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.

Turkey Real Estate Sales Record 2025: A Huge Year for Growth

Turkey's property market hit a massive milestone recently. Total housing sales reached 1,478,025 units. This is a 20.6% jump from the year before. Local buyers are the main reason for this growth. Even with high interest rates, the market stayed strong. People still see Turkish homes as a safe way to beat inflation. This year set a new Turkey real estate sales record 2025 for the country.

Top Performing Cities in Turkey

Big cities are still the most popular spots for buyers. Most people look for homes in areas with good jobs and new roads. It's where the action is.

Istanbul: The Economic Hub

Istanbul is still the number one choice. It saw 239,213 sales in 2024. That's a huge part of the whole market. You can find anything there. There are luxury villas on the Bosphorus and new apartments in Basaksehir. It draws in all kinds of people.

Ankara and Izmir

Ankara came in second with 134,046 sales. It's the capital, so it's a very stable place to invest your money. Izmir took the third spot with 80,398 units sold. Many people love this coastal city. It offers a great mix of city life and a relaxed Mediterranean feel.

First-Hand vs. Second-Hand Property Sales

The market is divided between new builds and older homes. Both types grew, but people buy them for different reasons. You should know the difference before you buy.

Growth in New Developments

Sales of new homes rose by 27.6% in 2024. Buyers took home 484,461 new units. This shows people really want modern, earthquake-safe buildings. Many choose new projects because developers offer easy payment plans. Plus, you get modern features like pools and gyms.

Dominance of the Resale Market

Resale homes reached 993,564 units, up 17.4%. Most people still buy older homes rather than new ones. These houses are often in better spots right in the city center. It's hard to find empty land for new builds in those areas. So, the resale market stays very busy.

Mortgage Trends and Interest Rate Impacts

Getting a mortgage was tough last year. Bank-funded sales dropped by 10.8% to 158,486 units. Only about 10% of buyers used a bank loan. High interest rates kept many people away. Most buyers used cash or paid the developer directly.

But December saw a massive 285.3% jump in mortgage deals. This tells us buyers are ready to jump back in. They're just waiting for better rates or a sign that costs have peaked. You'll likely see more of this soon.

Foreign Property Purchases in 2024

Sales to foreign buyers fell by 32.1%. Only 23,781 units went to international clients. This happened because of global changes and new rules for residency and citizenship. But some groups are still very active.

Top Foreign Nationalities

Russians were the top buyers with 4,867 units. Iranians followed with 2,166, and Ukrainians bought 1,631. Even if the numbers are lower, these groups still see Turkey as a great place to live. It remains a strategic spot for investment.

Market Outlook for 2025

The latest data shows that local buyers are leading the way. Foreign interest slowed down, but the 20% growth proves the market is healthy. If interest rates stay steady, we might see more mortgage deals this year. You should keep an eye on city renewal projects. These are good signs that a Turkey real estate sales record 2025 is built on a very strong foundation.

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