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In November 2024, the Turkish real estate market experienced a remarkable surge, with 153,014 houses sold, marking a 63.6% increase compared to the same month in 2023. This resurgence highlights a growing demand for housing across the country, despite economic challenges and global uncertainties.
Key Highlights of November 2024
1. Sales Volume by Province
The provinces with the highest sales were:
- Istanbul: 26,320 houses sold (17.2% of total sales).
- Ankara: 14,916 houses sold.
- Izmir: 8,583 houses sold.
The lowest sales were recorded in:
- Bayburt: 89 houses.
- Tunceli: 99 houses.
- Hakkari: 121 houses.
2. Year-to-Date Performance (January-November)
House sales for the first 11 months of 2024 reached 1,265,388, reflecting a 16.4% increase compared to the same period in 2023.
3. First vs. Second-Hand Sales
- First Sales: 49,274 houses (+61.7% YoY).
- Accounted for 32.2% of November’s total sales.
- YTD: 407,832 houses (+24.2% YoY).
- Second-Hand Sales: 103,740 houses (+64.6% YoY).
- Accounted for 67.8% of November’s total sales.
- YTD: 857,556 houses (+13.0% YoY).
4. Mortgaged vs. Other Sales
Mortgaged Sales:
- November: 21,804 (+315.7% YoY).
- Share: 14.2% of total sales.
- YTD: 135,209 (-21.3% YoY).
Other Sales:
- November: 131,210 (+48.6% YoY).
- Share: 85.8% of total sales.
- YTD: 1,130,179 (+23.4% YoY).
5. Foreign Buyers in November 2024
- Total sales to foreigners: 2,151 (-8.2% YoY).
- Share: 1.4% of total sales.
- Top provinces:
- Istanbul: 780 sales.
- Antalya: 752 sales.
- Mersin: 191 sales.
By Nationality:
- Russians: 421 houses.
- Iranians: 200 houses.
- Ukrainians: 160 houses.
YTD sales to foreigners: 21,363 (-35.1% YoY).
Trends and Insights
Demand Shift and Key Drivers
Urban Centers Lead Growth:
Istanbul, Ankara, and Izmir remain hotspots due to their robust infrastructure, job opportunities, and cultural appeal.Surge in Mortgaged Sales:
The 315.7% increase reflects improved access to financing and competitive interest rates, though mortgaged sales YTD are still down (-21.3%) compared to 2023.Decline in Foreign Interest:
Despite November’s dip in sales to foreigners, Antalya and Istanbul continue to attract international buyers, especially Russians and Iranians.
Opportunities and Challenges:
Opportunities:
- Rising second-hand market demand presents opportunities for investors seeking rental income.
- Increasing infrastructure projects, such as transportation and urban renewal, enhance long-term property value.
Challenges:
- Declining foreign investments due to currency fluctuations and geopolitical tensions.
- Regulatory changes affecting mortgaged sales.
Outlook for 2025
As Türkiye gears up for 2025, the real estate market shows promise of continued growth, particularly in urban areas and regions popular with foreign buyers. The focus on enhancing mortgage accessibility and appealing to international investors could sustain this upward trajectory.
Stay tuned for the next release of house sales statistics on January 17, 2025, for a deeper dive into the market trends.
Source: Turkish Statistical Institute (TURKSTAT)
