Turkey’s Real Estate Market Analysis in September 2024

Main Indicators of the Key Trends in the Housing Market of Turkey

Real Estate Market Analysis in Turkey shows growth in September 2024, by a 37.3% increase in home sales to 140,919 in the same month. Such growth shows that real estate in Turkey is in huge demand; however, trends fluctuate across the board in different regions and types of sales.

The Turkish housing market in September 2024 reflects growing domestic demand and changing patterns in buyer preferences. While it is true that compared with the same period the previous year, sales with mortgage decreased, such a sharp rise in September may mean that financial conditions are shifting, which will likely have an impact on affordability and access to loans. The balanced increase in both first-hand and second-hand sales suggests rising interest in both new and existing properties, offering opportunities across construction and resale markets.

In Home Sales Below Are Leading Cities

• Istanbul: 21,314 houses took the lead.
• Ankara: 13,205 sales, the second in the list.
• Izmir: 7,612 houses sold, third in the list

House sales in Hakkari, Ardahan, and Bayburt, were around 74, 82, and 106 houses, respectively.

Analysis Of Housing Sales

Comparing to time period of 2023, sales of housing increased by 5.2 percent. There was total sales of 947,236 houses from January till September this year.

• September 2024 Sales: 140,919 homes (up 37.3% from 2023).
• January-September 2024 Sales: 947,236 homes (up 5.2% from 2023).

Mixed Results for Mortgaged Sales

In September, mortgaged house sales leaped a massive 87.4% from the same period last year to 15,825 units and made up 11.2% of all sales. However, in the January-September period, mortgaged sales were significantly down 42.6% to 92,310. This may more aptly indicate the changing financial situation or the changing in lending policies that have occurred and how people plan for their mortgages long-term.

Increase in First-Hand and Second-Hand Sales

First-hand and second-hand house sales increased in September by the following:

• First-Hand Sales: Surged 47.1% in September to 44,858 homes and accounted for 31.8% of all sales during the month
• Second-Hand Sales: Increased 33.1%, reaching 96,061 homes, accounting for 68.2% of the total number of transactions.

In the first nine months, first-hand sales rose 12% to 300,879, while second-hand sales were up 2.4% to 646,357.

Decline in Foreign Investment

While domestic demand continues to soar, sales to foreign buyers fell 31% in September, as just 2,022 homes were sold to foreign nationals and represented 1.4% of all sales. For the first nine months of the year, foreign sales fell 39.1% from the same period last year, to 17,090 homes.

Foreign buyers purchased property in the following fashion:

• Top Cities for Foreign Sales: Istanbul (783 homes), Antalya (548 homes), and Mersin (210 homes).
• Top Nationalities: Russians bought the most properties in September (346 homes), followed by Iranians (163 homes) and Iraqis (139 homes).