Turkish real estate sales hit record 2.87 million in first 11 months

Türkiye's real estate sector has achieved a historic sales volume in the first eleven months of the year, according to official data from the Land Registry and Cadaster General Directorate (TKGM). Between January and November, approximately 2.87 million properties were sold across the country, marking a 7.6% increase compared to the same period last year and setting a new record for the span. The previous record for an eleven-month period was 2.82 million sales in 2022.

Monthly Performance and Transaction Breakdown

The market demonstrated robust activity through most of the year, with year-on-year sales growth recorded in eight out of the eleven months. The strongest monthly sales were recorded in October (310,457), September (300,687), and August (290,564). In November, sales remained strong at 273,295 properties, reflecting an 8.6% annual increase. Overall, land registry offices nationwide processed a total of 18.4 million transactions during this period.

Financial Impact and State Revenue

The buoyant market activity translated into significant state revenue from transaction fees. Fees collected surged by 73.7% year-on-year, reaching 139.1 billion Turkish lira (approximately $3.2 billion). Of this total, around $3.1 billion was generated specifically from sales transactions. This substantial revenue underscores the sector's critical contribution to the national economy and public finances.

Sector Resilience and Economic Significance

The record-breaking performance highlights the continued resilience and dynamism of the Turkish property market, encompassing residential, commercial, and land sales. The data reflects sustained domestic demand and investor confidence. For Türkiye, a nation prioritizing economic growth and stability, the strength of the real estate sector serves as a key indicator of broader economic health and provides vital fiscal resources for development initiatives.