Impact of the earthquake on home sales

According to SHAFAQNA TURKEY-TUIK, Turkey’s home sales fell to 80 thousand 31 in February, the lowest level since May 2021 due to the earthquake.

Housing sales in Turkey in February decreased by 18.0 percent compared to the same month last year and amounted to 80 thousand 31.

Istanbul had the highest proportion of home sales with 14,980 home sales and 18.7 percent. In terms of sales, Istanbul is followed by Ankara with sales of 8,235 houses and a share of 10.3 percent, as well as Izmir with sales of 5,31 houses and a share of 6.3 percent. The provinces with the fewest houses sold were Hakkari with 16 houses, Ardahan with 30 houses and Tunceli with 47 houses respectively.

Mortgage sales down

Mortgage housing sales in Turkey in February decreased by 12.7% compared to the same month last year and amounted to 17,357. The share of mortgage sales in total housing sales was 21.7 percent. Sales of mortgage loans in January-February, on the contrary, decreased by 11.8 percent compared to the same period of the previous year and amounted to 33,560 units.

5,93 mortgage sales in February; 9,353 mortgage sales between January and February were first-hand sales.

The number of first-hand home sales in Turkey in February decreased by 18.8 percent compared to the same month last year and amounted to 23,476 units.

Sales of secondary housing decreased by 17.7 percent compared to the same month last year and amounted to 56 thousand 555 units.

Home sales to foreigners have fallen

Sales of housing to foreigners in February decreased by 27 percent compared to the same month last year and amounted to 3,350 units. Antalya ranked first in home sales to foreigners with 1261 home sales. Antalya is followed by Istanbul with 1133 home sales and Mersin with 225 sales respectively.

Russian citizens bought 1183 houses in Turkey. Russia is followed by Iran with 446 residences, Iraq with 173 residences and Ukraine with 142 residences.

Bloomberg