Turkey's housing market in February 2024: sales up 17.3%

The number of residential properties sold nationwide rose by 17.3% in February 2024 compared to the same month last year, reaching 93,902 objects.

Istanbul continues to have the largest share of residential sales compared to other cities, with 16,344 properties or 17.4%. In terms of sales, Istanbul is followed by Ankara with a share of 8.8% and Izmir with a share of 5.5%.

In February, property prices in Bodrum and Istanbul reached a plateau: in three central districts of Istanbul, the price trend showed 4% year-on-year, while in Bodrum it grew +1% in US dollars. As we predicted in 2022, the market will gradually stabilise after a period of sharp increases in USD price.

Property sales to foreign nationals continue to fall, down 44.9% year-on-year to a total of 1,846 properties. In February, housing sales to foreigners reached 2% of the total.

The top-5 foreign buyers are revealed. Russians took the first place with 395 transactions recorded in February. They were followed by citizens of Iran (200 transactions), Iraq (112), Ukraine (105) and Germany (91). The number of transactions decreased by 67% compared to February 2023. Earlier, the large number of deals due to the surge in demand was observed in the beginning of last year. Therefore, the year-on-year comparison shows a noticeable drop in demand. However, overall demand in the winter months is higher than the long-term average, with a total of around 500 transactions in January and February 2021.