Development of the real estate sector in Turkey

Development of the real estate sector in Turkey in October 2020 – Surge In Mortgage Financed Property Sales in Turkey

In October a total of 119,574 properties were sold, %16,3 Less than in October 2019. Istanbul took first place with 22,270 transfers and a share of %18,6 , followed by Ankara with 10,624 (%8,9 share) and Izmir with 6,846 transfers (%5,7 share).

Mortgage-financed sales were 25,566 which is an decrease of %49,3 compared to October 2019. The share of mortgage sales in total sales was %21,4 (October 2019: 35,3%). In mortgage sales, Istanbul ranked first with 5,494 house sales.

94,008 houses changed hands as a result of self-financed transfers. Self-financed transfers increased by %1,7 compared to October 2019. Istanbul again ranked first with 16,776 house sales and Ankara second with 7,942 sales. Izmir followed with 5,154 sales.

36,976 houses were sold for the first time (new construction sales). The number of properties sold for the first time decreased by %26,3 compared to October 2019. The sales share of new properties in Turkey in all house sales was 30,9% (October 2019: 35,1%). In new construction sales, Istanbul had the largest share followed by Ankara and İzmir.

A total of 82,598 houses changed hands in the second-hand sale of Turkish property. The second-hand sales showed a %10,8 decrease compared to October 2019.

Property sales in Turkey to foreigners increased by %23,1 compared to the same month of the previous year. The most popular provinces were Istanbul, Antalya, Ankara,Yalova and Bursa.

Data based on cadastral and land registry office (16.11.2020)