Decline in Mortgage Sales and Reduced Foreign Purchases Highlight Real Estate Trends
In June 2024, home sales across Turkiye fell by 5.2% compared to the same month last year, totaling 79,313 units, according to the Turkish Statistical Institute (TUIK).
Istanbul led the sales with 13,025 units, followed by Ankara with 6,866 units and Izmir with 4,361 units. The provinces with the fewest sales were Ardahan (34), Hakkari (40), and Tunceli and Bayburt (44 each).
From January to June 2024, home sales decreased by 3.7% year-on-year, totaling 545,074 units. Mortgage sales in June plummeted by 49.4% year-on-year to 6,813 units, making up 8.6% of total sales. For the first half of the year, mortgage sales dropped by 57.7% to 51,415 units, with 1,547 of these being first-time sales in June.
First-time home sales for June were 25,425 units, down 1.8% from the previous year, accounting for 32.1% of total sales. For the first half of the year, first-time sales increased by 1.3% to 173,324 units.
Second-hand home sales in June decreased by 6.7% year-on-year to 53,888 units, making up 67.9% of total sales. For the January-June period, second-hand sales fell by 5.8% to 371,750 units.
Sales to foreign buyers in June dropped by 45.1% year-on-year to 1,440 units, representing 1.8% of total sales. Antalya (593 units), Istanbul (478 units), and Mersin (116 units) saw the highest sales to foreigners. For the first half of the year, sales to foreigners decreased by 45.7% to 10,461 units.
The highest sales to foreign nationals in June were to citizens of Russia (332 units), Iran (156 units), and Ukraine (102 units).
These statistics underscore the shifts in Turkiye’s real estate market, influenced by declining mortgage sales and reduced foreign investments.
Source: Trthaber / Prepared by Irem Yildiz