The decline in the Turkish real estate market continues, which again recorded a fall for the third consecutive month in May, according to the latest report presented by the Turkish Statistical Institute (TÜİK), which states that home sales in Turkey fell by 2.4% compared to the same month last year, reaching 110,588 properties sold.
Despite this drop in sales, the data in the report presented by TÜİK represents a 46% growth compared to April, when real estate sales plummeted by 12% year-on-year, with only around 76,000 house sales in the entire month.
There was also a significant drop in mortgage signings for home purchases, which fell 64% from a year earlier to a total of 9,900 new mortgages in May, representing only 9% of the total number of home purchase contracts signed last month. A key factor is the rising cost of mortgages due to the sharp increase in interest rates on loans for home purchases, which the Turkish Central Bank has doubled in the last year from 19.4% in May 2023 to 44.98% in May 2024.
As usual, Istanbul recorded the highest turnover in terms of the real estate market in Turkey, with a total of 19,000 homes sold in May; Ankara came second with 9,861 properties sold, followed by Antalya with 6,306. As for home sales to foreigners, the market also continues declining, with only 2,064 property sales to non-Turkish nationals recorded in May, which accounted for 1.9% of the total number of homes sold and representes a decrease of 34.8% compared to the same month last year.
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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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