Real estate sector records strong sales in January-November

ISTANBUL

Türkiye’s real estate business broke a record this year, selling around 2.87 million properties in the January-November period, according to data from the country’s Land Registry and Cadaster General Directorate (TKGM).

The number of real estate properties sold nationwide rose 7.6 percent on an annual basis, the data showed. These properties include homes, land, fields, workplaces and commercial properties.

The previous first-11-month record was 2.82 million real estate properties sold in January-November 2022.

In November, the number of properties sold was 273,295, up 8.6 percent on an annual basis.

Meanwhile, a total of 18.4 million transactions were made at land registry offices in Türkiye in January–November, the data showed.

Around 2.9 million of these transactions were sales, over 1.2 million were mortgages, 446,000 were transfers, 157,000 were corrections, 62,300 were expropriations, 48,300 were divisions, 34,000 were donations, nearly 27,900 were mergers and around 26,100 were partitions.

Some 13.4 million other transactions were also made in these offices.

Revenue from fees collected from these transactions surged 73.7 percent to 139.1 billion Turkish lira ($3.2 billion), $3.1 billion of which was generated from sales transactions.