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 Turkey’s Housing Market Trends In January 2024

Turkey’s Housing Market Trends In January 2024

Turkey is a country with growing economy and favourite destination for tourists. Moreover, with lots of investment opportunities Turkey is optimal place to invest. It provides profitable return on investment along with rental price offerings. This article explores about  Turkey’s Housing Market statistics and trends in January 2024.

In January 2024, Turkey’s real estate scene underwent notable changes, shedding light on factors impacting the housing market. With 80,308 houses being sold during the month, this article breaks down key trends in total sales, mortgage patterns, and interesting aspects of housing transactions, such as foreign buyers.

Overall Housing Sales

Turkey's Housing MarketIn January 2024, Turkey experienced a significant 17.8% drop in housing sales compared to the same month the previous year. Istanbul led the sales with 13,423 houses, making up 16.7% of the total. Following were Ankara with 8.4% and Antalya with 6.5%. On the flip side, Ardahan, Hakkari, and Bayburt reported the lowest sales, with 17, 38, and 40 transactions, respectively.

Mortgaged and Other House Sales

Turkey's Real Estate MarketMortgaged house sales saw a substantial 63.5% decrease, totaling 5,915 transactions, representing 7.4% of total housing sales. Within this category, 1,404 were first-hand sales, indicating a significant evolution in property financing dynamics. Despite an 8.7% decrease, other house sales continued to dominate the market, accounting for an impressive 92.6% of total transactions, with 74,393 houses changing hands.

Sales by Type:

First-hand house sales totaled 25,263, reflecting an 8.2% decline. On the other hand, second-hand house sales saw a more significant drop of 21.6%, amounting to 55,045 transactions. This indicates differing preferences and considerations among buyers in the market.

  • First-hand house sales numbered 25,263, showing an 8.2% decline.
  • Second-hand house sales witnessed a more significant decrease of 21.6%, totaling 55,045 transactions.

Housing Sales to Foreigners

Properties in turkeyHousing sales to foreigners in January 2024 amounted to 2,061, marking a 50.5% decrease from the previous year. Antalya emerged as the preferred destination for foreign buyers, with 747 transactions, followed closely by Istanbul with 710, and Mersin with 211. The declining trend raises questions about the factors influencing foreign investment in the Turkish real estate market.

Foreign Buyers by Nationality

Foreigner in turkey

Russian Federation citizens led the list of foreign buyers with 555 transactions, emphasizing their sustained interest in the Turkish property market. Citizens from Iran, Ukraine, Iraq, and Kazakhstan also played a significant role, showcasing the diverse nationalities investing in Turkish real estate.

An Overview of the Housing Market

The housing market in Turkey displayed varied dynamics in January 2024, encompassing changes in overall sales, mortgage trends, and foreign investments. These fluctuations offer valuable insights for real estate stakeholders, allowing them to adjust their strategies to the evolving market conditions. Monitoring these trends throughout the year will be crucial for understanding the long-term trajectory of Turkey’s real estate sector.

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