NEWS Property        14/01/2021

Property sales in Turkey increase by 11.2% in 2020

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 47.6% in December 2020 to 105,981 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 6.9% in September, 16.3% in October, 18.7% in November, and now 47.6% in December. The new economic team taking up office in November 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 70.9% to 24,450 units in December 2020, and made up 13.8% of all property sales compared with 24.9% in the same month of the previous year.

 

The number of property units sold for the first time, which made up 34.8% of total property sales, fell by 51.1% to 36,898 units in December 2020 compared with the same month of the previous year. Used property sales which made up 65.2% of total sales in December 2020 decreased by 45.4% to 69,083 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%.

 

For the year 2019, property sales in Turkey were 1,348,729 units, a decrease of 1.9% on the previous year. Mortgage sales, which made up 24.7% of all property sales, increased by 20.1% to 332,508 units in 2019. The number of property units sold for the first time, 511,682 units, which made up 30.3% of total property sales, decreased by 21.5% in 2019 compared with the previous year. Used property sales, with 837,047 units, which made up 62.1% of total sales in 2019, increased by 15.6%.

 

Property sales to foreigners of 4,427 units in December 2020 showed a 16.4% decrease on the figure for the same month of the previous year, a 10.8% decrease on the figure for the previous month of November, and represents 4.2% of total domestic sales in Turkey in December 2020.

 

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 December 2020, sales to middle-eastern nationals continued at over 50% of the total. Highest sales were to Iranian nationals with 764 units, followed by Iraqi nationals with 724 units, Russian nationals with 349 units, Afghan nationals with 224 units, Kazakhstan nationals with 170 units, Azerbaijan nationals with 155 units, Yemeni nationals with 152 units, Jordanian nationals with 124 units, and German nationals with 114 nationals. 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, Germant 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 2,308 units in December 2020. The Mediterranean resort of Antalya was the second most popular province with 789 units, followed by the capitol Ankara with 273 units, the Mediterranean province of Mersin with 159 units, and the north-western provinces of Yalova and Bursa with 131 units and 98 units respectively. 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 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       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 increases to 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020