Economy in Turkey: Home Sales Drop to 9-Month Low

In March, housing sales in Turkey increased by 5.1% compared to the same month of the previous year, totaling 110,795 units. Despite the year-on-year increase, this marked the lowest monthly sales figure since June 2024.

According to the Turkish Statistical Institute (TÜİK), home sales across Turkey for the January–March period rose by 20.1%, reaching 335,786 units.

Top and Lowest Performing Provinces (March 2025)

• Highest number of sales:
  • Istanbul: 19,820
  • Ankara: 10,203
  • Izmir: 7,513
• Lowest number of sales:
  • Ardahan: 28
  • Bayburt: 33
  • Tunceli: 63

Mortgaged Sales Surge

• Mortgaged home sales in March rose by 41.5% year-on-year, totaling 18,225.
• Mortgage sales accounted for 16.4% of all home sales in March.
• In the January–March period, mortgaged sales increased by 87.3%, reaching 51,729.
• Of these, 4,331 in March and 12,143 during the first quarter were first-hand (new) home sales.

Other Types of Home Sales

• “Other” home sales (non-mortgaged) totaled 92,570 units in March, with a minimal increase of 0.1% year-on-year.
• These accounted for 83.6% of total sales in March.
• During January–March, such sales increased 12.7% to 284,057.

First-Hand vs. Second-Hand Sales

• First-hand (new) home sales in March:
  • 33,307 units, down 3.2% YoY
  • Made up 30.1% of total sales
  • Q1 2025: Up 13.2% YoY to 99,876 units
• Second-hand home sales in March:
  • 77,488 units, up 9.1% YoY
  • Accounted for 69.9% of total sales
  • Q1 2025: Up 23.3% YoY to 235,910 units

Sales to Foreign Buyers Decline

• Homes sold to foreigners in March: 1,574 units, down 11.5% YoY
• Made up 1.4% of total monthly sales
• Most sales to foreigners were in:
  • Istanbul: 635
  • Antalya: 496
  • Mersin: 141
• In the January–March period, foreign sales dropped 19.5% YoY to 4,578 units

Top Foreign Buyers in March

• Russia: 275
• Iran: 153
• Ukraine: 124