Sales in Turkey’s housing market slowed during 2023, with declines in total transactions, mortgage-financed purchases and sales to foreigners. This review brings together the annual results and the final month of the year from TÜİK’s December 2023 release.
The year in figures
A total of 1,225,926 homes changed hands, 17.5% fewer than in 2022. Istanbul led with 198,739 transactions and a 16.2% share. Ankara followed with 114,432, then İzmir with 65,465. Ardahan, Hakkari and Tunceli recorded the fewest sales.
December: 138,577 transactions
December sales were 33.4% lower than in December 2022. Istanbul accounted for 23,714 sales, followed by Ankara and İzmir; Hakkari recorded the lowest total.
How purchases were financed
Mortgage-financed sales reached 177,748 for the year, down 36.6%, and represented 14.5% of all transactions. December recorded 6,042, a fall of 72.3% from a year earlier, with a 4.4% share of that month’s total.
Sales outside the mortgage-financed category totalled 1,048,178, down 13% over the year. In December, this category accounted for 132,535 transactions, 28.8% fewer than in December 2022.
First-hand homes and resales
There were 379,542 first-hand sales and 846,384 resale transactions in 2023. Both categories fell 17.5% compared with the previous year.
In December, 51,243 homes were sold for the first time, down 34.2%, while resales reached 87,334, down 32.9% year on year.
Foreign buyers and their preferred locations
Foreign citizens bought 35,005 homes during 2023, a decrease of 48.1% from 2022. Antalya led with 12,702 purchases, followed by Istanbul and Mersin.
In December, foreign buyers purchased 2,064 homes. Istanbul took first place that month, ahead of Antalya and Mersin.
Russian citizens were the largest foreign buyer group for the year, with 10,560 purchases, followed by Iranian and Iraqi citizens. Russian buyers accounted for 527 homes in December.
Source: TÜİK — House Sales Statistics, December 2023
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