Analysis Of Turkey’s Real Estate Sales for December 2024
Analysis Of Turkey’s Real Estate Sales for December 2024
In 2024, real estate sales in Turkey have experienced a tremendous rise when compared with 2023. House sales have gone up 20.6%, and a record 1,478,025 unit of houses have been purchased in 2024 in the country. In this article, comparative analysis of 2024 sales of houses with 2023, performance in provinces, and analysis of Turkey’s Real Estate Sales of buyers is discussed in detail below.
Annual House Sales in Turkey
The record sales of 1,478,025 of houses in 2024 is an all-time high when compared with 1,225,926 in 2023, an improvement of 20.6%. Out of these, three provinces have experienced a high record of sales, including:
- İstanbul: 239,213 houses sold
- Ankara: 134,046 houses sold
- İzmir: 80,398 houses sold
Meanwhile, the provinces with the lowest number of house sales were:
- Ardahan: 755 houses sold
- Hakkari: 958 houses sold
- Bayburt: 999 houses sold
December 2024 Record House Sales in One Month
212,637 houses have been purchased in December 2024 alone in Turkey. In comparison with December 2023, when 138,577 have been purchased, 212,637 represent an improvement of 53.4%.
Breakdown of December 2024 House Sales:
- Mortgaged Sales: 23,277 (up by 285.3% from December 2023)
- Other House Sales: 189,360 (up by 42.9% from December 2023)
The most striking improvement in December in sales in terms of sales in the section of mortgages is considerable. In December, a 285.3% improvement in sales in this section reflects renewed confidence in financing options for buyers.
Annual House Sales by Type (2024 vs. 2023)
Here’s a closer look at the house sales throughout the year, categorized by sales type:
- First-Time Sales: 484,461 units (27.6% increase compared to 2023)
- Share of total sales: 32.8%
- Second-Hand Sales: 993,564 units (17.4% increase compared to 2023)
- Share of total sales: 67.2%
In December 2024:
- First-Time Sales: 76,629 units (49.5% increase compared to December 2023)
- Second-Hand Sales: 136,008 units (55.7% increase compared to December 2023)
This indicates a growing interest in second-hand homes, which accounted for the majority of transactions both in December and throughout the year.
House Sales to Foreign Buyers
A total of 23,781 houses have been sold to buyers abroad in 2024, 32.1% less than 2023. In a fall, sales to buyers abroad continued to make 1.6% of sales in general in Turkey. Most preferred provinces for buyers abroad have been:
- İstanbul: 8,416 houses sold
- Antalya: 8,223 houses sold
- Mersin: 2,112 houses sold
House Sales to Foreigners in December 2024
A total of 2,418 houses have been sold in December alone to buyers abroad, a 17.2% increase over December 2023. The sales have accounted for 1.1% of sales in December.
House Sales by Nationality
The most important group of buyers abroad in Turkey have been buyers in Iran, then buyers in Russia, then buyers in Ukraine. Most buyers in 2024 have been citizens of Russia, in sequence, then buyers in Iran, then buyers in Ukraine.
Top 3 Nationalities by House Sales in 2024:
- Russia: 4,867 houses
- Iran: 2,166 houses
- Ukraine: 1,631 houses
In December 2024:
- Russian citizens bought 438 houses
- Iranian citizens bought 239 houses
- Ukrainian citizens bought 181 houses
Mortgaged vs. Other House Sales
Mortgaged sales have played a mixed performance in 2024. Where for 2024, sales under mortgage have fallen 10.8%, in December, sales have increased a record 285.3% over December 2023.
Key figures for mortgaged sales:
- December 2024: 23,277 units sold
- 2024 Total: 158,486 units sold
The share of mortgaged sales in total transactions was 10.9% in December and 10.7% for the whole year.
In contrast, other house sales increased significantly:
- December 2024: 189,360 units sold (42.9% increase compared to December 2023)
- 2024 Total: 1,319,539 units sold (25.9% increase compared to 2023)
A Strong Year for Turkish Real Estate
Turkey’s Real Estate Sales performed well in 2024 with increased demand for first and secondary property sales. Unlike a drop in sales to international buyers, overall performance remained strong with strong sales performance year to date in most provinces. Ankara, İzmir, and İstanbul ranked first position, with provinces including Ardahan and Hakkari having minimum sales.
Increased demand and multi-dimensional buyer profiles mean property in Turkey continues to offer opportunity for both international and domestic buyers. Trends in 2024 have placed 2025 in a position for a successful 2025, with anticipation for ongoing expansion and behavior change in buyers.