The Turkish housing market experienced a decline in the number of transactions during Q1-2023. This was largely due to the earthquake that occurred in the southeast of Turkey in February and the upcoming election on May 14, 2023. Non-Turkish buyers had a very small share of the market compared to 96.4% of Turkish buyers. Istanbul remained the city with the highest number of transactions, with 50,461 units sold, indicating a 12% decrease compared to the same period in 2022.
In March of the current year, the housing market in Turkey experienced a decline in sales of 21.4% compared to the same period last year, with a total of 105,476 transactions. Among the provinces, Istanbul had the highest share with 17.2%, which accounted for 18,166 of the total sales. Following Istanbul, Ankara and Antalya had 11.4% and 5.8% shares respectively, with 12,023 and 6,120 house sales. On the other hand, the provinces with the lowest number of sales were Ardahan with 23, Hakkari with 54 and Bayburt with 69 house sales.
Key Highlights:
- The total number of transactions decreased by 11.5% compared to Q1-2022, with 283,215 transactions recorded.
- Mortgaged deals accounted for 20% of total transactions, while non-mortgaged sales accounted for 80%.
- Only 30% of transactions involved first-hand sales.
- Non-Turkish buyers accounted for just 3.8% of total transactions.
- Istanbul, Izmir, Mersin, Kocaeli, and Konya were among the top cities in terms of house sales.
In summary, the Turkish housing market experienced a decline in Q1-2023 due to the effects of an earthquake and an upcoming election. The majority of buyers were Turkish, with non-Turkish buyers accounting for a small percentage of total transactions. Istanbul remained the city with the highest number of transactions, despite a decrease compared to the same period in the previous year. The market also saw a higher percentage of non-mortgaged sales and a lower percentage of first-hand sales.
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Important note:
Our reports should only be construed as guidance. We assert that any business or investment decisions should not be based purely on the information presented our reports.