In Turkey, house sales decreased by 11.8 percent in April compared to the same month of the previous year and became 75 thousand 569. The provinces with the highest number of house sales were Istanbul with 12 thousand 406, Ankara with 6 thousand 272 and Antalya with 4 thousand 427, while the provinces with the lowest number of house sales were Ardahan with 18, Hakkari with 35 and Tunceli with 49.
According to the Turkish Statistical Institute (TurkStat), house sales in Turkey decreased by 11.8% in April compared to the same month of the previous year and became 75,569. This figure was recorded as the lowest monthly sales since May 2021.
Istanbul Ranks First
The provinces with the highest number of house sales in April were Istanbul with 12,406, Ankara with 6,272 and Antalya with 4,427. The least sales were realized in Ardahan with 18, Hakkari with 35 and Tunceli with 49.
Sharp Decline in Mortgaged House Sales
In Turkey, mortgaged house sales decreased by 67.5% yoy to 7,071 in April. The share of mortgaged sales in total house sales was realized as 9.4%. In January-April period, mortgaged house sales decreased by 57% to 34,693. While 1,744 of the mortgaged house sales in April, 8,313 of the mortgaged house sales in January-April period were recorded as first hand sales.
Situation in First Hand and Second Hand Sales
In April, first-hand house sales decreased by 10.6% yoy to 24,085 and the share of first-hand house sales in total house sales was 31.9%. In January-April period, first-hand house sales increased by 1.3% to 112,341.
Second-hand house sales decreased by 12.3% to 51,484 in April and the share of second-hand house sales in total house sales was realized as 68.1%. In January-April period, second-hand house sales decreased by 5.9% to 242,832.
House Sales to Foreigners Also Declined
In April, house sales to foreigners decreased by 50.3% compared to the same month of the previous year and became 1,272. The share of house sales to foreigners in total house sales was realized as 1.7%. The highest number of house sales to foreigners was realized in Antalya with 454, Istanbul with 407 and Mersin with 149. In April, the highest number of houses were sold to citizens of the Russian Federation with 293, Iran with 117 and Ukraine with 91.
House Prices on the Increase
According to the Central Bank of the Republic of Turkey’s March 2024 House Price Index (RPI) data, the RPI, which is calculated to monitor the quality-adjusted price changes of houses in Turkey, increased by 1.2% in March compared to the previous month and became 1230.5. In March, PPI increased by 52% yoy and decreased by 9.8% in real terms.
The change in PPI for the three major cities was 1% for Istanbul and Ankara and 0.6% for Izmir in March compared to the previous month. Compared to the same month of the previous year, index values increased by 40.4% in Istanbul, 63.9% in Ankara and 49.5% in Izmir.
