 59 percent in November compared to the same period of the previous year. Housing sales across Turkey were 178,814 in November. Istanbul had the highest share of house sales, with 31,706 house sales, or 17.7 percent. According to the number of sales, Istanbul was followed by Ankara with 17,117 house sales and a 9.6 percent share, and Izmir with 11,116 sales and a 6.2 percent share. In October, sales surpassed 137,000 units, an increase of 14.9% year on year.

This was the fastest increase in mortgage sales in 14 months

Mortgaged home sales in Turkey increased by 61 percent in November compared to the same month last year, reaching 39,366. Thus, the highest annual increase in mortgaged house sales since August 2020 was realized. Mortgaged sales accounted for 22% of total home sales. Mortgaged house sales in the January-November period, on the other hand, decreased by 55.4 percent compared to the same period of the previous year and became 249,270.

More than a 50% increase in first-hand sales

The number of first-hand house sales in Turkey increased by 52 percent in November compared to the same month of the previous year and became 55,706. First-hand housing sales accounted for 31.2 percent of total housing sales. In the January-November period, first-hand house sales decreased by 11.1 percent compared to the same period of the previous year and amounted to 384,776. Second-hand house sales across Turkey increased by 62.4 percent in November compared to the same month of the previous year and became 123,108. Second-hand housing sales accounted for 68.8 percent of total housing sales. Second-hand house sales, on the other hand, decreased by 8.3 percent in the January-November period compared to the same period of the previous year, and amounted to 880,577.

Record in sales of housing to foreigners

Foreigner housing sales increased by 48.4 percent in November compared to the same month the previous year, reaching 7,363. Thus, a record level was recorded in the data set since 2013 in house sales to foreigners. The share of house sales to foreigners in total house sales was 4.1 percent. Istanbul took the first place in house sales to foreigners, with 2,922 house sales. Antalya was followed by Antalya with 1,917 sales and Ankara with 428 sales, respectively. In November, Iranian citizens bought 1,406 houses in Turkey. The citizens of Iran were followed by the citizens of Iraq, with 1,755 residences, and the citizens of the Russian Federation, with 836 residences, respectively.