Turkey’s home sales market finally rebounded in February after 6 consecutive months of steady decline, with a total of 93,902 properties sold last month representing an increase of 17.3% compared to the same month last year, according to the latest report presented by the Turkish Statistical Institute (TÜİK).
Home sales in Turkey had been falling since August last year, a trend that had continued in the first month of 2024, when the market recorded a year-on-year decline of 17.8%; however, home sales in February exceeded those in January, when some 80,000 real estate properties changed hands.
This rebound was partly due to an increase in mortgages for home purchases, which rose 49% in February from a year earlier, although only 9.4% of homes purchased in Turkey last month were through a mortgage; in fact, during the first two months of 2024, mortgage signings for home purchases fell by more than 56% compared to a year earlier.
Istanbul was once again the main destination for Turkey’s home sales market, accounting for 17.4% of total property sales in February, followed by Ankara with 8.8%. Despite this rebound in sales overall, the downward trend in foreign home purchases in Turkey continues, since it contracted in February by 44.9% compared to the previous year and accounted for only 1,846 properties. Russians continue to top the list of leading foreign homebuyers, with Istanbul remaining their favourite destination followed by Antalya.
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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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