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Turkish home sales drop 14.3 percent in first 10 months of 2023

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Home sales in Turkey fell by 14.3 percent from January to October year-on-year, according to official data published on Thursday.

The Turkish Statistical Institute (TurkStat) reported that 93,761 residential properties changed hands last month, compared to 102,656 the previous month.

The data show that sales fell 8.7 percent in October compared to the same month last year.

The data also indicate that sales of homes financed by mortgages fell 58.0 percent in October compared to the same month last year, totaling 5,577.

After the brief spike in sales in August, which marked the highest level this year at 122,091 units, home sales continued to slow.

Sales of homes to foreign buyers continued their downward trend, falling by 52.9 percent year-on-year to 2,536 units in October, according to TurkStat.

The Mediterranean city of Antalya accounted for the largest share of sales to foreign buyers, with 931 units.

İstanbul followed with 758 properties sold to foreigners, while the southern province of Mersin was in third place with 294.

Among foreigners, Russians bought the most houses – 713 units – followed by Iranians with 235, Germans with 152 and Ukrainians with 138.

In the first 10 months of the year, housing sales to foreigners fell by 44.4 percent year-on-year to 30,599, according to the data.

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