NEWS Property        15/02/2021

Property sales in Turkey fell by 37.9% in January 2021

According to figures prepared by the Turkish Statistical Institute (TÜİK – Türkstat), domestic property sales in general in Turkey, that is including both Turkish and foreign nationals, fell by 37.9% in January 2021 to 70,587 units compared with the same month of the previous year.


Following tighter monetary and fiscal measures being introduced by the government, property sales fell by  18.7% in November, and 47.6% in December 2020, and now 37.9% in January 2021. The new economic team taking up office in November 2020 is expected to maintain these tighter controls over the feasible future.  Property sales are accordingly expected to continue to fall over the coming months.


Mortgage sales decreased by 74.6% to 10,732 units in January 2021, and made up 15.2% of all property sales compared with 37.2% in the same month of the previous year.


The number of property units sold for the first time, which made up 31.5% of total property sales, fell by 38.2% to 22,268 units in January 2021 compared with the same month of the previous year. Used property sales which made up 68.5% of total sales in January 2021 decreased by 37.7% to 43,319 units.


For the year 2020, property sales in Turkey were 1,499,316 units, an increase of 11.2% on the previous year. Mortgage sales, which made up 38.2% of all property sales, increased by 72.4% to 573,337 units in 2020. The number of property units sold for the first time, 469,740 units, which made up 31.3% of total property sales, decreased by 8.2% in 2020 compared with the previous year. Used property sales, with 1,029,576 units, which made up 68.7% of total sales in 2020, increased by 23%.


Property sales to foreigners of 2,675 units in January 2021 showed a 31.5% decrease on the figure for the same month of the previous year, a 39.5% decrease on the figure for the previous month of December, and represents 3.8% of total domestic sales in Turkey in January 2021.


Property sales to foreigners for the year 2020 were 40,812 units, 2.7% of the total, and a decrease of 10.3% on the 45,483 units for 2019. Over the last three years there has been a significantly higher number of property sales to foreigners. This was due to the Turkish government’s easing of citizenship requirements in 2018 for foreigners, who can now obtain Turkish citizenship if they own real estate in Turkey worth a minimum of USD 250,000.


In January 2021, sales to middle-eastern nationals continued at over 50% of the total. Highest sales were to Iranian nationals with 459 units, followed by Iraqi nationals with 385 units, Russian nationals with 260 units, and Afghan nationals with 168 units. Of total property sales to foreigners in 2020, highest sales were to Iranian nationals with 7,189 units, followed by Iraqi nationals with 6,674 units, Russian nationals with 3,078 units, Afghan nationals with 1,929 units, Azerbaijan nationals with 1,279 units, German nationals with 1,265 units, Kuwaiti nationals with 1,231 units, Yemeni nationals with 1,181 units, Kazakhstan nationals with 1,171 units, and UK nationals with 1,126 units.


Istanbul was the number one province attracting property sales to foreigners with 1,380 units in January 2021. The Mediterranean resort of Antalya was the second most popular province with 462 units, followed by the capitol Ankara with 179 units, and the Mediterranean province of Mersin with 131 units. Of total sales in 2020 of 40,812 units, 19,175 units were sold in Istanbul, 7,735 units were sold in Antalya, 2,746 units were sold in Ankara, 1,340 units were sold in Bursa, 1,321 units were sold in Yalova, and 1,313 units were sold in Mersin.

Turkey’s net minimum wage has been raised 49% to TL 17,002 (USD 577) as of 01.01.2024       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate decreases to 71.60% in June 2024       Turkey’s official unemployment rate is 8.4% in May 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023