Turkey Housing Market 2024: Investment Trends & Sales Data

Explore the 2024 Turkey housing market report, featuring key sales statistics, regional trends, and insights for foreign investors looking to buy property.

Record-Breaking Growth in Total Housing Sales

Turkey's real estate market reached a significant milestone in 2024. Total housing sales hit 1,478,025 units. This represents a 20.6% increase from the previous year. Domestic demand remains the primary engine of this growth. Despite high interest rates for much of the year, the volume of transactions shows the market's resilience. Investors continue to view Turkish property as a reliable asset against inflation.

Top Performing Cities in Turkey

Urban centers continue to dominate the landscape. Activity is concentrated in metropolitan areas where employment and infrastructure are strongest.

Istanbul: The Economic Hub

Istanbul remains the top choice for buyers. It recorded 239,213 sales in 2024. This city alone accounts for a major share of the national market. Its diverse portfolio, ranging from luxury Bosphorus villas to modern apartments in growth zones like Basaksehir, attracts a wide demographic.

Ankara and Izmir

Ankara followed with 134,046 sales. As the capital, it offers stable investment opportunities in government and education sectors. Izmir held the third spot with 80,398 units sold. The coastal city remains popular for those seeking a balance between urban life and a Mediterranean lifestyle.

First-Hand vs. Second-Hand Property Sales

The market is split between new builds and existing homes. Both segments saw growth, but buyer motivations differ for each.

Growth in New Developments

First-hand sales grew by 27.6% in 2024. Buyers purchased 484,461 new units. This indicates a strong appetite for modern construction and earthquake-resistant buildings. Many buyers prefer new projects due to flexible payment plans offered by developers and the benefit of modern amenities.

Dominance of the Resale Market

Second-hand sales reached 993,564 units, a 17.4% increase. While new builds are popular, the resale market still makes up the majority of total transactions. Existing homes often offer better locations in established city centers where new land is scarce.

Mortgage Trends and Interest Rate Impacts

The mortgage sector faced challenges in 2024. Total mortgaged sales fell by 10.8% to 158,486 units. This segment represented only 10.7% of the total market. High borrowing costs deterred many buyers from using bank loans. Most transactions were completed using cash or private developer financing.

However, December 2024 saw a sudden 285.3% surge in mortgage transactions. This suggests that buyers are ready to enter the market as soon as financing conditions improve or when they anticipate a peak in interest rates.

Foreign Property Purchases in 2024

Sales to international buyers dropped by 32.1%. Total foreign sales reached 23,781 units. This decline is linked to global economic shifts and changes in local residency and citizenship regulations.

Top Foreign Nationalities

Russian citizens remained the top buyers with 4,867 units. Iranian buyers followed with 2,166 units, and Ukrainians purchased 1,631 units. While the volume is lower than in previous years, these groups still see Turkey as a strategic location for relocation and investment.

Market Outlook for 2025

The 2024 data shows a market driven by local buyers. While foreign interest cooled, the 20% overall growth proves that real estate remains a preferred investment for Turkish citizens. Stability in interest rates could further boost the mortgage segment in the coming year. Investors should monitor urban transformation projects and new infrastructure developments as key indicators of future value growth.

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