Home sales in Turkey rebounded by 20.6% during 2024 compared to the previous year to regain the levels they were at in 2022, even despite high interest rates and a drop in property purchases by foreigners, according to the latest official data.
According to a report published today by the Turkish Statistical Institute (TÜİK), around 1.48 million residential properties changed owners in 2024, 1.2 million higher than in 2023 (when the lowest figure in almost a decade was recorded) and almost similar to the 1.49 million homes that were sold in 2022.
Last December alone, when the Turkish Central Bank announced for the first time in almost two years an interest rate cut to 47.5%, home sales in Turkey rebounded by 53.4% compared to the same month of the previous year, with a total of 212,637 properties sold.
Precisely in December and coinciding with the expected rate cut, purchases of mortgaged properties experienced a year-on-year growth of 285.3%. However, in 2024 as a whole, this type of purchase fell by 10.8%, accounting for only 10.7% of the total number of properties bought in Türkiye last year.
As for home sales to foreigners, they also experienced strong growth in December 2024 of 17.2% compared to the same month in 2023 (totalling 2,418 properties in December), but in 2024 as a whole they suffered a drastic decline of 32.1%, totalling just 23,781 homes, according to the report. By country, Russians were again the main foreign home buyers in Turkey with 4,867 properties purchased over the past year, followed by Iranians (2,166) and Ukrainians (1,631).
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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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