Türkiye’s housing market sees 16.1% drop in foreign sales in July

Property sales to foreign buyers in Türkiye decreased by 16.1% compared to the same month in July as compared to 2023, dropping to 2,350 units, according to the Turkish Statistical Institute (TurkStat).

Foreign sales accounted for just 1.8% of total property transactions.

Top locations for foreign buyers

In the first seven months of 2024, sales to foreign nationals fell by 42% year-on-year, totaling 12,811 units.

• Antalya: 878 units sold to foreign buyers.
• Istanbul: 752 units.
• Mersin: 218 units.

Leading nationalities among foreign buyers

• Russia: 485 units.
• Ukraine: 171 units.
• Germany: 162 units.

Sharp decline in mortgage sales

Mortgage sales across Turkey fell sharply in July, with a 20.9% year-on-year decline to 11,496 units.

Mortgage transactions represented 9% of all property sales.

From January to July, mortgage sales dropped by 53.8% compared to the previous year, totaling 62,911 units.

Of these, 2,786 units were first-time sales in July, and 14,462 units were first-time sales during the January-July period.

Increase in first-time purchases

Non-mortgage property sales rose by 21.7% in July, reaching 115,592 units and making up 91% of total sales.

• First-time sales: Increased by 28.9% year-on-year in July to 40,784 units, accounting for 32.1% of total sales.
• January-July period: First-time sales grew by 5.6% to 214,108 units.

Growth in second-hand property sales

Second-hand property sales also increased in July, rising by 10.8% to 86,304 units, representing 67.9% of total transactions.

However, for the January-July period, second-hand sales slightly decreased by 3.1% to 458,054 units.