Türkiye House Sales May 2024: Record Highs
- Türkiye's housing market experienced a significant upswing in May, with total sales reaching 130,025 units, a 17.6% increase compared to May of last year.
- Istanbul emerged as the frontrunner in property sales, accounting for 22,103 units.
- However, sales to foreign buyers saw a dip of 14.2% year-over-year, totaling 1,771 units in May.
Türkiye’s housing market is booming! May 2025 saw a remarkable surge in house sales, jumping 17.6% and hitting a yearly high, with a total of 130,025 units sold. Istanbul is leading the charge in property sales, while mortgage sales nearly doubled. Despite the overall growth, sales to foreign buyers saw a decrease. This detailed report, courtesy of News Directory 3, breaks down the key figures, including the provinces favored by foreign investors and the significant rise in mortgage transactions. The decrease in foreign buyer interest, along with government policies, play a crucial role in shaping the market’s future. Discover what’s next for the Turkish real estate sector and how these trends will continue to unfold in the coming months.
Türkiye Housing Market Booms: May Sales Surge, Foreign Interest Cools
Türkiye’s housing market experienced a significant upswing in May, with total sales reaching 130,025 units, a 17.6% increase compared to May of last year. This figure represents the highest monthly sales volume recorded so far this year, according to the Turkish Statistical Institute, or TurkStat.
Istanbul emerged as the frontrunner in property sales, accounting for 22,103 units. Ankara followed with 11,975 sales, and Izmir recorded 7,817 transactions.
However, sales to foreign buyers saw a dip of 14.2% year-over-year, totaling 1,771 units in May. This decline continues a recent trend. Foreign purchases accounted for only 1.4% of all house sales during the month. Russians, Iranians, and Germans were the top foreign nationalities purchasing homes. Istanbul (648 units), Antalya (594 units), and Mersin (145 units) were the provinces favored by foreign buyers.
Mortgage sales experienced a ample surge, leaping 95.9% to 19,412 units, representing 14.9% of all sales. New house sales increased by 11.2% to 39,546 units, while sales of previously owned homes rose 20.6% to 90,479 units.
from January to May, Türkiye saw 584,170 house sales, marking a 25.4% increase compared to the same period in 2024.
What’s next
Analysts will be watching closely to see if the cooling trend in foreign buyer interest continues and how government policies might impact the overall housing market in the coming months.