Turkish real estate sector performs the best in eight years

The performance of the Turkish real estate sector during the first quarter of this year has been the best performance of this sector in eight years

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2020-04-17 Last update 2020-04-27

Turkish real estate sector performs the best in eight years

The central bank's gradual decrease in interest rates since the second half of last year; has led to an increase in real estate loans and a large demand for real estate ownership.

The Real Estate sales in Turkey during the first quarter of this year achieved a record number of more than 340,000 real estate, which is the best performance of this sector in eight years.

According to the data issued by the Turkish Statistical Institute (TÜİK), the sales of January 2020 reached more than 113,000 real estates, in February 2020 reached more 118,000 real estates, and in March 2020, it reached more than a hundred and eight thousand real estates, thus, March achieved a 3.4% increase over apartments sales in all of Turkey in the same month of last year.

Istanbul ranked first among the best apartments-selling Turkish provinces in March 2020 with nearly selling 20,000 apartments, Ankara ranked second with more than 12,000 apartments, and Izmir came third with more than 7,000 apartments.

Sales of new apartments made one-third of sales in Turkey:

The number of apartments that were sold for the first time all over Turkey in March 2020 reached more than 34,000 apartments, achieving 31.4% of the total sales of apartments all over Turkey, Istanbul was the first among the Turkish provinces that sold new apartments the most by selling more than 6,000 apartments, with a percentage of 18.9% of sales of the new residential apartments all over Turkey, followed by Ankara with the sale of more than 3,000 apartments, then Izmir in third place by selling more than 2,100 new apartments.

According to the statistics, the number of used residential apartments sold in March 2020 reached more than 74,000 apartments, achieving a 22.5% increase compared to the sales of March 2019, where Istanbul was in the first place with the sales of about 14,000 apartments which is 18% of sales of the resale apartments all over Turkey, Ankara came second with more than 9,000 resale apartments, and Izmir came in third with more than 5,000 apartments.

As for the sales of mortgaged apartments, they reached more than 43,000 apartments in March 2020, achieving a 90.4% increase over the sales of mortgaged apartments in March 2019.


Apartments for sale in Istanbul

Istanbul maintains the first rank in sales to foreigners

The residential apartment sales to foreigners in March 2020 reached more than 3,000 apartments, in which Istanbul ranked first and sold more than 1,500 apartments, followed by Antalya by selling nearly 600 apartments, Ankara with 165 apartments, Mersin with 110 apartments, and Bursa in which 93 apartments were sold.

What are the top buying nationalities?

According to statistics of the Turkish Statistical Organization, the Iranians ranked first among foreign nationalities who bought apartments in March 2020, where they bought 465 apartments, the Iraqis with 426 apartments, the Russians with 227 apartments, the Afghanis with 184 apartments, then the Palestinians with 119 apartments.

Edited by: Imtilak Real Estate©

Source: ZingatDaily Sabah

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