November Sales Decline Across the Country
Home sales across Turkey fell to their lowest level in five months in November. According to official data, total housing sales declined by 7.8 percent year-on-year to 141,100 units, marking the weakest monthly performance since June.
Data released by the Turkish Statistical Institute (TurkStat) showed that Istanbul led the country with 24,234 home sales, followed by Ankara with 12,706 and Izmir with 8,540. At the other end of the scale, the lowest number of sales was recorded in Ardahan with 78 units, followed by Bayburt with 131 and Artvin with 152.
January–November Sales Still Show Growth
Despite the monthly slowdown, overall housing market activity remained strong over the longer term. Home sales during the January–November period increased by 13.3 percent compared to the same period last year, reaching a total of 1,434,133 units nationwide.
Mortgage-Financed Sales Remain Limited
Mortgage-backed home sales totaled 21,499 units in November, representing a modest 1.4 percent annual decline. Mortgaged transactions accounted for 15.2 percent of total sales during the month. In contrast, mortgage-backed sales surged by 53.5 percent in the January–November period, reaching 207,519 units.
Of these, 5,483 mortgaged homes were sold as first-hand properties in November, while first-hand mortgaged sales reached 49,973 units over the first eleven months of the year.
Other Sales Types Dominate the Market
Non-mortgage home sales continued to dominate the market. In November, 119,601 homes changed hands through other sales types, reflecting an annual decrease of 8.8 percent. These transactions made up 84.8 percent of total home sales. Between January and November, non-mortgage sales rose by 8.5 percent year-on-year to 1,226,614 units.
First-Hand and Second-Hand Sales Trends
First-hand home sales totaled 46,589 units in November, down 5.4 percent compared to the same month last year. New homes accounted for 33 percent of total sales. Over the January–November period, first-hand sales increased by 8.9 percent year-on-year to 444,096 units.
Second-hand home sales fell by 8.9 percent annually in November to 94,511 units, representing 67 percent of total sales. However, second-hand transactions rose by 15.4 percent in the January–November period, reaching 990,037 units.
Foreign Buyers Reduce Purchases
Sales to foreign nationals declined by 9.7 percent year-on-year in November, with 1,943 homes sold to non-residents. Foreign buyers accounted for 1.4 percent of total home sales during the month. Istanbul ranked first with 728 sales, followed by Antalya with 662 and Mersin with 157.
In the January–November period, home sales to foreigners dropped by 11.1 percent compared to the same period last year, totaling 18,993 units.
Russians Lead Foreign Home Purchases
By nationality, the highest number of home purchases in November was made by citizens of the Russian Federation with 310 units. They were followed by Ukrainian buyers with 159 homes and German buyers with 151.
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