Turkey Tops Europe in Home Sales, Ranks Second Among OECD Nations

Turkey has emerged as a powerhouse in the real estate market, recording nearly 1.5 million annual home sales, securing the top spot across Europe and ranking second among OECD countries—just behind the United States.

According to data compiled from the Turkish Statistical Institute (TÜİK) and housing authorities in other nations, Turkey leads a list of 44 European countries in total property sales. Within the 37-member OECD, only the U.S. outperformed Turkey, selling an impressive 4.06 million homes last year.

A Booming Real Estate Market

Turkey’s residential property market has demonstrated resilience despite economic challenges and interest rate fluctuations. In 2024, the nation saw 1,478,025 homes sold, reflecting both robust local demand and ongoing interest from foreign buyers.

Experts note that urbanization trends, government-backed mortgage programs, and population growth have contributed to Turkey’s continued strength in the housing sector. Cities like Istanbul, Ankara, and Izmir remain at the heart of this activity, often accounting for nearly a third of all annual transactions.

Europe’s Housing Giants Trail Behind

The comparison underscores Turkey’s unique position in the European real estate landscape. The United Kingdom followed with 1.24 million transactions, while France and Italy recorded 750,000 and 720,000 home sales respectively.
Meanwhile, Spain registered 715,429 property transfers, slightly trailing Italy, and the Netherlands stood at 206,500. Smaller European nations like Portugal (156,325) and Sweden (164,080) maintained steady but lower activity levels.

These figures highlight not only Turkey’s scale but also the vitality of its property market in contrast with slowing housing trends seen elsewhere in Europe.

Domestic and Global Demand Driving Sales

Industry analysts suggest that both domestic purchasing and foreign investment have fueled this record-setting performance. Despite rising costs, Turkish citizens continue to view real estate as a reliable hedge against inflation and currency volatility.
Foreign investors—particularly from the Middle East, Russia, and Europe—remain drawn to Turkey’s citizenship-by-investment program and its strategic location between continents.

According to experts, Turkey’s government incentives for property ownership, infrastructure expansion projects, and strong tourism-linked demand have kept its market active even during global downturns.

A Competitive OECD Landscape

While Turkey leads Europe, its standing in the OECD reflects a larger global housing picture. The United States remains dominant with over 4 million home sales annually, nearly triple Turkey’s total. Yet, Turkey’s second-place rank among advanced economies underscores its expanding influence in the global housing arena.

Countries such as Canada, Germany, and Japan—once steady performers—have seen slower growth amid tighter financial conditions and demographic shifts. In this context, Turkey’s housing sector represents both a domestic success story and a standout performer internationally.

Looking Ahead: Sustainability and Affordability

While the numbers are impressive, experts caution that housing affordability and supply sustainability will be key challenges for Turkey going forward. Rising construction costs, urban land shortages, and a growing need for climate-resilient housing could shape future policy decisions.

Nevertheless, Turkey’s housing sector continues to attract attention from global investors seeking stability and opportunity. The combination of strategic geography, population dynamics, and government support has placed the country at the center of the international housing conversation.

As one of the few markets to post growth during a period of widespread real estate contraction across Europe, Turkey’s position underscores its role as a leading force in global property trends—and one likely to keep shaping regional housing dynamics for years to come.