Will home sales increase in Turkey

Will home sales increase in Türkiye? We will learn about that through this blog. Continue reading.

In recent years, Turkey has witnessed a significant growth in the real estate sector, as the percentage of sale of residential real estate has increased significantly, but will this increase continue in the future? Will home sales in Turkey increase or decline? What are the

What factors will determine the fate of this sector in the coming period? In this article, we will discuss these issues in detail, and try to provide some predictions and analyzes about the future of the real estate sector in Turkey.

Reasons for home sales in Turkey

1. Economic growth and an improvement in the standard of living contribute to the increasing demand for homes by the local population in Turkey and growing confidence in the economy and improving job opportunities are making many people consider buying their own homes.

2. Real estate is one of the most important forms of investment in Turkey and the diversified and dynamic real estate market attracts investors from all over the world, who see real estate as an opportunity to achieve a good financial return and benefit from the growth of the real estate sector in the country.

3. Türkiye offers programs to obtain Turkish citizenship by purchasing a property and this program is attractive to foreign investors who want to obtain Turkish citizenship and take advantage of the economic and commercial opportunities available in the country.

4. The country is among the popular tourist destinations known for competitive real estate prices and the country offers affordable homes compared to some other countries, which makes it an attractive destination for buyers.

5. Turkey has witnessed a great technological development in recent years, which makes the real estate market more accessible and transparent.

Home sales statistics in Turkey

A decrease in the number of homes sold in March was recorded in March by 21.4% compared to the same month in the previous year, as the Turkish Statistical Institute announced home sales statistics for the month of March, and accordingly, home sales in Turkey decreased by 21.4% in March compared to the same month in the previous year, reaching 105,476 homes.

Istanbul topped the list of cities with the highest percentage of home sales, with 18,166 homes sold, constituting 17.2% of the total sales, followed by Ankara with 12,023 homes and a share of 11.4%, then Antalya with 6,120 homes and a share of 5.8% and the provinces with the lowest number of home sales include Ardahan, with 23 homes, Hakkari, with 54, and Bayburt, with 69, respectively.

Residential property sales recorded a decrease of 16.5% in March compared to the same month in the previous year. Total sales reached 25,262 units, and the proportion of mortgaged sales out of total property sales was 24.0%.

On the other hand, sales of mortgaged homes decreased in the period from January to March by 13.9% compared to the same period in the previous year, and reached 58,822 units, and direct home sales in Turkey recorded a decrease of 14.2% in March compared to the same month in the previous year, and reached to 32,899 units and direct home sales accounted for 31.2% of total sales.

The January-March period saw primary home sales drop 11.2% compared to the same period in the previous year, reaching 83,907 units.

The most selling type of real estate in Turkey

Contemporary and familiar apartments in modern residential areas are an ideal choice for those who want to enjoy central areas located in the heart of the parks, streets and services of the big city and therefore, the residential apartments keep pace with the needs and requirements and it is one of the most sold types of real estate in Turkey.

However, it should be noted that luxury apartments, hotels, and tourist resorts did not succeed in attracting investors enough, despite the availability of many attractive offers and in fact, foreign investors choose to buy residential properties

Regular in scenic sections when they want to live in Turkey, and they can reach some tourist attractions easily.

Tips when buying real estate in Turkey

1. Do extensive research about the area where you intend to buy the property and check the reputation of the developer or real estate agent and make sure they have a good reputation.

2. Visit the site and explore the area yourself to determine if it meets your needs and requirements.

3. Hire a local lawyer with experience in Turkish real estate laws and the lawyer will help you understand the legal procedures and contribute to ensuring your rights as a buyer.

4. Ensure the correctness and completeness of the ownership documents for the property, ensure that the declared owner is the legal owner and that the property is not reserved or mortgaged.

5. Compare prices in the selected area and check the price-to-value balance and negotiating price and payment terms can be part of the process.

6. If you need financing to purchase the property, check out the options available for obtaining a mortgage from local banks or banks.

7. Consult a local financial advisor to assess the tax and financial implications of buying property in Turkey.

8. Ask for a copy of the contract and read it carefully before you sign it and make sure you understand all the financial and legal terms and obligations related to the deal.

Common questions

Are house sales expected to increase in Turkey in the near future?

Yes, home sales in Turkey are expected to continue to increase in the near future based on the economic growth and continued demand for real estate in the country.

What factors affect the increase in home sales in Turkey?

Home sales in Turkey have been affected by several factors, including economic growth, urban expansion, real estate development, and government facilities for foreign investors.

Is the demand for homes in Turkey increasing by foreign investors?

Yes, the real estate sector in Turkey is witnessing an increase in demand by foreign investors, due to government facilities, flexible laws and good investment returns.

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