Turkey witnesses a decline in home sales

Turkey

Official Turkish institutions recorded the sale of 105,476 residential units across the country during the past month of March. According to government statistics agency data, home sales during the same month decreased by 21.4% compared to the same month last year. The information showed that home sales during the period from January to the end of March decreased by 11.5% compared to sales during the same period of 2022.

Istanbul topped the list of cities with the highest number of homes sold, with 18,166 homes, followed by the capital Ankara with 12,230 homes, and then the Mediterranean city of Antalya in third place with 6,120 homes.

The number of homes sold to foreigners in March reached 3,415 homes, a decrease of 38.7% compared to the same month of the previous year. The data indicated that foreigners' share of total sales for the third month of the current year was 3.2%. Antalya topped the list of Turkish cities with the most sales to foreigners, with 1,324 homes, followed by Istanbul with 1,090 homes, and Mersin in third place with 240 homes.

Russians topped the list of foreigners who buy the largest number of homes in Turkey with 1,175 homes, followed by Iranians with 472 homes, Iraqis in third place with 165 homes, and Ukrainians with 160 homes.

This decline in home sales shows the impact of global economic conditions and geopolitical tensions on Turkey's real estate market. Nevertheless, Turkey remains an attractive destination for real estate investment for foreigners, especially investors from Russia, Iran, Iraq, and Ukraine.

The data did not include any forecasts for the future of the real estate market in Turkey. However, some expect the decline in home sales to continue during the current year, while others expect an improvement in economic and geopolitical conditions and an increase in demand for real estate in the near future.