The report delves into the intricacies of the Turkish property market during the second quarter of 2024. Through meticulous analysis of key statistics and trends by Realty Homist experts, we aim to provide valuable insights for investors, developers, and stakeholders operating within this dynamic sector. House Sales Statistics, Q2 2024 Mortgaged House Sales Other House […]
The report delves into the intricacies of the Turkey property market during the first quarter of 2024. Through meticulous analysis of key statistics and trends by Realty Homist experts, we aim to provide valuable insights for investors, developers, and stakeholders operating within this dynamic sector.
As Turkey strides into 2024, its real estate market is poised for a transformative journey, shaped by economic shifts, political developments, and technological innovations. In this forecast, we dissect the intricate tapestry of factors influencing the sector, offering a glimpse into potential challenges, emerging trends, and strategic opportunities. From the impact of government policies on housing to the role of PropTech in reshaping property transactions, this article aims to equip investors, developers, and homebuyers with the insights needed to navigate the dynamic landscape of Turkey’s real estate market in the coming year.
While third-quarter transactions in 2023 show a 1% increase, we are still witnessing a 14.9% decrease in the first nine months of the year compared to a similar period in 2022, according to statistics. The recent increase in bank interest rates has had a direct impact on housing transactions with bank facilities. In fact, September saw the lowest real estate transactions since 2021, and this trend is expected to continue through the end of 2023.
Source: TUIK In line with economic challenges in Turkey, real estate market continued decline in transaction volume. New baking strategies regarding the increase of interest rates has significantly effected the market. International investors in Turkey account for only 3% of transactions. #homistgroup#realtyhomist#buyhomeinturkey#investinTurkey#residenceinTurkey#homist#istanbul#luxuryhomes#ramsbeyond#emaar#ritzcarlton#bomonti#citizenship#russia#usa#uk#togetherwebuildwealth
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.
TÜRKİYE HOUSING MARKET REPORT 2022
Here you can find summery of what has happened in Turkey’s real estate market in 2022.
In 2022 number of transactions was very similar to same of previous year with 1,485,622 registered units, foreign investors accounts for only 4% of total house sales in Türkiye.
Istanbul has the highest number of sales with 259,654 units (17% share of total sales), Ankara with 126,166 units, Izmir with 83,502 units and Antalya with 80,459 units are the next highest volume of sales in properties among other Turkish cities.
There is significant increase in number of house sales for international investors in 2022, which is the highest in last 10 years with15% increase compared to same duration in 2021.
Russian nationals are standing on the top of list with purchasing 16,312 units in 2022 which has 200% increase compared to 2021, Iranians stand in second place with 8,223 units that has been decreased 20% compared to 2021. Iraq with 6,241 as third biggest buyers and Germany, Kazakhstan and Ukraine are next countries invested in Turkey in 2022.
For more detailed report please check following link:
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HOMIST provides professional market analysis for property market which may lead you to make proper decisions for your investment.
* Please note this report has been generated based on our own analysis for personal use. For more detailed analysis and consultancy please contact with Homist agents, before investing in Turkey’s market.
Homist’s analysis shows that many factors will affect Turkey’s property market. That will lead investors to be more conservative in their investments in Turkey’s market. Statistically, 2023 will not follow the extraordinary growth trend that occurred from 2018 to 2022. In general, Foreign Investors may taken risk averse strategy and their return outlook will be moderated, similarly the demand-supply balance has been effected during 2022. We highly advise our clients to thoroughly analyze the offers they receive from developers or agents. However in long term there is no doubt Turkey’s real estate market would appreciate the investment in real estate with acceptable Return on Investment (ROI). The presidential elections is another effecting critical factor that plays critical role for property market in Turkey which will take place not later than July 2023. The opening of the Istanbul International Finance Center (IIFC) in Istanbul might be one of the few positive factors that could affect growth in property prices. Several developing enterprises and contractors will engage in recovery of southern Turkey to build more than 50,000 houses in affected areas which may lead to shortage of supply in the other regions likes Istanbul and effect in prices of properties.
For the last two decades construction and real estate sector was one the key driving industries empowering the economy of Turkey. Due to increasing local and international demanding in housing market, project developing companies extended in faster pace. Homist has provided list of top developers in Turkey in 2022 based local data and analytics. Note […]
Turkish Statistical Institute (TURKSTAT) has reported the latest housing sales statistics for October have been announced. It contains detailed information about real estate sales in Turkey. Let’s examine the sales to foreign nationals in Turkey. 102 thousand 660 houses were sold in Türkiye In Türkiye, house sales decreased by 25.3% in October compared to the […]