Turkish house sales down 17.5% in 2023

Istanbul remained the top market, accounting for 16.2% of all house sales with 198,739 units. Following behind were Ankara with 9.3% and İzmir with 5.3%. Smaller provinces like Ardahan, Hakkari, and Tunceli saw the lowest numbers.

The downward trend continued in December, with sales dropping 33.4% compared to December 2022. Istanbul again held the top spot, followed by Ankara and İzmir. Hakkari had the fewest sales.

Mortgaged house sales suffered significantly, plummeting by 72.3% in December and 36.6% over the entire year. Their share of overall sales now sits at 4.4% for December and 14.5% for the year.

First-time house sales saw a 34.2% decline in December but remained relatively stable for the year, falling by 17.5%. In all, 379,542 first-time purchases were made in 2023.

The second-hand market also experienced a downturn, with sales dropping by 32.9% in December and 17.5% for the year. These homes still make up the majority of transactions, accounting for 63.0% in December and 69.0% in 2023.

Sales to foreign buyers took a major hit, plummeting by 48.1% in 2023 to 35,005 units. Antalya remained the top destination, followed by Istanbul and Mersin. Russians were the most active foreign buyers, followed by Iranians and Iraqis.

The gender gap in homeownership persists, with men purchasing 690,438 homes in 2023 compared to 401,933 purchased by women.

While Istanbul continues to be a strong market, the Turkish housing sector faced a challenging year in 2023, with declines in overall sales, mortgages, and foreign purchases. The data suggests a cautious market moving forward.