As of March, house sales in Turkey decreased by 21.4 percent compared to the same period of the previous year and became 105 thousand 476. In the same period, house sales to builders decreased by 38.7 percent and were recorded as 3,415.
The fear experienced after the Kahramanmaraş-centered earthquakes on February 6, which is described as the disaster of the century, and the increase in housing prices by more than 150 percent in the last 1 year led to a rapid decrease in house sales in March. According to the house sales statistics of the Turkish Statistical Institute for March, house sales across Turkey decreased by 21.4 percent in March compared to the same month of the previous year, to 105 thousand 476.
There was a decrease of 11.5% in 3 months
Housing sales in the January-March period, on the other hand, decreased by 11.5 percent compared to the same period of the previous year and amounted to 283 thousand 215. In March, Istanbul had the highest share with 18 thousand 166 houses and 17.2 percent in house sales.
Mortgaged house sales across Turkey decreased by 16.5% in March compared to the same month of the previous year and became 25 thousand 262. The share of mortgage sales in total housing sales was recorded as 24 percent. Mortgage sales in the January-March period, on the other hand, decreased by 13.9 percent compared to the same period of the previous year, to 58,822.
Other house sales across the country decreased by 22.8 percent in March compared to the same month of the previous year, to 80 thousand 214. The share of other sales in total house sales was calculated as 76 percent. Other house sales in the January-March period, on the other hand, decreased by 10.9 percent on an annual basis to 224 thousand 393.
The share of new residences is 31.2 percent
The number of first-hand housing sales decreased by 14.2 percent in March compared to the same month of the previous year and became 32 thousand 889. The share of first hand house sales in total house sales was determined as 31.2 percent. In the January-March period, the first hand house sales decreased by 11.2 percent compared to the same period of the previous year and became 83 thousand 907. In March, second-hand house sales decreased by 24.3% on an annual basis to 72 thousand 577. The share of second-hand housing sales in total housing sales was determined as 68.8 percent. In the January-March period, second-hand house sales decreased by 11.7 percent compared to the same period of the previous year and amounted to 199,308.
Sales to foreigners decreased by 39%
Housing sales to foreigners decreased by 38.7 percent in March compared to the same month of the previous year, to 3,415. The share of house sales to foreigners in total house sales last month was 3.2 percent. Antalya took the first place in house sales to foreigners with 1324 house sales.
Antalya was followed by Istanbul with 1,090 house sales and Mersin with 240 house sales, respectively. In March, Russian citizens bought 1,175 houses from Turkey. Citizens of this country were followed by Iran with 472 residences and Iraqi citizens with 165 residences, respectively.
Housing sales to Russians increased 3.5 times in 1 year
MARS Chief Executive Officer Hakan Bucak noted that the pressure of the Kahramanmaraş earthquakes on housing sales continues, and they expect this normal situation to continue. Referring to the number of houses bought by foreign investors, Bucak said that 10 thousand 926 houses were sold to foreign investors in the first quarter.
Bucak said the following about Russia, the country that buys the most housing; “Since the beginning of the war, that is, in the period of March 2022-March 2023, the total number of residences purchased by the Russians from Turkey was 19 thousand 239. In the whole of 2021, this figure was 5 thousand 379. There has been a 3.5-fold increase in orientation since the war. We expect this situation to continue for another two or three years due to the effects of the war.”
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