A Complete Guide to Real Estate Sales in Turkey (2022)
If you are considering buying a property in Turkey this year, this guide will help you learn about property sales in Turkey in 2022, and the most popular Turkish city to buy from both Turks and foreigners.
Real Estate Sales Sales in Turkey 2022 in Numbers
During 2022, 3 million and 389 real estate sales were registered in Turkey, and the state treasury’s revenue from title fees amounted to 41 billion, 555 million, 205,000 and 953 Turkish lira.
Of those deals, 1 million, 485,000 and 622 properties were sold in Turkey during 2022.
The value of Turkey’s real estate sales was divided into 1 million 254,000 545 apartments, 518,000 89 plots, 862,000 438 farmlands, 135,000 and 782 workplaces.
Turkish Statistics Authority data showed that Istanbul’s properties had the largest share of sales, at 259 thousand and 654 properties, and accounted for 17.5% share of total real estate sales in Turkey.
The Isenyurt region ranked first for Istanbul real estate sales in 2022, with a sale of 36 thousand and 315 residential apartments. The second place was followed by the Belek Duzo area with a sale of 13 thousand and 417 residential apartments.
The Basaksehir area was ranked third with a sale of 10 thousand and 887 residential apartments over the past year.
Turkey’s new property price index increased by 151.4% year-on-year in May, and the existing unit index rose by 145% over the previous year.
What you don’t know about real estate bubble and real estate investment in Turkey
Turkey Property Sales for Foreigners
Turkey’s property sales to foreigners in 2022 increased by 15.2% compared to 2021, reaching 67 thousand and 490 properties.
Over the past year, 4.5% of apartments sold across Turkey have been sold to foreigners.
Istanbul’s properties ranked first in the sale of property in Turkey to foreigners during the 2022 with a sale of 24 thousand and 953 residential apartments.
For the most popular nationalities to buy property in Turkey in 2022, Russians came first with 16 thousand and 312 residential apartments.
The second place was followed by Iranians with the purchase of 8 thousand 223 apartments, and Iraqis ranked third globally and first Arabic with the purchase of 6 thousand 241 apartments.
A strong start to Turkey’s real estate sales in 2023
During the first month of 2023, Turkey’s real estate sales amounted to 249 thousand and 852 properties. Istanbul again topped the list of Turkey’s most sold cities for real estate, with 29 thousand and 576 properties.
Istanbul Real Estate is one of the best in Turkey, because Istanbul is a distinct city and the meeting of the continents of Asia and Europe, a global hub for economic, cultural and tourist events.
Reasons for the Global Turnout on Property Turkey
Real estate investment in Turkey is at the forefront of the reasons why foreigners buy property in Turkey, and also to complete the conditions for obtaining Turkish citizenship.
The Turkish Government had made some adjustments to the conditions for Turkish citizenship and had increased the minimum property granted Turkish citizenship to $ 400 thousand.
However, Turkey’s property sales to foreigners have not declined after this increase, but have shown a marked rise. This is evidence of foreign investors’ confidence in the future of real estate investment in Turkey.
What is the future of real estate investment in Turkey in 2023?
Do you need consultation from experts specializing in Turkey real estate?
Our real estate advisors are ready to serve you! Contact us now.