Going down? Real estate sales statistics in Turkey.
Turkish Statistics Institute published data on real estate sales in Turkey for July 2022.
Overall, over the period January – July home sales in Turkey rose by 24.2%, but in July compared to June sales declined by 12.9%. Most transactions for the purchase of real estate took place traditionally in Istanbul, Ankara and Izmir.
Home sales to foreigners in July decreased by 12.4% compared to the same month last year and amounted to 3,939 units. Also, compared to June, real estate sales in July 2022 decreased by almost 2 times among foreigners.
In July, the share of home sales to foreigners in the total volume of housing sales was 4.2%.
Traditionally among foreigners as well as locals previously led in sales in Istanbul, but in July most transactions were carried out in Antalya, followed by Istanbul and Mersin.
Despite the decline in sales in July, over the period January-July sales of houses to foreigners increased by 57.4% compared to the same period last year.
Citizens of the Russian Federation in July most purchased real estate. This suggests that the Turkish real estate is in great demand and popularity among Russian investors.
Conclusions and forecasts from Rixos Home :
We can identify several factors and reasons that have influenced the decline in property sales in Turkey in July 2022 among foreigners:
- First, we traditionally see a decline during the summer time period, as most buyers are on vacation and resting.
- Secondly, the “closure” of some areas to obtain a residence permit.
- Third, the rise in prices for all objects of real estate.
However, Russian, Kazakh, Ukrainian and German citizens are actively buying properties in Antalya (Alanya). The offices of the Rixos Home, the market leader, are located in Alanya.
Expect a decline in property prices in Turkey, as the cost of construction is increasing and the demand for “open” for residence permits areas continues to increase.
Rixos Home company specialists are ready to advise you on all aspects of buying an apartment or villa in Turkey by the sea, as well as on obtaining residence permits and Turkish citizenship for investment.
RELOCATE TO TURKEY IN 2022
