Turkish Housing Sales And Market Trends In June 2024

Investing in Turkey’s real estate market is a good financial decision due to several factors. Firstly, Turkey’s geographical position is in between Europe and Asia. This makes it a good location for trade and tourism, and creating a steady demand for Turkish Housing Sales. The country also has a young and growing population, which further contributes to the demand for housing.

The Turkish government offers incentives, such as citizenship through investment programs, which attract foreign buyers and investors. Additionally, property prices in Turkey are relatively lower compared to other European countries, offering potential for capital appreciation and rental yields.

In June 2024, the Turkish housing market experienced a notable downturn, with a total of 79,313 houses sold, marking a 5.2% decrease compared to the same month the previous year. This decline is part of a broader trend observed in the first half of the year, with house sales decreasing by 3.7% compared to the same period in 2023, reaching a total of 545,074 units.

Regional Breakdown

Istanbul, Ankara, and Izmir led the housing market in June, with the highest number of sales recorded in these cities:

• Istanbul: 13,025 houses
• Ankara: 6,866 houses
• Izmir: 4,361 houses

On the other end of the spectrum, the cities with the fewest sales included Ardahan with 34, Hakkari with 40, and both Tunceli and Bayburt with 44 each.

Mortgaged Housing Sales

The mortgaged housing segment saw a significant decline. Sales in June dropped by 49.4% compared to the same month in the previous year, with only 6,813 houses sold. Mortgaged sales accounted for 8.6% of the total housing sales. Over the January-June period, mortgaged sales plunged by 57.7% year-over-year, totaling 51,415 units. Out of these, first-hand sales constituted 1,547 in June and 12,176 over the six-month period.

Other Housing Sales

Contrary to the trend in mortgaged sales, other types of housing sales increased by 3.3% in June, reaching 72,500 units. These sales made up a significant 91.4% of the total sales for the month. From January to June, other housing sales rose by 11.1% year-over-year, totaling 493,659 units.

First-Hand vs. Second-Hand Sales

First-hand housing sales in June 2024 saw a slight decline of 1.8% compared to the same month last year, totaling 25,425 units, and representing 32.1% of the total sales. In contrast, second-hand housing sales, which constituted 67.9% of the total, fell by 6.7% year-over-year, reaching 53,888 units. Over the first six months of the year, first-hand sales increased by 1.3%, amounting to 173,324 units, whereas second-hand sales decreased by 5.8%, reaching 371,750 units.

Foreign Buyers

Housing sales to foreigners plummeted by 45.1% in June, with 1,440 units sold, making up 1.8% of the total sales. The cities most popular among foreign buyers were:

• Antalya: 593 houses
• Istanbul: 478 houses
• Mersin: 116 houses

For the January-June period, sales to foreigners decreased by 45.7%, totaling 10,461 units. Russian citizens led the foreign buyers’ list with 332 purchases, followed by Iranians with 156, and Ukrainians with 102.