March 2024 Turkiye housing sales report showed significant changes compared to previous years. Particularly noteworthy is the 49.01% drop in mortgaged house sales. While the share of mortgage sales in total decreased to 12.22%, sales to foreign investors decreased by 47.94%. During this period, first-hand home sales increased by 4.56%. These data provide important information about the current status of the Turkish housing market and potential future trends.
Mortgaged house sales decreased by 49.01% in March compared to the same period of the previous year
TUIK March housing data has been announced. 105,394 houses were sold in March 2024. There was a decrease of approximately 0.1% compared to the sales of around 93,902 units in February 2023.
Evaluating the data, EVA Real Estate Evaluation General Manager Cansel Turgut Yazici said, “If we make the comparison as of the end of March; As of the end of March 2024, 105,394 houses were sold. When we compare the two years, there was a decrease of approximately 0.1% this year compared to the same period in 2023. If we compare the same period in 2023 as of the end of March 2024, there was a decrease of approximately 21.4% in 2023 compared to 2022.
Mortgaged house sales decreased by 49.01% in March compared to the same period of the previous year
Mortgage sales were announced as 12,880 units in March 2024, decreasing by 49.01% compared to the same month of the previous year. In March 2024, the share of mortgage sales in total housing sales was 12.22%. When we look at the end of March 2024, total mortgage sales decreased by approximately 49.01% compared to mortgage sales in the same period of 2023. When we look at the end of March 2023, total mortgage sales decreased by approximately 16.55% compared to mortgage sales in the same period of 2022.
As of the end of March 2024, the rate of mortgage sales in cumulative housing sales was around 9.9%. In March 2023, this rate was at 20.8% due to the same effects.
34,399 houses changed hands for the first time in March 2024
Another important data is the first sales, first-hand house sales in March 2024 were announced as 34,399 units, increasing by 4.56% compared to the same month of the previous year. In March 2024, the share of first-hand home sales in total housing sales was 32.64%.
First-hand housing sales were also affected
The biggest factor in the decreasing housing sales in the first hand is the decrease in the amount of stock in the first hand production, that is, the decrease in the newly built houses. Although the percentage of sales in total sales was similar to previous years, first-hand sales were also affected by the decrease in absolute value in sales figures. Cumulative first-hand house sales as of the end of March 2024 were announced as 34,399, increasing by 31.56% compared to the same period of the previous year. As of the end of March 2024, the rate of first-hand sales in total housing sales remained around 32.64%. In the same period of 2023, this rate was 30.45%.
How has the situation changed in metropolitan cities?
If we look specifically at Istanbul, Izmir and Ankara; As of the end of March 2024, it is seen that cumulative housing sales decreased by approximately 3.5% in Istanbul, 15.6% in Ankara and 0.4% in Izmir compared to the same period in 2023.
Housing sales to foreigners in March decreased by 47.94% compared to the same month last year.
Housing sales to foreigners were announced as 1,778 units in March 2024, decreasing by 47.94% compared to the same month of the previous year. As of the end of March 2024, the proportion of the cumulative number of houses sold to foreigners in total sales is 2.0%. In the same period of 2023, this rate was 3.9%.
In housing sales to foreigners, Istanbul ranked first in March 2024 with 652 housing sales. Istanbul was followed by Antalya with 618 house sales and Mersin with 151 house sales. In March 2024, Russia again ranked first in housing purchases. In March 2024, Russia ranked first in the country rankings with the number of house sales of 411. Iran came second with 182 house sales and Ukraine came third with 129 house sales.
Source: Emlakdergisi / Prepared by Irem Yildiz