Analysts are still completing the results for 2024 in the sector of real estate in Turkey, but with greater detail per segment. We provide current statistics categorised by region, city, real estate type, tourist demand and more.
Content:
- Annual sales and key changes in transaction requirements
- Istanbul is the leader in real estate sales in 2024
- Dynamics of housing sales by category
- Houses or flats?
Annual sales and key changes in transaction requirements
Turkey's renowned real estate authority, Mustafa Hakan Oselmadzikli, stated that approximately 3.043 million real estate transactions occurred in 2024 across the country, encompassing all categories (not limited to residential properties). The overall revenue generated by the Treasury from the payment of documents related to ownership transfers reached TL 96,133,080,187.
This fee applies to all services provided by the General Directorate of the Land Registry for primary and secondary properties, mortgage housing, warehouses, offices, etc. Considering inflation, the average fee charged for one deal, for example, in Istanbul increased from TL 2,466 to TL 3,549.
Additionally, the Electronic Advertising Verification System (EIDS) launched by the Ministry of Commerce in September 2024 in testing mode has been functioning since 1st January 2025, and only the property owners (unless they are developers executing their primary real estate projects), their immediate family members, can post ads for buying and selling apartments in Turkey on 1st January 2025. This also includes associated companies with proper documentation: licensed realtors and those with power of attorney. This reduces the number of intermediaries, fraudulent schemes and fake advertising.
Istanbul is the leader in real estate sales in 2024
The General Directorate of the Land Registry, which is part of the Ministry of Environment, Urbanisation and Climate Change, clarified that Istanbul is in the first place as a province.
In just one year, 326,737 real estate units were sold in the largest Turkish metropolis. This is nine percent of the total volume of deals across the country. Ankara ranks second, with 191,929 properties. Izmir (132,809), Bursa (102,950) and Antalya (101,726) took the third, fourth and fifth places.
When examining specific locations, the Şehitkamil district of Gaziantep province ranks highest among districts with 29,437 real estate sales.
However, Esenyurt has secured the second position, with 28,803 deals. Gaziantep ranks third once more with 27,173 transactions. The Çankaya district is in the fourth place, the most populated region of the Turkish capital Ankara, with 25,026 sales. Bursa, the most favoured area of another Turkish city, ranks fifth with the Nilüfer neighbourhood. There were 23,288 property transactions.
Dynamics of housing sales by category
There was a demand for commercial real estate, though not as significant as for houses in Turkey. Even though four provinces displayed a significant demand for storage facilities simultaneously, here they are.
Nonetheless, housing showed a significant increase in sales dynamics. Thus, even though transaction volume was less in the first half of 2024, lower than the same period last year, sales surged in the third quarter. Based on the fourth quarter results, the overall transaction volume in 2024 outperformed last year's figures. As of 1st December 2024, the total number of residential lots sold in 11 months has surpassed 1,265,000 units.
Overall, the price of housing in 2024 rose by a nominal 29.4% (excluding inflation) compared to last year. Simultaneously, when we consider prices adjusted for inflation and the exchange rate of major currencies, purchasing housing in development projects in Turkey has become more advantageous: the prices of residential properties have marginally declined and the decrease in certain areas is even more significant, reaching up to 12%.
Furthermore, a notable trend appeared in 2024 with the need for housing in the earthquake-affected provinces, and consequently, the rise in housing transactions proved to be especially significant. Strong tremors on 6th February 2023, centred in Kahramanmaraş. Subsequently, 11 provinces were added to the list of "victims." Here is the precise data on them:
Province with the 2023 / 2024 transactions and dynamics (in %)
- Adana — 21,143 / 33,132 / +56,7%
- Adyaman — 4,878 / 6,805 / +39,5%
- Diyarbakir — 18,411 / 25,240 / +37,09%
- Elazığ — 11,990 / 13,052 / +8,85%
- Gaziantep — 32,260 / 42,467 / +31,63%
- Hatay — 10,720 / 13,924 / +29,88%
- Kahramanmaraş — 9,672 / 11,702 / +20,98%
- Kilis — 2,903 / 2,744 / -5,47%
- Malatya — 7,347 / 8,214 / +11,8%
- Osmaniye — 4,330 / 5,758 / +32,97%
- Şanlıurfa — 23,764 / 32,068 / +34,94%
Total: 147,418 / 195,106 / +32,34 % on average in 11 provinces.
In other words, if foreigners are looking at choices for affordable housing not for personal residence (as these areas are less appealing because of their distance from the coast), but rather for renting to locals, then this list should be noted.
Regarding the tourist segment, which involves selecting locations to purchase property for short-term rental to tourists, we first want to highlight the stricter regulations surrounding tourist rentals. If you keep them in mind and entrust the paperwork and/or delivery to licensed companies, you can expect to make a substantial profit. However, it largely depends on the choice of location (especially, the city and its district) as it is wise to seek alternatives where there are not excessive tourist spaces. Or at least you are prepared to lower the rental rate slightly to gain a competitive edge.
To do this, let us take a closer look at the figures regarding the number of officially registered tourist properties in Turkey. The data is provided by the Ministry of Culture and Tourism of the country, which oversees the rental of real estate to tourists and ensures full compliance with regulations.
So, as of 2nd January 2025, 22,900 apartments in development projects in Turkey have been offered for rent in Turkey for tourist purposes. These include villas, detached summer and year-round houses, townhouses and flats. These lots, which are informally referred to in the country as AirBnB properties, are concentrated in four tourist areas.
There are 6,580 houses and flats available for short-term lease in Mugla. This figure only includes official listings, excluding the grey market.
Antalya ranks second, which is a reasonable conclusion with 4,900 housing units.
Istanbul (2,250), Izmir (1,960) and, surprisingly, Balıkesir (1,160) also reached the TOP five.
The resort town of Fethiye ranks first in the province of Mugla, with 2,900 short-term properties for travellers. Next in line is Bodrum (930). The third largest is Datça (630), the fourth is Marmaris (390), and the fifth is Dalaman (220).
In Antalya, a province that is the undisputed leader in resort tourism, there is an area with the largest number of apartments and houses rented daily to tourists. Kaş, known as the village of the same name as well, records 3,180. Alanya ranks second with 390 houses and flats. Serik (the region of the Belek resort area) occupies the third place featuring 310 lots. Following is Kemer (280), Muratpaşa (200) and Manavgat (170).
The highest number of rental housing units in Istanbul, Turkey’s tourist and cultural heart, approved by the Ministry is found in the trendy Beyoğlu district of nearly 1,000 (970). The Fatih district ranks second (350), while Şişli holds the third position (250).
We also observe the province of Aydın featuring the resorts of Kuşadası with 460 properties, and Didim with 200 homes.
Houses or flats?
The Ministry of Culture and Tourism reports that the highest volume of documents was granted for private (detached) homes of 15,790 licenses. The explanation is that acquiring a short-term rental license is significantly simpler, you only need to provide all the required documents. In contrast, when leasing an apartment for a brief period, it is necessary to obtain approval from most of the owners of other housing units within the residential complex. Nonetheless, a total of 6,700 permits have been granted for flats or apartments.
Overall, 34% of all "licensed" tourist apartments and houses were concentrated in four districts (not provinces), which include the resort village of Kaş, the town and small port of Fethiye, the town of Bodrum and the historic Beyoğlu district in Istanbul.