Analysis Of Real Estate Sector At Turkey In November 2024

In November 2024, house sales in Türkiye have seen a stunning increase, showing once more a dynamic real estate market. In this article read about the main statistics, trends, and Analysis Of Real Estate sector in turkey in 2024.

Overview of House Sales

November 2024 saw the sale of 153,014 houses in Turkey, which reflects an appreciable increase of 63.6 percent over the same month of 2023. Such high growth in sale value clearly outlines the scenario of recovery and momentum gaining in the housing market driven by improved economic conditions, government incentives, and increased consumer confidence.

Top Performing Provinces

• İstanbul: İstanbul topped the list with 26,320 house sales in, showing the position of an economic center and cultural center of İstanbul. There can be all kinds of properties for very different buyers, starting with a luxurious apartment to getting an affordable house in Istanbul.

Istanbul Real Estate Agency is a reliable leader in the property market of Istanbul, with more than 10 years of experience, complemented with professional capabilities. The agency operates within a wide frame of real estate services-from offering thousands of investment opportunities in residential and commercial properties across town to diversified portfolios that meet the needs of a wide array of clients, whether for finding their dream home, a lucrative investment, or even a strategic business location.

With a multilingual and very experienced staff, Istanbul Real Estate Agency guides its clients through every step in the property journey. Located at the heart of four strategically located sales offices in Istanbul, access is easy, with personalized support guaranteed throughout the buying process.

It also provides professional support services in real estate sales and applications for Turkish citizenship, presenting foreign investors with an end-to-end smooth experience. Highly admired for its transparency, professionalism, and customer-oriented approach, Istanbul Real Estate Agency is the strong partner of all those willing to invest in or relocate to Istanbul.

• Ankara: With 14,916 house sales, the capital city continues to gain attractiveness for residential and investment purposes. The city’s infrastructure projects and administrative importance make its real estate sector attractive.
• İzmir: Famous for its coastal charm and high quality of life, İzmir has taken the third place in the list with a sale of 8,583 houses. Its combination of city facilities and natural beauty attracts customers.

Least Performing Provinces

• Bayburt: With a mere 89 house sales, Bayburt reflects the challenges smaller provinces face in attracting real estate investment.
• Tunceli: Slightly ahead with 99 house sales, Tunceli’s low figures underline its rural character and limited market activity.
• Hakkari: Having sold 121 houses, Hakkari indicates the difference between the urban and rural areas in terms of housing demand.

This wide gap between cities and small provinces puts in high relief how real estate activities are not evenly spread across the country.

Year-to-Date Performance (January-November 2024)

House sales in the first 11 months of 2024 have reached a staggering 1,265,388, up by 16.4 percent compared to the same period in 2023. This modest growth underlines the resilience of the housing market and continued interest in the sector from both domestic and foreign buyers.

Key Factors Driving Growth

Several key drivers are reflected in year-to-date performance:

• Economic Stability: The recovering economy of Turkey has helped boost buyer confidence.
• Government Initiatives: Homebuyers’ supporting policies, such as subsidies and tax incentives, have added to the boom.
• Increased Urbanization: Fast urban development and migration to cities continue to drive up demand for housing in metropolitan areas.

Shift in Buyer Preferences

Some key shifts were also observed in buyer preference for the housing market, where second-hand housing became more favourable due to better affordability and faster processes in transactions.

Insights into Sales Categories

Mortgaged Sales

November witnessed a huge rise in mortgaged house sales: up 315.7% against the same month of the previous year to 21,804 units. The steep rise suggests renewed consumer confidence in using financing options to buy homes. However, the year-to-date numbers present a different scenario.

During the period of January to November, mortgaged sales were down 21.3 percent to 135,209 units. The decline could be interpreted that buyers might have opted for non-mortgaged purchases owing to fluctuating interest rates or better cash payment alternatives.

Other Sales

Other house sales, including cash and other alternative methods of financing, led the market with 131,210 units sold in November. This category grew 48.6 percent year-over-year and accounted for 85.8 percent of all sales during the month. Year-to-date, other house sales reached 1,130,179, reflecting a strong 23.4 percent growth.

First vs. Second-Hand Sales

First-time home sales were at 49,274 in November, up 61.7% from the previous year. This made up 32.2% of all sales, showing that newly built homes are still wanted. Buyers prefer new homes because of their modernity and lower maintenance costs.

By contrast, second-hand house sales reached 103,740 with a 64.6% year-over-year increase. They accounted for a high 67.8% of total sales, which indicated that buyers preferred existing properties for their affordability and because they could move in right away.

House Sales to Foreigners

House sales to foreign buyers in November 2024 declined 8.2% to 2,151 units sold compared with the same month in 2023; foreign sales represented 1.4% of total sales for the month.

Top Destinations for Foreign Buyers

• İstanbul: Attracted the highest number of foreign buyers, with 780 houses sold. The city’s blend of historical charm and modern amenities makes it a global hotspot.
• Antalya: 752 sales and still one of the favourites for its scenic coastal location and Mediterranean climate.
• Mersin: Secured 191 sales, popular with foreign buyers seeking affordable coastal properties.

Buyer Nationalities

Most of the foreign buyers were from:

• Russia: Leading with 421 purchases, driven by geopolitical and economic factors.
• Iran: 200 units sold, a strong demand from neighboring countries.
• Ukraine: Secured 160 purchases, highlighting continued investment despite challenges in the region.

Year-to-Date Trends

From January to November 2024, a total of 21,363 house sales were made to foreigners, down 35.1 percent compared to the same period of 2023. Such a decline may be attributed to world economic uncertainties or changes in foreign investment policies