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The Turkish real estate market continues to make waves as 165,138 houses were sold in October 2024, marking a 76.1% increase compared to the same month last year. With major cities like Istanbul, Ankara, and Izmir leading the charge, this surge highlights the growing demand for property across the country.
Key Highlights of October 2024 Sales
Top-performing provinces:
- Istanbul: 24,812 sales
- Ankara: 15,257 sales
- Izmir: 8,658 sales
Lowest sales recorded:
- Hakkari: 76
- Bayburt: 97
- Ardahan: 112
Year-to-date total sales (January-October 2024):
- 1,112,374 houses sold, an increase of 11.9% compared to 2023.
Types of Sales: Mortgaged vs. Other Transactions 🏦💼
Mortgaged Sales:
- October 2024 saw 21,095 mortgaged sales, a staggering 278.2% increase from the previous year.
- However, year-to-date, mortgaged sales decreased by 31.9%, reaching 113,405 transactions.
Other Sales:
- Representing 87.2% of all transactions, 144,043 houses were sold in October through other means, a 63.3% rise compared to October 2023.
First-Time vs. Second-Hand Sales 🏡
First-Time Sales:
- 57,679 houses were sold for the first time, an impressive 97.3% growth from the previous year.
- First-time sales accounted for 34.9% of total sales in October.
Second-Hand Sales:
- With 107,459 houses sold, second-hand transactions increased by 66.5% year-over-year, holding a 65.1% share of total sales.
Foreign Buyers in Türkiye: A Shift in Trends 🌍🇹🇷
Despite the overall increase in house sales, sales to foreigners dropped by 16.3%, totaling 2,122 properties in October 2024.
Top Provinces for Foreign Buyers:
- Antalya: 750 sales
- Istanbul: 724 sales
- Mersin: 148 sales
Top Nationalities Purchasing Property:
- Russian citizens: 373 sales
- Iranian citizens: 172 sales
- Ukrainian citizens: 136 sales
Year-to-date, sales to foreigners decreased by 37.2%, with 19,212 properties sold, indicating a shift in foreign investment dynamics.
What Does This Mean for the Market? 🤔
The data reveals a dynamic shift in Türkiye’s housing market, with strong demand driven by domestic buyers. While mortgaged sales saw a temporary surge, the prominence of cash transactions and other non-mortgage deals highlights evolving buyer preferences.
The decrease in sales to foreigners could signal the need for renewed marketing efforts and incentives to attract international investors. However, the demand from countries like Russia, Iran, and Ukraine shows that Türkiye remains a desirable market for global buyers.
Looking Ahead: Real Estate in Türkiye
Türkiye’s real estate market is thriving, with both new and second-hand properties in high demand. For investors, this presents a golden opportunity to tap into a market experiencing robust growth. Whether you’re looking to invest in bustling Istanbul or the scenic coastal cities of Antalya and Izmir, now is the time to act.
📅 Next Report Release: Stay tuned for updated insights on December 18, 2024!
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