What’s Happening in the Market? Real Estate Sales in Turkey Continue to Grow

According to TÜIK data, the number of real estate sales has doubled since the summer of 2024. In November 2024, sales increased by 63.6% compared to November 2023, totaling 153,014 units.

Sales Growth

The market is on the rise, especially in provinces such as Istanbul, Ankara, and Izmir. From January to November 2024, housing sales grew by 16.4% compared to the same period in 2023, reaching 1,265,388 units.

In November 2024:

• 21,804 units of mortgaged housing were sold.

• 49,274 units on the primary market.

• 103,740 units on the secondary market.

Foreign Buyers

Foreigners purchased 2,151 real estate units in November 2024, an 8.2% decrease compared to November 2023. Foreign sales accounted for 1.4% of total housing sales.
Top cities:

• Istanbul — 780 units.

• Antalya — 752 units.

• Mersin — 191 units.

From January to November, sales to foreigners dropped by 35.1% compared to the same period in 2023, totaling 21,363 transactions.

Nationalities of Buyers:

• Russia — 421

• Iran — 200

• Ukraine — 160

• Iraq — 140

• Germany — 115

• Kazakhstan — 76

• Azerbaijan — 74

• Saudi Arabia — 69

• China — 65

• United Kingdom — 50

Reasons for Decline in Foreign Sales

The main reason is changes in residence permit regulations through TAPU. A minimum cadastral value of $200,000 is now required. However, upcoming adjustments to residence permits through TAPU and tourist residence permits for property owners are expected.

The next TÜIK report on this topic will be published on January 17, 2025.

Opportunities for Investors

The Turkish real estate market is growing rapidly. Learn how to choose properties for investment, profitable short-term rentals, or seaside vacations during a free consultation. Ask questions in the online chat on the website. Developers offer favorable installment plans and discounts on new properties, including ready-to-move-in homes by the sea.