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1.2 Million Brand New Home In Turkey Is Left On Hand

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  • As of the last quarter in 2019 the brand new-selling housing has reached 1 million 270 thousand units in stock.
  • In January 2020 of this year home sales fell 44 percent. As of the third quarter of 2019 the brand new housing stock that could not be sold reached 1 million 270 thousand. In a recent report the new announced on interest rate cuts of public banks, land registry fee reduction and VAT exemption in housing purchases, a total of 202 thousand units sold in the month of December 2019 that broke record.
  • Fatwa did not work either. Despite large-scale reductions in home loan interest rates to state banks and Diyanet fatwas, there was 44 percent decline in housing sales in January 2020.
  • The 44 percent decline in total Turkish home sales in January 2020 were 113.615 units with a near half decline. That figure represents 43.8 percent drop from the previous month December 2019. The impact of loan interest rates which have fallen as central bank interest rate cuts are reflected in housing loans, has caused a stir in housing sales. In December 2019 especially second-hand housing sales rose to prominence with 126 thousand units.
  • From 1.2 million housing units available in the market, in January a total 113 thousand 615 units were sold, whereby 42 thousand 237 was sold by housing mortgage and bank credit sales. In January 126 thousand units of second-hand housing sales rose from December 2019 sales of 77.500. First hand zero house sales fell from 75 thousand to 36 thousand compared to the previous month. According to the determinations of the Turkish Contractors Association, the new housing stock that could not be sold as of the third quarter of 2019 reached 1 million 270 thousand. Home purchases to foreigners in January 2020 was limited to 3.907 units sold.

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  • Turkish housing purchases of foreigners in Turkey increased with the regulation on the granting of citizenship to $ 250 thousand real estate in Turkey. According to TurkStat data a total of 153 thousand 766 houses were sold to foreigners in the last 5 years. Of this figure at least 88.393 were citizens of Middle Eastern countries. With housing sales out of Syrian asylum seekers the foreign population in Turkey exceeded 1.5 million. The housing purchases made by citizens of countries other than the Middle East were made mainly by people of Turkish origin.
  • In 2019 while 45.967 houses were sold to foreigners, of which 27.980 were to citizens of Middle Eastern countries. In this period the largest number of housing purchases of 27.609 were made to Iraqis. The Saudis were second place with 12.971 units, the Iranians were third position with 11.953, the Russians were fourth with 10.350, the Kuwaitis were fifth with 9.788, the Afghans were sixth with 7.418, and the Germans were seventh with 6.770 house sale in Turkey.

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