Real estate sales rise in Istanbul

Istanbul has always been and continues to amaze us with its vital numbers and real estate sales statistics that resist crises and emergency events, the latest of which is the Istanbul municipality’s statistics, which spoke of a significant increase in real estate sales in Istanbul during the first eight months of 2020, especially during the second third of the year, despite the effects negativity for the spread of coronavirus,

However, the real estate sector in Istanbul maintained its relative recovery during this period. For Istanbul to return and record advanced figures in real estate sales, as shown in the following paragraphs of this article.

We wish you a good follow-up.

General statistics of real estate sales in Istanbul

During the first eight months of 2020, the Istanbul Land Registry Department recorded the sale of about 176 thousand homes in Istanbul, which represents an 11% increase over real estate sales in Istanbul during the same period last year. 

This figure also constitutes about 17% of the total real estate sales in Turkey. In light of this statistic, the Istanbul Municipality reported a 16% decrease in sales of new homes in Istanbul, while sales of used homes increased by 28%, compared to the statistics for the same period last year. 

The following is an illustrative table of real estate sales in the third quarter of 2020 and 2019 in Istanbul:

We started by talking about the numbers of real estate sales before talking about real estate prices because the change in demand for real estate in Turkey plays an important role in determining real estate prices in Istanbul, and this will be fully detailed in a later paragraph of this article.

Statistics of real estate sales in Istanbul to foreigners

During the first eight months of 2020, the volume of real estate purchases in Istanbul by foreigners reached about 9,600. Despite the decrease in the rate of real estate ownership by foreigners in Istanbul compared to the same period in 2019, this has its justifications and reasons. 

You can see the following statistics provided by the Istanbul Municipality on the sale of real estate to foreigners in this state, which we have prepared for you in the following table:

It is noticed from this statistic that:

• Decrease in the purchase of foreigners in Istanbul due to the delay in the return of air traffic to and from Turkey.

• But then real estate sales increased, taking advantage of many factors, such as the relative decline in the exchange rate of the Turkish lira against other currencies.

• The most important reason for the continuation of real estate sales to foreigners even during the spread of the Coronavirus "Covid 19" is the desire of foreign buyers to obtain real estate residence in Istanbul or obtain Turkish citizenship through real estate ownership.

Statistics of new real estate sales in Istanbul

The new real estate sales sector, or what is known as "real estate zero", witnessed a clear decline during the beginning of the second third of 2020, but sales gradually increased during the sixth, seventh and eighth months, and it is expected that the sale of new properties will continue in an upward recovery in the last months of 2020 and with the beginning of the year 2021, and we will first share with you the statistics of new home sales in Istanbul before analyzing the change in sales figures:

Taking a closer look at the real estate market downturn, the following can be noted:

• Real estate sales in May 2020 were significantly low with regard to new homes in Istanbul, and this is due to the fact that the measures to combat the Coronavirus were in the strongest during that period, which negatively affected the ability of buyers to buy “zero” homes at a time when the ability was greater To buy used homes.

• Construction companies in Istanbul stumbled with the Corona crisis and could not change the view of buyers of new homes, and during this period the companies did not offer attractive offers.

• After the fifth month of May 2020, the real estate sales activity in Istanbul began to increase gradually, due to the return of real estate advertisements for construction companies, and the Turkish government providing greater facilities with regard to buying real estate online, and the return of air traffic to and from Turkey, and the gradual recovery of the tourism sector contributed to the rise in rates Real estate sales in Istanbul.

Statistics of sales of used real estate in Istanbul

The increase in real estate sales in Istanbul was much greater than the new real estate sales, because the desire for housing is a permanent desire that cannot decrease under any circumstances, and you can see this statistic:

The increase in sales of inhabited or used real estate in Istanbul can be linked to several reasons, the most important of which are:

• The desire to own real estate and housing is a permanent desire for people

• Used real estate prices are lower than new ones

• Buyers benefit from emergency sales offers

Statistics of mortgaged real estate sales in Istanbul 

One of the factors that contributed to the increase in the recovery of real estate sales in Istanbul is the incentive measures by banks in Turkey with regard to mortgages in Istanbul in particular and in general other Turkish states, and we have prepared this statistic for you to see the volume of mortgage sales in Istanbul:

The share of mortgage sales of the total real estate sales in Istanbul in 2019 was between 17 to 30% at best, while in 2020, the share of mortgage real estate sales on average exceeded 45% of the total real estate sales in Istanbul.

This reflects the success of the incentive plans by the Turkish government and banks in Turkey to encourage real estate ownership in Turkey and help buyers through easy real estate loans to realize their dream of owning real estate in Istanbul.

Statistics of real estate sales in Istanbul by neighborhoods 

In conclusion of this statistical tour documented by numbers, we will present to you the statistics of real estate sales in Istanbul according to each of its neighborhoods with the difference between the number of real estate sales compared between 2019 and 2020 during the first eight months of each:

Here we come to the end of this detailed statistical report, and we always remind you that Fanar Realty offers you the best quality services to give you an ideal opportunity to own your property and the house of your dreams.

We have also clearly contributed to providing all the procedural and legal facilities that we are always keen on to ensure your comfort and access to achieve your dream of owning real estate in Istanbul.

Source: Istanbul Municipality Report