Real estate sales fall, title deed fee revenue hits record high

A decline was recorded in the first half of the year in real estate sales across Turkey, covering residential, land, field, workplace, and commercial properties. According to data from the General Directorate of Land Registry and Cadastre, the total number of sales in the January-June period decreased by 10.3 percent compared to the same period last year, reaching 1 million 268 thousand 950.

In the first 6 months of last year, 1 million 414 thousand 382 real estate sales transactions had been completed. Conversely, the strong growth in revenue generated from title deed transactions continued. In the first half, fee revenue rose by 74.7 percent to 108 billion 948 million 102 thousand liras.

SALES INCREASED IN JUNE

In the market, which started the year weakly, monthly sales were 204 thousand 884 in January, 222 thousand 842 in February, 200 thousand 529 in March, and 234 thousand 468 in April. In May, the number of sales fell to 167 thousand 48, partly due to the 9-day Eid al-Adha holiday.

In June, however, sales accelerated again. Throughout the month, 239 thousand 179 real estate sales were made. While this figure indicates a 9.6 percent increase compared to the same month last year, the highest monthly sales of the first half of the year were seen in June.

In first-half comparisons, 1 million 223 thousand 47 real estate transactions were made in 2024, 1 million 358 thousand 551 in 2023, 1 million 523 thousand 515 in 2022, and 1 million 186 thousand 49 in 2021. Last year, total sales increased by 8.7 percent on an annual basis, exceeding 3.3 million and reaching the highest level of all time.

In the January-June period, a total of 9 million 735 thousand 240 transactions were carried out in land registry offices. Approximately 1 million 269 thousand of these transactions consisted of sales, nearly 613 thousand of mortgages, nearly 204 thousand of successions, and 82 thousand of corrections.

In the same period, 103.5 billion liras of the 108.9 billion lira fee revenue obtained came from sales transactions. Thus, despite the decline in the number of sales, title deed fee revenue approached a record level.

News Source: 12punto