According to recently released data, in October 2023, Turkey's overall real estate price index increased by 86.5% compared to the same period last year, with new homes rising by 91.1% and existing homes by 86.8%. While Istanbul, as Turkey's economic center, saw a slightly lower but still significant increase of 74.4% in the housing price index. This data indicates that Turkey's real estate market is highly favored by both domestic and international investors.
One of the key reasons for the continuous rise in Turkey's housing prices and sales is the strong demand from investors and the global trend of monetary easing policies. Faced with global uncertainties, the middle class and high-net-worth individuals are turning their investment focus to real estate for value preservation, appreciation, and risk diversification.
Simultaneously, the Turkish government's measures, including lowering bank loan rates to stimulate consumption and the devaluation of the Turkish currency, encourage people to withdraw funds from banks and choose real estate as an investment. The implementation of these policies is expected to continue for a considerable period, maintaining the investment value and growth potential of Turkey's real estate market.
In terms of specific sales figures, in November 2023, Turkey sold a total of 93,000 homes. Istanbul held the highest share of sales at 16.2%, selling 15,187 homes. Ankara and Izmir followed with 8,250 and 5,105 homes sold, accounting for 8.8% and 5.5%, respectively. In contrast, Kahramanmaraş, Ardahan, and Gümüşhane had lower sales volumes, with 52, 57, and 73 homes sold, respectively.
Furthermore, property sales to foreigners also show an upward trend. In November, the number of homes sold to foreigners reached 2,342, accounting for 2.5% of the total sales.
Among these, Antalya led with 790 units sold, followed by Istanbul with 710 homes, and Mersin selling 316 homes to foreigners.
Looking at cumulative data from January to November, the total number of homes sold to foreign nationals reached 32,941. This data once again highlights the attractiveness and competitiveness of Turkey's real estate market among international investors.