According to the Industrial Development Bank of Turkey (TSKB) Real Estate Appraisal’s “Housing Market at a Glance 2023” report, housing sales in Turkey fell to its lowest level since 2015 with a total of 1 million 87 thousand 349 units in the 11-month period of 2023.
The results of the research, which emphasize that the housing market plays an important role not only in the lives of individuals but also in the economy, reveal important indicators regarding the evaluation of 2023 and the expectations for 2024.
Sharing her views on the research, Makbule Yonel Maya, General Manager of TSKB Real Estate Appraisal, said, “Housing sales fell to its lowest level since 2015 with a total of 1,087,349 units in the 11-month period. Thus, housing sales declined by 15 percent in 2023. It was seen that the difficult access to housing financing and the increase in housing prices were effective in the slowdown in the housing market. In 2023, the most striking data in the decline seen in 2023 was that the ratio of mortgaged sales in total sales decreased to 16 percent, the lowest level to date. In the 11-month period; the number of houses sold for the first time was 328,299, the number of houses sold with mortgage was 171,706, and the number of house sales per working day was 4,687.”
While the annual nominal house price increase was 86.5 percent, the annual real house price increase was 15.6 percent and the average unit price in Turkey was TRY 30,036/square meter, according to the report.
Maya states they believe that three main topics will be on the agenda in the housing market in 2024: “First, the development of instruments to incentivize new housing production, the second is the reconstruction of earthquake zones and the creation of financing sources and resource flow routes for this, and the third is the housing problem, which is one of the most important issues not only in our country but also in the whole world.”