Nearly 1.5 Million Homes Sold in Turkey in 2024

In 2024, Turkey’s real estate market saw a remarkable surge, with nearly 1.5 million homes sold. A total of 1,478,025 residential properties were sold, marking a 21% increase compared to the previous year. This growth reflects the resilience and strength of the Turkey real estate market, driven by both domestic and international demand.

In this blog, we will explore key insights from the Turkey real estate market analysis and discuss what contributed to the robust performance of home sales in Turkey in 2024.

1.5 Million Homes Sold in 2024

According to data from the Turkish Statistical Institute (TÜİK), the total home sales in Turkey reached 1,478,025 in 2024, a significant year-on-year increase. The growth in Turkey property sales 2024 indicates a strong market, fueled by multiple factors. Despite challenges like inflation and fluctuating interest rates, the demand for houses for sale in Turkey remained robust across various regions.

Istanbul: The Dominant Real Estate Market

Istanbul continued to lead the Turkish property market in 2024, with 239,213 homes sold in the city. As Turkey’s largest and most economically significant city, Istanbul remains the most active real estate market in the country. The city offers a diverse range of properties, making it an attractive location for both local buyers and international investors.

Ankara and Izmir: Rising Markets

Following Istanbul, Ankara, the capital, ranked second with over 136,000 homes sold. The city’s stable economy and growing demand for housing have contributed to its position as a key player in the housing market in Turkey.

Izmir, Turkey’s third-largest city, also saw impressive sales numbers, with 80,398 properties sold in 2024. Known for its coastal lifestyle and vibrant economy, Izmir remains a top choice for homebuyers seeking a mix of urban convenience and relaxed living.

Foreign Buyers in Turkey: A Vital Part of the Market

Foreign demand for buying property in Turkey remained strong, though slightly lower compared to previous years. In 2024, foreign property buyers in Turkey purchased 23,781 homes, a decrease of 32.1% from the previous year. Despite the drop, foreign interest still accounted for 1.6% of total property sales.

The cities with the highest foreign demand were Istanbul, with 8,416 homes sold to foreign nationals, followed by Antalya (8,223) and Mersin (2,112). Russian homebuyers in Turkey were the largest foreign group, with 4,867 properties purchased. Other notable nationalities included Iranians (2,166) and Ukrainians (1,631).

Key Trends in the Turkey Property Market

The Turkey real estate market predictions for 2025 suggest continued demand for properties, especially in major cities like Istanbul, Ankara, and Izmir. The Turkey house price index has shown upward trends in many regions, driven by consistent demand and limited supply. The growth in house prices in Turkey has been particularly noticeable in large cities and coastal areas.

In Istanbul, home prices in Turkey have been rising steadily, which is a reflection of the growing demand for both residential and real estate investment. Meanwhile, cities like Ankara and Izmir offer more affordable options for buyers looking to enter the market.

Looking Ahead: The Future of Turkey Real Estate

Looking forward, the housing market trends in Turkey are expected to remain stable, though property prices in Turkey could fluctuate due to global economic conditions. The Turkish government’s ongoing support for the real estate sector, including incentives for first-time homebuyers and foreign investors, will likely continue to sustain market demand.

The Turkey property market is also expected to benefit from further infrastructure developments, particularly in major cities and popular tourist destinations. These investments will likely boost property values and contribute to the overall growth of the sector.

For those considering purchasing real estate, understanding the Turkey real estate price index, property prices in Turkey, and house prices in Turkey will be key to making informed decisions. Whether you’re looking for houses for sale in Turkey or exploring opportunities in the Turkey property market for investment, the outlook for 2025 remains promising.

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