The real estate market in Turkey showed positive trends in August 2023. Sales of Turkish properties increased by 11.5% compared to July 2023, reaching a total of 122,091 units. However, there was a slight decrease of 1.1% in comparison to August of the previous year.
There is a particular interest in properties located in major cities in Turkey. The number of properties purchased in each of these cities has increased by several thousand compared to the previous month. Istanbul emerged as the leader in terms of sales, accounting for 14.3% (17,400 units) of the total. It was followed by Ankara (11,000 units) and Izmir (6,500 units) with a market share of 9% and 5.3% respectively.
Foreign buyers also continue to show interest in Turkish real estate. In August, international buyers accounted for 2.5% of the total sales. This is a significant increase compared to 2017 when only 1.5% of sales were made to foreigners. The reasons behind this demand include the convenient location of the country, the increase in property value in terms of US dollars, and the possibility of obtaining Turkish citizenship through property investment. Estimates suggest that between 22% and 38% of foreign buyers are counting on this opportunity.
Property sales to foreigners increased by 9.2% in August compared to July of this year, totaling 3,058 units. However, there was a 42% decrease in demand compared to the peak demand experienced in August of the previous year. Istanbul remained the top choice for foreign buyers with 1,066 units sold, followed by Antalya (919 units) and Mersin (248 units).
The top five countries whose citizens actively purchase property in Turkey remained unchanged. In August, Russian citizens bought 733 residential properties in Turkey. They were followed by Iranian citizens with 342 purchases, Iraqi citizens with 220 purchases, Kazakh citizens with 141 purchases, and Ukrainian citizens with 135 purchases.
Overall, the real estate market in Turkey demonstrated positive dynamics in August 2023, even though sales slightly decreased compared to the previous year. The interest in purchasing properties in new developments remains high, and major cities such as Istanbul, Ankara, and Izmir continue to attract investors with their prospects. It is also worth noting that foreign citizens continue to show interest in Turkish real estate.
