Overview of the Turkish Real Estate Market in 2023

The Turkish Statistical Institute (TUIK) has published the report on property sales statistics of 2023.

A Total of 1,225,926 Properties were Sold in Turkey, 2023

In 2023, Turkey witnessed the sale of 1,225,926 residential properties, marking a 17.5% decrease compared to the previous year. Istanbul led the sales with 198,739 properties, accounting for 16.2% of the total sales, followed by Ankara and Izmir with 114,432 and 65,465 sales respectively. The lowest sales were recorded in Ardahan, Hakkari, and Tunceli.

138,577 Turkish Properties Sold in December 2023

During December 2023 alone, 138,577 homes were sold across Turkey, a 33.4% drop from the same month in the previous year. Istanbul again topped the list with 23,714 sales, with Ankara and Izmir trailing. The lowest number of sales in December was in Hakkari.

Mortgage Property Sales in 2023 Amounted to 177,748

Mortgage-financed purchases in December plummeted by 72.3% to 6,042, contributing to the annual total of 177,748, a 36.6% year-on-year decrease. Mortgage sales accounted for 4.4% of December's total and 14.5% of the year's total.

1,048,178 Properties Sold in Other Types of Sales, 2023

Other types of sales resulted in 132,535 properties changing hands in December, a 28.8% decrease compared to the same month in 2022. Throughout 2023, these sales dropped by 13% to 1,048,178.

379,542 New Homes Were Sold in 2023

In 2023, new home sales fell by 34.2% to 51,243 in December, and by 17.5% to 379,542 for the year. 

Resale Home Transactions in 2023 Amounted to 846,384

Resale home transactions in December were 87,334, a 32.9% decrease, contributing to the annual total of 846,384, a 17.5% decrease from the previous year.

Sales to Foreigners in 2023 Decreased to 35,005

Sales to foreigners in 2023 totaled 35,005, a 48.1% decrease from the previous year. Antalya led these sales with 12,702 properties, followed by Istanbul and Mersin.

In December, sales to foreigners were 2,064, with Istanbul, Antalya, and Mersin being the top cities.

In 2023, The Highest Number of Property Sales were to Russians

Russian citizens were the top foreign buyers in 2023, purchasing 10,560 homes in Turkey. They were followed by Iranians and Iraqis. In December, Russian nationals bought 527 homes.

* Source: TUIK - Türkiye İstatistik Kurumu (Turkish Statistical Institute in English)