Although residential real estate sales in February 2024 increased slightly compared to previous months, when there was a decrease in the number of transactions, the sale of housing in mortgages fell in 76 provinces out of 81.
For example, while the volume of deals in Istanbul grew by 9%, mortgage loans fell by almost half: by 46.9%, from 3,167 to 1,683 units (compared to February 2023). Ankara is experiencing the same situation, where total sales increased by 0.8%, but the number of mortgage loan holders decreased by 53.4% (on the basis of monthly agreements): from 2,601 to 1,212.
Mortgage activities are infrequent in regions with minimal apartment sales: such as only one in Ardahan, two in Bayburt and six in Bitlis.
So, last year’s trend, when mortgage sales are down and non-mortgage ones are up, is getting stronger. Potential buyers should take advantage of the situation, as Turkey does not provide foreigners with the opportunity to give a mortgage, and they buy real estate for cash. Knowledgeable sellers are becoming more accommodating, especially when it comes to the secondary real estate market.