As analysts predicted, home sales broke the record with an estimated figure of 1.5 million sold residential lots. 1,478,025 were sold in 2024, which is one-fifth or 20.6% more than in 2023.
Content:
- Sales dynamics over 12 years
- Mortgage sales
- Primary or secondary real estate
- The most "profitable" provinces
- Transactions with foreigners
Sales dynamics over 12 years
Let's compare the sales figures for this period:
- 2013 – 1,157,190
- 2014 – 1,165,381
- 2015 – 1,289,320
- 2016 – 1,341,453
- 2017 – 1,409,314
- 2018 – 1,375,398
- 2019 – 1,348,729
- 2020 – 1,499,316
- 2021 – 1,491,856
- 2022 – 1,485,622
- 2023 – 1,225,926
- 2024 – 1,478,025
As you can see, there were only indicators for 2020 to 2022 in the 12 years. Thus, the market subsidence of 2023 was countered, even with the stricter regulations for purchasing real estate in Turkey with a residence permit under TAPU, a rise in the minimum amount required to acquire such a permit to USD 200,000 and various other economic and bureaucratic challenges.
Going back to the results of 2024, the provinces with the most significant number of housing transactions were Istanbul (239,213 sold residential units of apartments and houses), Ankara (134,046) and Izmir (80,398), and with the smallest number, Ardahan (755), Hakkari (958) and Bayburt (999).
Mortgage sales
Buyers tried to take out a mortgage on housing in 2024. Overall, the number of mortgage deals decreased by 10.8% over the year compared to the results of 2023 due to the unstable economic situation in the country, rising bank interest rates and inflation. A total of 158,486 mortgage transactions took place in 12 months.
However, it should be noted that mortgage home sales across the country in December 2024 increased by 285.3% compared to the same month last year, totalling 23,277. Residential mortgage sales across Turkey in November increased by 315.7% to 21,804 units. It rose by 278.2% in October compared to October 2023, reaching 21,095 units. So, one might say, the fourth quarter of last year was a lucky one.
Of the 158,486 mortgage deals for the entire year, 38,062, or a quarter, were implemented as part of development projects in Turkey.
Non-mortgage sales
The number of units sold per year is 1,319,539. This is a quarter (25.9%) more than in 2023.
Primary or secondary real estate
The number of transactions in the new building segment increased by 27.6% in 2024, reaching 484,461 units, or a third of the total number of deals. Two-thirds are in secondary real estate, 993,564 units. The number of transactions rose by 17.4% compared to the 12 months of 2023.
The most "profitable" provinces
Real estate experts have identified the provinces where housing pays off most quickly. According to official data published by the Central Bank of the Republic of Turkey, the increase in housing prices in the past year, 2024, exceeded the inflation rate in 16 provinces. However, housing in some provinces in Turkish lira has risen in price but has fallen in real terms (taking into account the cost adjusted for the exchange rate and life expectancy indicators).
Based on the most recent data obtained by the Central Bank, here is a rundown of provinces where housing provides its owners actual, instead of official, earnings in local currency. Here is the annual percentage rise in the cost of residential real estate:
- Bingöl: 67,34%
- Kilis: 62,57%
- Siirt: 58,16%
- Şyrnak: 57,41%
- Çankırı: 55,16%
- Iğdır: 53,35%
- Elazığ: 51,75%
- Ordu: 51,46%
- Niğde: 50,97%
- Erzincan: 50,96%
- Bitlis: 48,67%
- Kütahya: 46,88%
- Giresun: 45,44%
- Kars: 44,95%
- Erzurum: 44,91%
- Van: 44,60%
Prices in Istanbul, Ankara, Izmir and Antalya, the buyers' favourites, also increased but not so much. In general, housing prices in Turkey in December 2024 increased by an average of 1.98% compared to November, with an increase of 29.4% over the same year.
Transactions with foreigners
Home sales to foreigners in 2024 decreased by 32.1% compared to last year and amounted to 23,781 units in 12 months. The share of buyers from abroad in the total volume of deals was 1.6%. The provinces with the most significant number of home sales to foreign investors in 2024 were Istanbul (8,416), Antalya (8,223) and Mersin (2,112).
According to TUIK, citizens of the Russian Federation purchased the most residential real estate, with over 20% of the total volume being 4,867 apartments in Turkey. Iranians bought a little less than 10%, 2,166, while citizens of Ukraine purchased slightly less than 15%, 1,631.
By province: three provinces are leading in purchases from foreign buyers – Istanbul, Antalya and Mersin, which is gaining popularity. However, the resort capital of Turkey, Antalya, with its resort towns of Antalya, Alanya, Belek, Kemer, Side, Kaş, Kalkan and others, is still popular.
By the end of the year, analysts have identified eight districts of Antalya where foreigners buy numerous apartments in development projects in Turkey. The leaders are the districts (or cities) of Alanya, Konyaalti, Muratpaşa, Lara, Belek, Aksu, Kepez and Manavgat.
- Alanya is one of the most popular areas for foreign nationals to relax and reside permanently. It is quite comfortable to stay there all the time. Scandinavians and Germans also prefer to choose Alanya. On the positive side, Alanya is renowned for its stunning natural landscapes and expansive city beaches.
- Konyaalti is a district of Antalya. The coastline is also intriguing, along with high-end residential complexes with many properties with private pools. Here, foreigners purchase homes primarily for the summer or for a comfortable winter stay.
- Muratpaşa is one of the central districts of Antalya. Visitors choose it for its numerous options for leisure, commercial and entertainment activities.
- Lara is part of the Muratpaşa district but is singled out in statistics. As Lara is home to numerous prestigious residential projects and good beaches, it is pretty attractive for overseas investors looking for a place to live.
- Belek is a resort village in Antalya. It is known for its abundance of five-star all-inclusive hotels and golf tourism. Moreover, you can buy villas and stylish apartments. Belek is popular with British and German investors.
- Aksu has become a significant area for investors because of its proximity to Antalya Airport and stylish new off-plan projects in Turkey. In particular, the "location of the hotels" in Kundu and Altıntaş is set to become one of the most densely populated and lively areas in the future.
- Kepez is known for offering more affordable housing options and may be attractive to foreigners.
- Manavgat. Not everyone knows that the Side resort is a district of the city of Manavgat. The exceptional beauty of the nature and the amazing beaches of Side are pretty attractive to foreign investors.
As for nationality, according to statistics, citizens of the Russian Federation, Germany, Iran, Iraq and Ukraine buy the most residential real estate in these eight districts.