Housing market keeps its mobility as always. There are increases in selling of both new and second hand properties. Total housing sales in January 2016 was 84.000, compared to 95.000 this year. While the number of new residential properties sold were 40.000 in January 2016, it increased to 44.000 in January 2017.
16.5% of total residential sales in the country took place in Istanbul this year. Almost 16.000 new and second hand properties sold in January at Istanbul.
Istanbul Is Favorite
In 2015, the share of foreigners in total property sales was 3.8%. In 2016 it fell to 2.8% 18.000 houses were sold to foreigners last year. In this January, foreigners bought 1.398 properties. The sales made to foreigner investors are 1.5% of total sales.
Foreign market keeps their eye on Turkish real estate market. Foreigners bought 441 housings in Istanbul, 264 in Antalya and 137 in Bursa.
Target market investigation is very crutial at this point. Iraqis are the leader of foreign real estate investors. Iraqis bought 279 housings while, Saudi Arabia citizens bought 144.
But domestic demand is behind this mobility in housing market. Foreign housing demand didn’t reach to expectations yet. New housing properties demand is getting increasingly higher. Also second hand housing market is growing bigger just like new housing market.
Almost 40% of the new housing properties are being sold with bank loans. Istanbul is the center of housing market and in january, 17.5% of the new housing properties selling took place in Istanbul.