Turkiye’s real estate market continues to attract the attention of local and foreign investors in recent years. Especially foreign investors have become an important player in the real estate market thanks to the attractive opportunities offered by Turkiye. February 2024 housing sales statistics reveal the current reflections of this trend.
Noticeable Decline in Housing Sales to Foreigners
According to the latest data published by TUIK, housing sales to foreigners in February 2024 decreased by 44.9% compared to the same month last year, falling to 1,846 units. This decline shows the impact of global and local dynamics in the Turkish real estate market. The share of housing sales to foreigners in total sales was recorded as 2.0%.
Housing Sales by Cities
In housing sales to foreigners, Istanbul ranked first with 691 house sales, followed by Antalya with 659 house sales and Mersin with 151 house sales. These cities continue to be among the most preferred locations for foreign investors.
Housing Sales by Nationality
As of February, Russian Federation citizens lead the foreign nationals who sold the most houses with 395 houses. Citizens of Iran, Iraq and Ukraine also showed their interest in the real estate market in Turkiye by purchasing 200, 112 and 105 houses, respectively.
Analysis and Expectations
This decrease in housing sales to foreigners can be explained by the combination of various factors. Economic fluctuations, global political turmoil and post-pandemic uncertainties may affect investors’ decisions. However, Turkiye’s features such as its strategic location, rich cultural heritage and high quality of life indicate that it will continue to attract the attention of foreign investors in the long term.
Conclusion
The decline in housing sales to foreigners in February 2024 stands out as a trend that should be watched carefully in the market. For investors and industry professionals, this period offers the opportunity to re-evaluate the market and review their strategies. Turkiye’s real estate market seems to continue to offer opportunities to investors with its dynamic structure.
Source: Emlakdergisi / Prepared by Irem Yildiz