Turkish Real Estate Market February 2024: Key Statistics and Trends

Turkish Real Estate Market February 2024 Key Statistics and Trends

Flourishing Residential Sales:

Nationwide residential property sales in February 2024 witnessed a 17.3% year-on-year increase, reaching 93,902 units. Istanbul maintained its dominance as the city with the highest number of property sales, accounting for 16,344 units or 17.4% of the total. Ankara followed with an 8.8% share, and Izmir with a 5.5% share.

Stabilizing Prices:

In line with our 2023 predictions, property prices in key markets like Bodrum and Istanbul are stabilizing. The average price change in three central districts of Istanbul was -4% compared to the previous year, while Bodrum saw a 1% increase in USD prices.

Declining Foreign Sales:

Foreign property sales continued to decline in February, falling by 44.9% year-on-year to 1,846 units. This represents a 2% share of total property sales.

Russian Buyers Still Dominate:

Russian nationals remained the top foreign buyers, with 395 transactions in February. They were followed by citizens of Iran (200 transactions), Iraq (112), Ukraine (105), and Germany (91). However, it’s important to note that the overall number of transactions decreased by 67% compared to February 2023. This can be attributed to the high demand surge witnessed at the beginning of 2023. Nevertheless, the winter months of 2024 still recorded higher demand than the average long-term figures, with a combined total of around 500 transactions in January and February 2021.

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