Turkish Home Sales Up 15% in February

Following a disappointing start to the year, transaction activity in Turkey's real estate market increased by 15% in February.

According to figures published by the Turkish Statistical Institute, 95,021 homes were sold in February 2015 with Istanbul recording 17,690 transactions, representing an 18.6% share of the market.

Following Istanbul was Ankara with 11,063 sales (11.6%) and Izmir 5,850 (6.2%), with the least sales completing in the provinces of Hakkari and Ardahan with 6 house sales respectively.

The report also showed an increase in mortgage approvals, rising 53.6% compared with February 2014. Total house sales with mortgage finance represented a 38.9% share of all transactions in Turkey, with the Black Sea coastal province of Artvin recording the most homes bought with mortgages at 58.5% of all house sales in the region.

1,369 houses were sold to foreigners during February, with Istanbul selling 466; Antalya 356; Bursa 106; Yalova 77; Muğla 75 and Aydin 65 house sales.

Chairman of Antalya Real Estate Agencies Chamber, Seref Saglam said: "Russian investors in Turkey are selling their houses in Antalya, Turkey's top tourism spot due to economic conditions in Russia".

Investor confidence in Turkish real estate has been rising in recent months, boosted by significant growth in tourism that saw millions flocking to the country's tourist hotspots during 2014. Julian Walker, director of Spot Blue International Property said:

"This is to be expected as the summer season approaches for the coastal areas. Elections, oil prices and currency strength will be influencing factors in key markets of the UK, Turkey and Middle East in 2015."

New summer flights to south-west Turkey announced earlier this year by British Airways are also set to positively impact property markets, particularly in resort areas. BA are launching flights direct to Dalaman and Bodrum from April this year that will see a sharp increase in passenger traffic through the airports currently handling a combined total of 7.7 million passengers each year.

2015 looks set to be a very promising year for Turkey's real estate market and with more than 200,000 British pension-savers poised to enter the arena from April this year the country is well-placed to benefit from increased investor confidence.