Home sales in Turkey increased by 76.1% in October compared to a year earlier, according to the latest official data released by the Turkish Statistical Institute (TÜİK), indicating the resilience of the Turkish real estate sector, one of the major contributors to the Eurasian country’s economy.
According to the latest report presented by TÜİK, a total of 165,138 homes were sold in October in Turkey, compared to 93,761 that had been sold in October last year, also being the highest number of home sales in the country since December 2022, before the slump in sales in the real estate market, which experienced 6 consecutive months of decline between August 2023 and January 2024.
Sales of new homes increased by 97.3% in October to 57,679, representing 34.9% of the total, according to the statistics, while sales of second-hand homes grew by 66.5% to 107,459: that is a 65.1% of the total, again demonstrating the importance of the second-hand market in the sector. As for the signing of mortgages for house purchases, it increased by 278.2% compared to the same month in 2023 to a total of 21,095, and now represents 12.8% of the total number of homes purchased.
Regarding the sale of homes in Turkey to foreigners, however, the figures are still not good and continue to decline, with a fall in October of 16.3% compared to the same month last year. In total, only 2,122 properties were purchased last October by non-Turks, with Antalya (750), Istanbul (724) and Mersin (148) being the most popular locations. The main buyers came from Russia (373), Iran (172) and Ukraine (136).
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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