Approximately 7 Million Houses Sold in Turkey in Past Five Years

7 million houses sold in past five years

According to the latest TurkStat research data, approximately 7 million houses have been sold in Turkey over a span of five years. The total number of housing sales in the country was recorded 6,944,616, of which, 154,871 properties were bought by foreign investors. 

The top five cities that logged maximum housing sales interest are mentioned as follows: 

  • Istanbul: 1,199,715 housing units
  • Ankara: 720,124 housing units
  • Izmir: 412,588 housing units
  • Antalya: 313,735 housing units
  • Bursa: 265,715 housing units

The total sale of properties in Turkey and the combined statistics for the last five years was recorded as follows:

  • 2015 – 1,289,320 residential properties were sold.
  • 2016 – 1,341,453 residential properties were sold.
  • 2017 – 1,409,314 residential properties were sold.
  • 2018 – 1,375,398 residential properties were sold.
  • 2019 – 1,348,729 residential properties were sold.
  • 2020 – 1,024,534 residential properties were sold in the first eight months of the year. 

Which year witnessed the highest real estate sales?

The highest number of housing sales in Turkey was recorded in the year 2017. Data displays that in the time span between September 2015- September 2020, it was 2017 that was the most successful in terms of registering maximum property sales. There were 1.4 million houses sold in that year while in 2015, the Turkish real estate market enlisted 1.29 million house sales. This figure later topped 1.34 million by the end of the year 2016. There were nearly similar real estate purchases in 2018 and 2019 by Turkish and foreign property buyers when 1.38 million and 1.35 million houses were bought respectively. As banks further reduced the interest rates in 2019 prominently, 1.02 million houses switched owners in 2020 in just eight months. 

Cities that recorded high figures

Istanbul, as the biggest city and the financial capital of Turkey, registered the highest property sales in the past five years. The reports indicated a laudable sale of 1.2 million residences which was closely followed by Ankara with 720,124, Izmir with 412,488, Antalya not staying behind with 313,735, and Bursa with 265,715 housing sales.

Many Anatolian provinces have also witnessed more than 50,000 houses and apartments sold each in the metropolitan areas in the last five years. Among all, Muğla, Diyarbakır, and Denizli provinces were the most prominent sellers.

Increasing interests of foreign real estate investors in Turkey

Considering the insights for the last five years, foreigners have become increasingly interested in buying a property in Turkey. The research data suggests that the purchase to date stands at almost 155,000, which is a striking figure on its own. 

The most favored hotspot for house purchases has indubitably been Istanbul with 61,734 residences. It is trailed around with Antalya, Bursa, Yalova, Ankara, and Sakarya. 

Where are the property buyers coming from?

Iraqis have become the biggest buyers of houses and apartments in Turkey since January 2015, accountable for purchasing more than 30,000 residences. Following the Iraqis’ lead were investors from Iran, Saudi Arabia, Russia, and Kuwait, with each segment buying at least 10,000 residences in Turkey. 

In the first eight months of this year, from January till August, there has been a great upsurge in interests from Chinese nationals, who bought a total of 575 houses in the country, even during all the uncertainties that 2020 has brought in the midst of Covid-19 pandemic. This propelled China to secure a top ten place in the foreign property purchasing countries table, coming in at the eight position. 

Reasons for the upsurge in foreign buyers purchasing real estate in Turkey?

Foreign residential sales in Turkey exuded a rapid spike in the past three years. Factors that attributed to this sudden increase in housing sales are:

  • High exchange rates of currencies in Turkey
  • The latest legislative amendments by the Turkish government eased the minimum requirements for acquiring Turkish citizenship through real estate investments.

The newfangled modifications in relation to buying houses in Turkey were introduced on September 19, 2018. It reduced the minimum investment amount from $1 million to $250K and paved the way for foreign nationals to invest just $250K in real estate to be eligible for the Turkish Citizenship by Investment program. 

As per the Interior Ministry’s General Directorate of Population and Citizenship Affairs, nearly 2611 foreign nationals applied for the real estate investment program and licitly became Turkish citizens a year after the revised amendments were introduced. 

For more updates on the economy and real estate market in Turkey, stay connected with Extra Property. If you wish to know more about residential and commercial properties, drop in a line here.

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