Home sales fell in May

The Turkish Statistical Institute (TUIK) announced the house sales statistics for May 2023.

Accordingly, home sales in Turkey decreased by 7.7 percent in May compared to the same month of the previous year and became 113,276.

Istanbul had the highest share of home sales with 18,435 home sales and 16.3 percent.

According to the number of sales, Istanbul is followed by Ankara with 11,196 home sales and a 9.9 percent share, and Antalya with 6,158 sales and a 5.4 percent share.

The provinces with the fewest number of houses sold were Ardahan with 18 houses, Hakkari with 38 houses, Bayburt and Tunceli with 55 houses, respectively.

SALES DECREASE 16.3 PERCENT IN THE FIRST 5 MONTHS

The sale of homes in the period January-May 2023 decreased 16.3 percent compared to the same period of the previous year and amounted to 482 thousand 143.

Sales of foreclosed houses in Turkey decreased by 6.3 percent in May compared to the same month a year earlier and became 27,476.

The share of mortgage sales in total home sales was 24.3 percent.

16.7 PERCENT DECREASE IN CREDIT SALES

The purchase and sale of mortgaged homes in the January-May period, for its part, decreased 16.7 percent compared to the same period of the previous year and went to 108 thousand 67.

9,249 of the mortgage sales of May; 34,801 of the mortgaged sales in the January-May period were first-hand sales.

The number of first-hand home sales in Turkey rose 4.7 percent in May compared to the same month a year earlier and became 34,413.

The share of first-hand home sales in total home sales was 30.4 percent.

In the period January-May, the sale of first-hand homes decreased by 11.3 percent compared to the same period of the previous year and amounted to 145,272.

In May, when the presidential and parliamentary elections were held, home sales to foreigners fell sharply in annual terms.

FOREIGN SALES

The sale of homes to foreigners decreased 46.9 percent in May compared to the same month of the previous year and reached 3,167.

Home sales to foreigners decreased 37.8 percent in the January-May period compared to the same period of the previous year and stood at 16,650.

In May, the share of home sales to foreigners in total home sales was 2.8 percent.

AGAIN RUSSIA AGAIN ANTALYA

Antalya ranked first in house sales to foreigners with 1,245 house sales. Antalya was followed by Istanbul with 934 house sales and Mersin with 249 house sales, respectively.

In May, citizens of the Russian Federation bought 991 houses from Türkiye.

Citizens of the Russian Federation were followed by Iran with 503 residences, Ukraine with 175 residences, and Germany with 129 residences, respectively.