NEWS Property        16/11/2023

Property sales to foreign nationals in Turkey are 2.7% of total domestic sales in October 2023

According to figures prepared by the Turkish Statistical Institute (TÜİK – Türkstat), domestic property sales in general in Turkey, that is including both Turkish and foreign nationals, decreased by 8.7% in October 2023 to 93,761 units compared with the same month of the previous year.

 

Mortgage sales decreased by 58% to 5,577 units in October 2023, and made up 5.9% of all property sales compared with 12.9% in the same month of the previous year. The number of property units sold for the first time, which made up 31.2% of total property sales, decreased by 10.6% to 29,230 units in October 2023 compared with the same month of the previous year. Used property sales which made up 68.8% of total sales in October 2023 decreased by 7.8% to 64,531 units.

 

For the year 2022, property sales in Turkey were 1,485,622 units, a decrease of 0.4% on the previous year. Mortgage sales, which made up 18.9% of all property sales, decreased by 4.8% to 280,320 units in 2022. The number of property units sold for the first time, 460,079 units, which made up 31% of total property sales, decreased by 0.3% in 2022 compared with the previous year. Used property sales, with 1,025,543 units, which made up 69% of total sales in 2022, increased by 0.5%.

 

Property sales to foreigners in October 2023 are 2,535 units, which is a 52.9% decrease on the figure for the same month of the previous year, a 13.5% decrease on the previous month of September, and represents 2.7% of total domestic sales in Turkey in October 2023. Sales to Russians and Ukrainians in October 2023 are still proportionally high as a result of the Russian invasion of Ukraine. Many Ukrainians have been forced abroad to flee the conflict, whereas Russians are leaving their country because of army conscription, the sanctions being imposed by the West on Russia, and the growing autocracy in Russia. In October 2023, sales to middle-eastern nationals were around 30% of the total. Highest sales were to Russian nationals with 713 units, followed by Iranian nationals with 235 units, German nationals with 152 units, Ukrainian nationals with 138 units, Iraqi nationals with 134 units, and Kazakhstan nationals with 103 units. Property sales to foreigners in the year of 2022 were 67,490 units, 15.2% higher than the 58,576 units of the previous year of 2021, and represent 4.5% of total domestic sales in Turkey in 2022, compared with 3.9% in 2021. Over the last five years there has been a significantly higher number of property sales to foreigners. This was largely due to the Turkish government’s easing of citizenship requirements in 2018 for foreigners, who can now obtain Turkish citizenship if they own real estate in Turkey worth a minimum of USD 400,000.

 

Of total property sales to foreigners of 67,490 units in 2022, highest sales were to Russian nationals with 16,312 units, followed by Iranian nationals with 8,223 units, Iraqi nationals with 6,241 units, German nationals with 2,705 units, Kazakhstan nationals with 2,702 units, and Ukrainian nationals with 2,574 units. This compares with 2021, in which of the 58,576 units sold to foreigners, highest sales were to Iranian nationals with 10,056 units, followed by Iraqi nationals with 8,661 units, Russian nationals with 5,379 units, Afghan nationals with 2,762 units, German nationals with 2,358 units, and Kazakhstan nationals with 2,090 units.

 

The Mediterranean resort of Antalya has again regained the position as the leading destination for property sales to foreigners in October 2023 with 931 units, surpassing Istanbul, which has sales of 758 units. Istanbul is followed by the Mediterranean province of Mersin with 294 units. Of total sales in 2022 of 67,490 units, 24,953 units were sold in Istanbul, 21,860 units were sold in Antalya, 4,316 units were sold in Mersin, 2,687 units were sold in Ankara, 2,002 units were sold in Bursa, and 1,817 units were sold in Yalova.

 

 



Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases marginally to 64.86% in January 2024       Turkey’s official unemployment rate is 8.8% in December 2023       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.4 billion as of yearend 2023       Turkey’s economy grew 5.5% in 2022       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45.2 billion in 2023