Duvar English

The Turkish Statistical Institute’s (TÜİK) September real estate data revealed a contraction in the market from a year ago, dropping by 6.9 percent for some 136,744 residences sold.

Turkey’s three largest metropolitan cities, Istanbul, Ankara and İzmir made up 18.6, 9.3 and six percent of all residence sales, respectively, while the slowest market of Hakkari observed the sale of 17 houses in September.

The number of residences being sold for the first time shrank by 19 percent from last year in September, with some 41,375 sales going through for 30.3 percent of all sales.

Residences with mortgages observed a shrink of 38.5 percent in sales from last year for a total volume of 35, 576 trades, with Istanbul residences making up 21.2 percent of those.

Interestingly, the volume of real estate sales between January and September grew by 34.2 percent from last year, observing some 1,161,278 purchases despite the COVID-19 pandemic.

Real estate sales to foreigners also grew by 26.1 percent from last year in September, counting a total 5,269 purchases.