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% 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.

Real estate sales in Türkiye increased in January, February, April, May, June, July, August, and September year-on-year, while falling in March, October, and November, according to the data.

The Turkish real estate sector sold some 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.

In November, the number of properties sold was 273,295, up 8.6% 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 transfers, 157,000 corrections, 62,300 expropriations, 48,300 divisions, 34,000 donations, nearly 27,900 mergers, and around 26,100 partitions.

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

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