House Sales Statistics in Türkiye, October 2024

In this article read on Analyzing Real Estate Market market performed in october 2024. Additionally, when compared to the same month of previous year, real estate sales increased by 76.1 percent in October 2024. This is a great development for real estate industry as it has 165,138 houses being sold in total. It shows an increase in market activity which further displays a rising demand.

Regional Analysis Shows Major Cities Lead the Market

The distribution of house sales underscores the dominance of metropolitan areas.

• İstanbul became the city with the most house sales in magnitude with 24,812, it keeps its position both as the economic and cultural center of Türkiye. Thanks to the rapidly increasing population and continuous interest of national and international buyers alike, the sales are very hot in this location.
• While having Ankara as an administrative and commercial city boosted sales of houses in the city to a total of 15,257.
•  İzmir was second in rank, being the greatest coastal city of the country with 8,658 sales, its place being of course the apple of the eye of those who dream of a Mediterranean lifestyle.
  

Lastly, other provinces like Hakkari showed 76 sales, Bayburt had 97. Moreover, Ardahan had 112 sales, which is understandable due to their smaller populations and economic opportunities

Year-to-Date Performance Growth in 2024

House sales from January to October 2024 increased 11.9% compared with the same period in 2023, reaching a total of 1,112,374 units. That reflects the fact that the housing market, after some fluctuations in the initial period of the year, has taken a strong upward journey.

These figures indicatively show that the real estate sector has continued to recover in Türkiye due to favorable market dynamics, further urbanization, and infrastructure development projects. Yet, the market still faces challenges like rising interest rates and inflation that have implications for affordability.

Mortgaged Sales In Turkey

For October, recorded sales of mortgaged houses increase by 278.2% year-on-year, with 21,095 units recorded, which could mean that buyers regain confidence to use leverage.

Taking the larger view, between January and October 2024, YoY decline stood at 31.9% in mortgaged sales amounting to 113,405 units which had been transacted. Tighter lending policies and high mortgage rates perhaps had an explanation in the beginning of the year itself.

The revival in October may well indicate that either the financial condition eased out or buyers sought to capitalize on temporary incentives/promotions.

Other House Sales Statistics

Non-mortgaged or “other” houses get the biggest share of house sales last October amounting to 144,043 units sold. This reflects a 63.3% increase from last year. This comprises 87.2% of the total sales to represent that buyers still want cash sales or alternative financing.

The segment, from January to October, grew by 20.7% of its strength during the crisis, as many buyers avoid the problem of dealing with mortgage loans.

First-Time vs. Second-Hand Sales

First-time house sales leaped 97.3% in October to reach 57,679 units, underlining the solid demand from new buyers. This accounted for 34.9% of all sales, an encouraging sign that the market is finally expanding and might be about to attract more youthful buyers or first-time buyers.

Equally strong was the sales in the second hand, which went up 66.5% y-o-y to 107,459 units in October. Analyzing Real Estate Market, It was a category which contributed 65.1% to the total sales hence quite significant in the overall market. Affordability and ready-to-move-in properties can be said to be the factors driving the buyers into action in this segment.

Sales to Foreigners Shows A Declining Trend

Although overall growth in the market exists, the sales to foreign buyers declined by 16.3% in October to a total of 2,122 units. In fact, sales can point to the rigid pursuit of visas, geopolitical tensions, and fluctuation in currency that may daunt international investors.

Antalya’s ranking first with 750 sales was followed by İstanbul with 724 and Mersin with 148.  Analyzing Real Estate Market these regions remain very attractive for buyers due to their nice climates, rich urban lifestyles, and great opportunities for investments.

Speaking of foreign buyers, the highest number was the purchase of houses by citizens of Russia-373, Iran-172, and Ukraine-136. That is a reflection of ongoing geopolitical dynamics with an interest in Turkiye as a secure and accessible destination.