Türkiye’s housing market saw a mixed bag of results in February 2024, according to the Turkish Statistical Institute.
Overall house sales increased by 17.3% compared to February 2023, reaching 93,902 units. However, compared to January 2024, there was a slight decrease of 2.0%.
Istanbul maintained its dominance, accounting for the highest share of sales with 17.4% (16,344 units). Ankara and Izmir followed with significant contributions.
Mortgages See Sharp Decline
Mortgaged house sales witnessed a significant drop of 49.1% year-on-year, reaching only 8,827 units. This segment represents just 9.4% of all February sales. A similar trend was observed in the January-February period, with a decrease of 56.1% compared to the same period in 2023.
First-Time Buyers on the Rise
There was positive news for first-time homebuyers. Sales in this category increased by 21.8% year-on-year in February, reaching 28,594 units. This translates to a 30.5% share of all February sales.
Second-Hand Market Shows Moderate Growth
The second-hand market also experienced growth, with sales rising by 15.5% year-on-year to 65,308 units. However, compared to January 2024, there was a slight decline of 5.0%.
Foreign Sales Slump
House sales to foreigners witnessed a significant decline of 44.9% year-on-year in February, reaching only 1,846 units. This segment represents a mere 2.0% of all February sales. Istanbul remained the top destination, followed by Antalya and Mersin.
Russians Top Foreign Buyers
Among nationalities, Russian citizens were the most frequent foreign buyers in February, acquiring 395 houses. Iranian, Iraqi, and Ukrainian citizens followed closely behind. (ILKHA)
ilkha.com