Data from the Turkish Statistical Institute showed today, Friday, that home sales in Turkey decreased by 17.5% in 2023 compared to the previous year, reaching 1,225,926, and sales to foreigners also declined by 48.1%, with the rise in interest rates and inflation.
Russians topped the list of foreign buyers by buying 10,560 homes last year out of 35,000 homes for foreigners in 2023. According to a statement by the Turkish Statistics Authority, the share of housing sales to foreigners reached 2.9%.
The continued demand by Russians for housing in Turkey reflects the quest for financial haven in the wake of the Russian-Ukrainian war and Western sanctions imposed on Moscow.
Data showed that home sales fell by 33.4% last December compared to the previous year, partly due to tightening monetary policy and difficulty obtaining loans.
The data also showed that mortgage sales fell 72.3% in December compared to the previous year, and 36.6% in 2023 as a whole, constituting 14.5% of total sales during the year.
The state of Antalya topped the list of Turkish states selling the most real estate to foreigners with 12,702 properties, then Istanbul with 11,229, and Mersin with 3,016 properties.
As for foreigners, the Iranians came in second place after the Russians, purchasing 4,272 homes, then the Iraqis, purchasing 1,917 homes.
