Analytical review of the residential real estate market in Turkey

According to the results of October 2023 in Turkey, 1 sq. m. a meter of residential real estate in the market as a whole costs about $840 per 1 sq. m, which is 35% higher than in October 2022;

·         By the end of October 2023, the demand for residential real estate amounted to 994 thousand residential real estate objects (-14% compared to the same period in 2022);

·         By the end of October 2023, the share of new buildings in demand was 31%. In total, 297.8 thousand lots were sold in the primary sales market, which is 14% lower than in the 10 months of 2022;

·         After the negative events of 2023, demand is recovering, but foreigners and Russians are buying fewer and fewer lots;

·         By the end of October 2023, foreigners purchased 30.8 thousand lots, which is 45% lower than in the first 10 months of 2022;

· Russians still remain in 1st place in demand among foreigners, who have purchased 9.4 thousand since the beginning of the year. lots, which is 17% lower than in the same period in 2022. The share of Russians was 28%;

·         Istanbul and Antalya remain the most popular among foreign home buyers. After the earthquake, Antalya came in 1st place with a share of 37%, and Istanbul moved to 2nd with a share of 30%. Mersin (12%) and Bursa (3%) are next in the ranking of foreign buyers.