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Türkiye’s Real Estate Business Shatters Sales Record
(MENAFN) Türkiye’s real estate market has shattered historical benchmarks, posting explosive transaction volumes that eclipse previous peaks despite economic headwinds, new government data reveals.
The country's property sector sold approximately 2.87 million units during the January-November period—a new all-time high for the first eleven months of any year, according to figures from Türkiye’s Land Registry and Cadaster General Directorate (TKGM).
Nationwide real estate transactions climbed 7.6% year-over-year, encompassing residential homes, undeveloped land, agricultural fields, office spaces, and commercial properties. The surge demolished the prior January-November record of 2.82 million properties sold in 2022.
Monthly performance showed volatility but overall strength. Sales expanded year-over-year in January, February, April, May, June, July, August, and September, while contracting only in March, October, and November, data indicates.
Transaction volumes reached 238,938 properties in January, 232,756 in February, 222,934 in March, 237,829 in April, 263,643 in May, 218,282 in June, 284,852 in July, 290,564 in August, 300,687 in September, and 310,457 in October—demonstrating steady momentum through most of the year.
November concluded with 273,295 properties changing hands, marking an 8.6% annual increase despite representing a slight cooling from October's peak.
The broader picture reveals staggering administrative activity. Land registry offices across Turkey processed 18.4 million total transactions in the eleven-month span. Sales accounted for roughly 2.9 million of these filings, while over 1.2 million involved mortgages, 446,000 were transfers, 157,000 corrections, 62,300 expropriations, 48,300 divisions, 34,000 donations, nearly 27,900 mergers, and approximately 26,100 partitions. An additional 13.4 million miscellaneous transactions passed through the registry system.
The transaction boom generated windfall government revenue. Fee collections skyrocketed 73.7% to 139.1 billion Turkish lira ($3.2 billion), with $3.1 billion stemming directly from sales transactions—underscoring the sector's fiscal importance to Turkish state coffers.
The country's property sector sold approximately 2.87 million units during the January-November period—a new all-time high for the first eleven months of any year, according to figures from Türkiye’s Land Registry and Cadaster General Directorate (TKGM).
Nationwide real estate transactions climbed 7.6% year-over-year, encompassing residential homes, undeveloped land, agricultural fields, office spaces, and commercial properties. The surge demolished the prior January-November record of 2.82 million properties sold in 2022.
Monthly performance showed volatility but overall strength. Sales expanded year-over-year in January, February, April, May, June, July, August, and September, while contracting only in March, October, and November, data indicates.
Transaction volumes reached 238,938 properties in January, 232,756 in February, 222,934 in March, 237,829 in April, 263,643 in May, 218,282 in June, 284,852 in July, 290,564 in August, 300,687 in September, and 310,457 in October—demonstrating steady momentum through most of the year.
November concluded with 273,295 properties changing hands, marking an 8.6% annual increase despite representing a slight cooling from October's peak.
The broader picture reveals staggering administrative activity. Land registry offices across Turkey processed 18.4 million total transactions in the eleven-month span. Sales accounted for roughly 2.9 million of these filings, while over 1.2 million involved mortgages, 446,000 were transfers, 157,000 corrections, 62,300 expropriations, 48,300 divisions, 34,000 donations, nearly 27,900 mergers, and approximately 26,100 partitions. An additional 13.4 million miscellaneous transactions passed through the registry system.
The transaction boom generated windfall government revenue. Fee collections skyrocketed 73.7% to 139.1 billion Turkish lira ($3.2 billion), with $3.1 billion stemming directly from sales transactions—underscoring the sector's fiscal importance to Turkish state coffers.
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