Turkey’s 2024 Housing Sales Statistics: A Comprehensive Analysis

Turkey’s 2024 Housing Sales Statistics: A Comprehensive Analysis

Turkey’s housing market demonstrated significant dynamism in 2024, experiencing substantial growth despite fluctuations in specific areas like foreign investment and mortgaged sales. This analysis delves into the key statistics, providing a comprehensive overview of the market’s performance.

Overall Market Growth:

In 2024, total housing sales reached 1,478,025 units, marking a robust 20.6% increase compared to the previous year. This surge underscores the strong domestic demand driving the market. (Source: Reuters)

Regional Distribution:

The distribution of sales across major cities highlights key regional hubs:

• Istanbul: Leading the market with 239,213 units sold, Istanbul maintained its position as the primary driver of housing transactions.
• Ankara: Following closely, Ankara recorded 134,046 sales, solidifying its importance in the market.
• Izmir: With 80,398 sales, Izmir also contributed significantly to the overall volume.

These three metropolitan areas collectively accounted for a substantial portion of Turkey’s total housing transactions, emphasizing the concentration of market activity in major urban centers. (Source: CNN Türk)

First-Hand vs. Second-Hand Sales:

Both new and existing housing segments experienced growth:

• First-Hand Sales: Showing a strong 27.6% increase, first-hand sales reached 484,461 units, indicating healthy demand for newly built properties.
• Second-Hand Sales: With a 17.4% rise, second-hand sales amounted to 993,564 units, continuing to represent the larger portion of the market.

This balanced growth across both segments reflects a diverse market catering to varied buyer preferences. (Source: CNN Türk)

Mortgaged Housing Sales: A Tale of Two Halves:

While December 2024 witnessed a remarkable 285.3% year-on-year surge in mortgaged sales, totaling 23,277 units, the overall trend for the year presents a different picture. Throughout 2024, mortgaged sales decreased by 10.8%, reaching 158,486 units and comprising 10.7% of total sales. This discrepancy suggests potential factors influencing mortgage activity, such as interest rate fluctuations and changing lending conditions. (Source: Reuters)

Sales to Foreign Buyers: A Notable Decline:

Sales to foreign buyers experienced a significant 32.1% decline in 2024, totaling 23,781 units. Among foreign buyers, Russian nationals led with 4,867 purchases, followed by Iranian buyers (2,166) and Ukrainian buyers (1,631). This decrease suggests a shift in international investment patterns in the Turkish real estate market, potentially due to global economic conditions or geopolitical factors. (Source: Reuters: Turkey’s 2024 Housing Sales Statistic)

Market Outlook and Potential:

Despite the decline in foreign investment and the mixed performance of mortgaged sales throughout the year, the overall market growth driven by strong domestic demand highlights its inherent potential. The significant increase in both first-hand and second-hand sales demonstrates sustained interest from domestic buyers. The December surge in mortgaged sales further suggests that the market is responsive to financial incentives and favorable lending conditions.

Conclusion:

The Turkish housing market in 2024 exhibited resilience and growth, primarily fueled by domestic demand. While challenges emerged in foreign investment and the consistency of mortgaged sales, the overall positive trajectory underscores the market’s potential for continued expansion. Further analysis of economic indicators, interest rate policies, and global market trends will be crucial for understanding the market’s future performance.

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