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Turkey's housing market faced a steep decline in the first half of the year due to tighter financial conditions driven by the central bank's interest rate hikes. However, since July, overall home sales have shown recovery, with September witnessing a 37.3% year-on-year rise, reaching 140,919 units. Mortgaged property sales also surged by 87.4%, and newly constructed homes saw a 47.1% increase. Despite this, property sales to foreign buyers dropped 31% in September, with 2,022 units sold, led by Russian, Iranian, and Iraqi buyers. Istanbul remained the top destination for foreign purchasers, followed by Antalya and Mersin.
Home sales experienced a sharp decline in the first half of the year, largely attributed to tighter financial conditions resulting from a series of interest rate hikes by Turkey's central bank. However, since July, the market has shown signs of recovery. Despite this improvement, property sales to foreign buyers dropped to 2,022 units in September, representing just 1.4% of all residential transactions for the month, according to recent data. Advertisement
In September, Turkey witnessed a sharp 37.3% rise in overall home sales compared to the same month last year, with a total of 140,919 units sold. However, the market for foreign buyers experienced a notable downturn, dropping by 31%, according to figures released by the Turkish Statistical Institute on Thursday.
The data revealed that sales of mortgaged properties saw a significant surge of 87.4% in September, reaching 15,825 units. At the same time, sales of newly constructed homes and apartments climbed by 47.1% during the month, marking a notable increase in this segment as well.
Istanbul topped the list for property sales to foreign buyers, recording 783 units, while the Mediterranean cities of Antalya and Mersin followed with 548 and 210 units, respectively. This year, sales to international buyers have seen a slight decline, following a previous surge driven by increased demand from Russian and Ukrainian nationals due to the ongoing conflict in their region.
In September, a total of 2,022 properties were sold to international buyers. Russians remained the leading group, acquiring 346 homes, with Iranian and Iraqi buyers following closely behind, as per the data.
In conclusion, Turkey's housing market is gradually recovering, evidenced by a significant increase in overall sales, particularly in mortgaged properties and new constructions. However, sales to foreign buyers continue to decline, reflecting shifting demand dynamics influenced by geopolitical factors and economic conditions. While Istanbul remains the prime destination for international investors, the decline in foreign sales, especially from Russian and Ukrainian buyers, highlights a changing trend after a period of heightened demand. As Turkey's financial policies stabilise, the housing market could further balance, though foreign buyer interest may take longer to rebound fully.
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