Housing Sales in Turkey Reach Highest Level Since 2022

According to the housing sales statistics released by the Turkish Statistical Institute, there has been a significant increase in housing sales across Turkey. Compared to the same period last year, sales increased by 76.1%, with 165,138 housing units recorded in October this year. The provinces with the highest housing sales were Istanbul with 24,812, followed by Ankara with 15,257, and Izmir with 8,658. The provinces with the lowest sales were Hakkari with 76, Bayburt with 97, and Ardahan with 112.

Looking at the January-October period, housing sales increased by 11.9%, bringing the total number of sales to 1,112,374. These figures indicate that there is ongoing activity in the housing sector and high demand.

There was a significant increase in mortgaged housing sales. In October, mortgaged housing sales rose by 278.2% compared to the same month of the previous year, reaching 21,095. The share of mortgaged sales in total housing sales was 12.8%. However, in the January-October period, mortgaged sales decreased by 31.9% compared to the same period last year, reaching 113,405.

Additionally, in October, 5,167 mortgaged homes were sold as new builds, and 26,869 first-hand mortgaged homes were sold in the January-October period. Mortgaged sales reveal the impact of changes in credit usage on the housing market.

Other types of sales also experienced an increase. In October, other housing sales across Turkey rose by 63.3% compared to the same month last year, totaling 144,043. The share of other types of sales in total housing sales was reported at 87.2%. In the January-October period, there was a 20.7% increase in other types of sales, with a total of 998,969 homes changing hands, indicating that a large portion of the market is dominated by these types of sales and consumer preferences are diversifying.

There was a rise in both first-hand and second-hand housing sales. In October, first-hand housing sales saw a remarkable increase of 97.3%, reaching 57,679, with a share of 34.9% in total housing sales. In the first ten months of the year, 358,558 first-hand housing sales were made, reflecting a 20.4% increase compared to the previous year.

Second-hand housing sales increased by 66.5% in October, totaling 107,459. The share of these sales in total was reported at 65.1%, with a recorded 8.3% increase in the January-October period, resulting in 753,816 total home sales. These figures highlight the significant role of second-hand homes in the market.

Interest from foreign buyers has decreased. In October, sales to foreign buyers fell by 16.3%, dropping to 2,122. The share of sales to foreigners in total housing sales was only 1.3%. The provinces with the highest sales to foreigners were Antalya with 750, Istanbul with 724, and Mersin with 148.

In the January-October period of 2024, total sales to foreigners showed a decline of 37.2%, remaining at 19,212 homes. This drop in sales related to foreign buyers may indicate the impact of changes in the international market.

Citizens of the Russian Federation led the sales by nationality, with 373 units sold. They were followed by Iranian citizens with 172 housing units and Ukrainian citizens with 136 units. These figures indicate that Turkey continues to be an attractive market, particularly for Russian buyers, although overall interest from foreigners has decreased.