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Turkish Real Estate Sales in Last March

Posted by Lilas Mahmandar on 28 April 2017

According to the data that released by the Turkish Statistics Institute, houses sales in Turkey rose by 10% during March compared to March last year as a result of the reduction of sales taxes and the campaigns which are carried out by real estate companies in Turkey.

Where more than a third of sales was distributed among the three largest cities: Istanbul, Ankara, and Izmir. Istanbul’s share of total home sales was 17.4% or 22,443 houses. The capital city Ankara came after Istanbul with 11.6% or about 15,0044 houses, while Izmir city accounted for about 6.3% or 8,0599 homes.

Newly built residential units maintained a good share of total sales, with 56,376 apartments being sold for the first time. Where used homes rose by 11.9% or 72.547 units.

Despite government incentives to encourage foreigners to buy properties in Turkey, home sales to foreigners fell by 1.1 % to 1,578 units on an annualized basis. Most of the foreigners who bought properties in Turkey were Iraqi, Kuwaiti, Russian, and Afghan. Iraqis were the top buyers of real estate in Turkey last March, buying 323 homes, followed by Saudis in second place, buying 148 homes, and Kuwaitis third with 139 homes. Russians occupied the fourth place with 115 houses, while Afghans came in fifth place with 112 homes.

According to the Turkish Statistics Agency, the total number of houses that were sold during last March to foreigners was about 1578 houses, where Istanbul topped the list with 579 houses followed by Antalya in second place with 313 houses and the third place was for Bursa with 124 houses and the fourth Yalova with 88 house and fifth was for Sakarya with 80 houses and then the capital Ankara with 73 houses.

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