Turkey’s real estate market entered 2025 with a strong foundation after a stellar performance in 2024. Official data revealed a 20.6% increase in house sales compared to the previous year, with total transactions reaching an impressive 1,478,025 units. This surge reflects robust domestic demand and highlights Turkey’s position as a dynamic player in the global real estate landscape.
Istanbul, Ankara, and Izmir solidified their roles as the most sought-after regions for property purchases. Istanbul led the market with 239,213 sales, followed by Ankara with 134,046 and Izmir with 80,398. In contrast, smaller provinces like Ardahan (755), Hakkari (958), and Bayburt (999) saw the fewest transactions, underscoring regional disparities in the market.
The final month of 2024 set a remarkable precedent, with house sales soaring 53.4% year-over-year to 212,637 units. Mortgaged property sales surged by 285.3% in December alone, totaling 23,277 transactions. Despite this late boost, annual mortgaged sales declined by 10.8%, accounting for 10.7% of total transactions at 158,486 units.
Non-mortgaged property sales were a major driver of growth, climbing 42.9% in December and 25.9% for the year, totaling 1,319,539 units.
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First-time buyers played a critical role in the market’s success, with initial home sales rising by 49.5% in December and 27.6% for the year, amounting to 484,461 units. These accounted for 32.8% of all transactions in 2024.
Second-hand sales outpaced initial purchases, growing 55.7% in December and 17.4% annually to 993,564 units, further emphasizing the appeal of existing properties.
While Turkey’s domestic market thrived, foreign investment experienced a 32.1% decline in 2024, with sales to non-residents totaling 23,781 units—just 1.6% of the total market. Yet, December offered a glimmer of hope, with sales to foreign buyers increasing by 17.2% compared to December 2023.
Istanbul, Antalya, and Mersin remained the top destinations for international buyers. Russian citizens led the pack with 4,867 purchases in 2024, followed by Iranians (2,166) and Ukrainians (1,631). December figures mirrored this trend, with Russians buying 438 properties, maintaining their top position.
As Turkey steps into 2025, its housing market demonstrates resilience and adaptability. The robust performance in major urban centers, coupled with record-breaking December activity, signals a promising trajectory for the year ahead.
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While challenges such as reduced foreign investments persist, the domestic market’s strength underscores Turkey’s strategic urban development and housing demand. With these factors in play, the country’s real estate market continues to present lucrative opportunities for investors at home and abroad.
