140,953 houses sold in Aegean region in first 9 months of 2023

Despite economic fluctuations, the real estate sector has remained active, in the Aegean region, with 140,953 houses sold in the first 9 months of the year, constituting 15.6% of the total housing sales in Turkey.

Izmir leads with 48,002 units sold, securing its position as the third-largest city in Turkey in terms of housing sales, with a 5.3% share of the total sales nationwide. Balıkesir follows Izmir, surpassing Aydın, with 20,994 units sold in the first 9 months, and Aydın in the third position with 19,795 units sold.

Foreign property sales decreased by 42% in September 2023 compared to the same month last year, with Antalya leading in sales to foreigners, followed by Istanbul and Mersin. In the top 10 rankings for foreign property sales, three Aegean cities, namely Izmir, Aydın, and Muğla, are present.

Real estate experts anticipate increased market activity post-local elections, expecting a possible 40% price increase. Currently, due to high construction costs, there is a slowdown in the supply of new properties, and Turkey’s annual housing need, estimated at 1 million units, is not being met.

With the completion of ongoing projects, there is a potential for a higher housing deficit in 2024. The real estate sector’s major expectation is low-interest housing loans, not only for first-time homebuyers but for the general public, as difficulties in accessing and repaying loans have led to increased demand for rental properties, causing a rise in rental prices. The sector anticipates a significant upward movement in housing prices, especially after the elections.