Real estate sales boom in Turkey for 2022
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Real estate investment is considered as the best type of investment in the world, not only the best, but also the most successful and safest compared to other types of investments. As long real estate stock market increases even in its worst times in the globe as that happened through corona pandemic, therefore the real estate market has been affected globally in all countries, Because of the closure that had been imposed by all governments on their people fearing of the spread of the disease in an epidemic manner.
The increasing of real estate sales in 2022
Turkish people still consider that real estate is the best investment way for their savings, recently real estate market in Turkey is booming despite the many fluctuations that the Turkish economy witnessed in the last quarter of 2021, due to the decision of Turkish President Recep Tayyip Erdogan’s when cancelled the benefit of banks, and the consequences that followed that decision dramatic changes in the exchange rate of the lira against the dollar, it was expected by many economists that time Turkey would witness a period of economic recession and the flight of investors and capital, but what happened was unexpected. In January 2022, the data of the Turkish Statistics Authority showed that sales of residential real estate in Turkey rose up by 25.1% year on year.The institute said that sales had jumped to 88,306 properties in January. The data showed that total sales in December rose 113.7% year on year to 22,6503, and according to central bank data, new home prices rose 67% year on year in December.
As for last February 2022, 4,591 properties were sold to foreigners throughout Turkey, so that foreign purchases of real estate accounted as 4.7% of the total real estate sales in Turkey. And as usual, Istanbul topped the list of Turkish cities selling real estate to foreigners, with 1958 properties, followed by Antalya with 1099, then Ankara, the capital with 288 properties.
Real estate sales in Turkey during the first two months of 2022 recorded a significant increase with the high demand for buying real estate in Turkey from citizens and foreigners.
The title deed and real estate transactions departments witnessed the completion of 416,784 real estate sale transactions in Turkey during the first two months of the current year 2022.
According to Anadolu Agency, quoting sources from Turkish officials; Real estate sales in Turkey during January 2022 witnessed the completion of 199,111 real estate sale transactions, while the sales number rose to 217,673 transactions during last February 2022, As the total transactions during the first two months of this year to about 416,784 transactions.
Apartment sales have the largest share of real estate sales in Turkey with 176 thousand and 46 sales, followed by land sales with a total of 72 thousand and 833.
At the level of the cities that recorded the highest real estate sales in Turkey; Istanbul came first place with 55 thousand and 167 transactions, then the Ankara in second place with a total of 27 thousand and 559, then Izmir third with 23 thousand and 103 transactions, Thus Real estate sales to foreigners in Turkey increased by 54.9% in February, compared to the same month in 2021.
The effects of Russian invasion to Ukraine on real estate sales in Turkey
The real estate sales in Turkey have been affected since the Russian invasion on Ukraine, as many Russians and Ukrainians have fled to Antalya, their most preferred destination, besides those who stuck as they came there to spend their holidays in that period. Once the war broke out, they remained here due to the catastrophic situation in their countries, which was positively reflected in real estate sales in Turkey, especially Antalya, as the war led to an increase in home sales and rents, according to data of Turkish industry, because most Ukrainians are unable to return to their country, while Russians fear that they will not be able to Returning home due to extensive Western sanctions on Moscow, a war that has led some to rent apartments and others to buy properties.
Rents and house prices rose in most of Antalya's popular neighbourhoods, and residential property sales in the city jumped nearly 28% year-on-year in February to 4,727 apartments.
According to data from the Turkish Statistical Institute (TurkStat), about 1,099 of these were purchased by foreign buyers, an increase of 106.2% year on year. Russian listed in third place among top buyers in February 2022 with 509 homes after Iranians with 711 and Iraqis with 633 homes, while rents have nearly tripled from about 3,000 Turkish liras ($202) to between 8,000 Turkish liras and 10,000 Turkish liras, according to Donya daily for business.
The actual impact is expected to be shown once the March figures are published as the invasion began on February 24, from his side Davut Cetin, president of the Antalya Chamber of Commerce and Industry (ATSO), announced that Antalya listed second place after Istanbul among the highest provinces selling real estate by foreigners last month.
At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice .
- Property Management.
- After-sales services .
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.
Editing by Ramzy Real Estate Team ©
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