The number of residential properties sold nationwide rose by 17.3% in February 2024 compared to the same month last year, reaching 93,902 objects.
In February 2024, the total volume of property transactions reached 1,543, surpassing the number recorded in the preceding two years. The number of registered transactions increased by 14.6% compared to February 2023.
The Tranio team continues to analyse statistics on off-plan property deals based on data from the Dubai Land Department. The number of transactions in February is steadily increasing.
In 2023, a trend of declining foreign demand for real estate in Turkey compared to the peak levels of 2022 became noticeable. This trend has persisted into the beginning of this year.
In January 2024, the total volume of property transactions reached 1327, surpassing the number recorded in the preceding two years. The number of registered transactions increased by 13% compared to January 2023.
Following record demand set in 2022, each new complication in obtaining Turkey's residence permit led to a drop in applications and transactions by Russians. Nevertheless, with 10,560 properties purchased in Turkey, they remained the top property buyers among foreign nationals in 2023.
In December 2023 the foreign demand for property in Turkey continued to decline compared to the previous year's peak.
Following Bloomberg, numerous analysts observed a decline in activity in Dubai's off-plan residential market in Fall 2023, which some experts attributed to a drop in demand from Russian HNWIs (high net worth individuals).
In December 2023, the total volume of property transactions reached 2,074, an all-time high in 2 years of observations. The number of registered transactions increased by 17% compared to November 2023 and by 10% year-on-year.
In November 2023, the total volume of property transactions reached 1,768, showing an increase of 19% over the same month last year (1,484 transactions). The number of transactions remained virtually unchanged compared to October 2023 with an increase of 1.7%.
The pandemic and resulting social isolation have brought attention to the issue of loneliness. These events have demonstrated that loneliness is not only oppressive and devastating but also poses a threat to human health. The World Health Organization (WHO) has addressed the issue, and the European Commission has conducted a separate research on the risks and consequences of loneliness.
Official data released by the Government Housing Bank (GHB) in June 2023 indicates a significant increase in the purchase of apartments in Thailand by foreigners in Q1 2023. Compared to Q1 2022, there has been a 79.2% rise in the number of units bought, with a total of 3,775 apartments purchased.
As of the beginning of 2023, the activity of Russian-speaking property buyers in various foreign countries has more than doubled compared to activity levels at the beginning of 2022.
The authorities of Turkey and Georgia reported a record number of real estate deals concluded by Russians in these countries during the 12 and 9 months of 2022, respectively. The high activity of buyers from Russia was noted by official sources from Thailand and Spain based on the data on registration of ownership rights in 2022.
Cross-border property investors ramped up to or surpassed the pre-COVID-19 level of activity in most countries by the end of 2021.