House sales in Türkiye increase 37.3 percent last month
Date
10/17/2024 1:16:56 AM
(MENAFN) In September, Türkiye recorded a notable increase in house sales, with 140,919 units sold, representing a 37.3 percent rise compared to the same month last year, as reported by the Turkish Statistical Institute (TurkStat). Istanbul dominated the housing market, accounting for the largest share with 21,314 units sold, followed by the capital city Ankara with 13,205 sales, and the Aegean city of Izmir with 7,612. The robust growth in the domestic market indicates continued demand despite economic challenges and rising inflation.
However, house sales to foreign buyers experienced a significant decline, dropping by 31 percent year-on-year in September to 2,022 units. While Istanbul remained the most popular destination for foreign investors with 783 units sold, it was closely followed by the Mediterranean cities of Antalya and Mersin, where 548 and 210 homes were purchased by foreign nationals, respectively. This decline reflects shifting market dynamics, possibly influenced by changes in Türkiye’s property regulations or broader geopolitical factors.
Among foreign buyers, Russian citizens were the most active in the market, purchasing 346 properties in September. They were followed by Iranian citizens, who acquired 163 homes, and Iraqis with 139. The interest from Russian buyers continues to remain strong, likely driven by both economic and geopolitical reasons, including the ongoing war in Ukraine, while demand from Iranian and Iraqi buyers has remained steady despite the overall downturn in foreign sales.
Between January and September, Türkiye’s overall house sales reached 937,236 units, reflecting a 5.2 percent increase compared to the same period last year. In contrast, sales to foreigners dropped sharply by 39.1 percent over the same period, totaling 17,090 units. The decline in foreign purchases highlights the evolving nature of Türkiye’s housing market, as domestic demand strengthens while international interest appears to be waning.
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