Housing market in Türkiye: January 2023 Overview

Introduction:

In January 2023, The housing market in Türkiye witnessed a promising 10.6% surge in sales compared to the previous year. Dive into this blog for a detailed breakdown of sales figures, including insights into the most popular cities, types of sales, and international buyers.

Total House Sales:

January recorded 97,708 house sales across Türkiye. Leading the pack, İstanbul saw 17,415 sales, a whopping 17.8% of the total. While Ankara and Antalya trailed with 8,808 and 5,572 sales, places like Hakkari, Ardahan, and Tunceli had minimal sales figures.

Mortgaged House Sales:

January saw a 10.9% dip in mortgaged house sales from the previous year, tallying at 16,203 sales. This segment represented 16.6% of January’s total sales.

Other House Sales:

Sales not tied to mortgages rose by 16.2%, reaching 81,505. These transactions dominated the market, making up 83.4% of all sales.

Sales Breakdown:

First-time home buyers were active, pushing their sales up by 1.2% to 27,532. On the other hand, second-hand house sales soared by 14.8%, summing up to 70,176.

Foreign Buyers:

4,161 houses were snapped up by foreigners. Antalya was their top choice, followed by İstanbul and Mersin. Interestingly, 4.3% of all January sales catered to this group.

Who’s Buying?:

Russians led the foreign buyers’ list with 1,557 homes. They were closely followed by citizens from Iran, Iraq, and Ukraine.

Türkiye’s housing market displayed a robust growth trajectory, particularly in first-time and second-hand sales. However, the drop in mortgaged sales suggests potential areas for improvement. With foreign interest steady, especially from Russian buyers, the market offers a dynamic landscape for potential homeowners and investors.

Ready to navigate Türkiye’s housing market with expert guidance? Contact Prestij Consulting today and let’s turn your property dreams into reality!