Property sales stabilized in 2016 in Turkey amid sharp fall in foreign interest

ANKARA

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House sales in Turkey increased in a modest trend by 4 percent in 2016 compared to the previous year reaching 1.3 million, although sales to foreigners dropped sharply, according to a fresh data from the Turkish Statistics Institute (TÜİK).

Sales to foreigners declined by 20.3 percent compared to the previous year, dropping to 18,189. 

Istanbul was foreigners’ top choice with 5,811 sales, followed by the Mediterranean province of Antalya with 4,352 sales. Some 1,318 houses were sold in the western provinces of Bursa and Aydın, also popular tourist destinations, which witnessed 871 sales. 

Some 3,036 of properties in Turkey were bought by Iraqi nationals, making them top foreign buyers. Some 1,886 of properties were bought by Saudi nationals, 1,744 by Kuwaitis, 1,224 by Russians and 1,205 by Afghans. 

In December only, Iraqis bought 244 properties. 

Istanbul had the highest share of house sales in 2016 with 17.3 percent of the total, marking 232,428 sales. Ankara followed with 144,570 sales, making it 10.8 percent of the sum and İzmir with 81,316 houses, or 6.1 percent.

The southeastern province of Hakkari was recorded to have the least properties that changed hands, with only 130. 

Some 449,508 of the sales were mortgaged and 891,945 of the sales were made by other payment methods. 

Sales in the last month of 2016 increased by 0.1 compared to the same month of the previous year, standing at 142,713 transactions. 

Only 20 houses were sold in Hakkari in the last month. Şırnak and Bayburt, which are provinces also in the country’s southeast, followed with 51 and 57 houses respectively.

Some 801,048 of houses were bought by men, which refers to 59.7 percent of the share. 

Istanbul ranked the first in terms of the number of houses purchased by women with 63,963 and 16.3 percent of the share, but men were the majority. Some 7,186 houses were jointly bought by men and women. 

The lowest number of houses sold to women was in Hakkari with only 22 sales throughout the year.