Housing Sales Declines on a Monthly Basis, but Annual Growth Continues

According to data released by the Turkish Statistical Institute (TUIK) for November 2024, there was a significant increase in housing sales in Turkey compared to the same month last year. In November 2024, Housing sales across Turkey rose by 63.6% year-on-year, totaling 153,014 units.

The provinces with the highest housing sales were Istanbul with 26,320 units, Ankara with 14,916, and Izmir with 8,583. The provinces with the lowest sales were Bayburt with 89, Tunceli with 99, and Hakkari with 121 units.

Housing Sales Increased by 16.4% in the January-November Period

From January to November 2024, housing sales increased by 16.4% compared to the same period in 2023, reaching a total of 1,265,388 units.

Mortgage Sales Increased by 315.7% in November

Mortgage-backed housing sales in November 2024 were 21,804 units, marking a massive 315.7% increase compared to November 2023. Mortgages accounted for 14.2% of total housing sales. However, in the January-November period, mortgage sales decreased by 21.3% compared to the previous year, totaling 135,209 units.

Other Sales Types: 131,210 Units Changed Hands in November

Sales of homes through other methods (non-mortgage) increased by 48.6% year-on-year in November, reaching 131,210 units, making up 85.8% of the total housing sales. From January to November, these sales rose by 23.4%, totaling 1,130,179 units.

First-Hand Housing Sales in November

First-hand housing sales also saw significant growth in November. There were 49,274 units sold, a 61.7% increase compared to the same month in the previous year. First-hand sales represented 32.2% of all housing sales in November. In the January-November period, first-hand sales rose by 24.2%, reaching 407,832 units.

Second-Hand Housing Sales in November

Second-hand housing sales continued to rise, reaching 103,740 units in November, a 64.6% year-on-year increase. These sales accounted for 67.8% of the total housing sales. From January to November, second-hand sales increased by 13.0%, totaling 857,556 units.

Sales to Foreign Nationals in November

Foreign nationals purchased 2,151 properties in November, marking an 8.2% decrease compared to November 2023. These sales accounted for 1.4% of all housing sales in November. The provinces with the highest sales to foreigners were Istanbul with 780 units, Antalya with 752, and Mersin with 191 units. In the January-November period, sales to foreign nationals dropped by 35.1% compared to the same period in the previous year, totaling 21,363 units.

Most Sales to Russian Citizens

Among foreign buyers, Russian citizens purchased the most properties in November, with 421 units sold. This was followed by Iranian nationals with 200 units and Ukrainian nationals with 160 units.

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