House sales in Türkiye remain strong despite rising prices

Turkish real estate market saw continued growth in October, with a 76.1% increase compared to same month of last year.

From January to October, total sales climbed by 11.9%, reaching 1.11 million units.

According to Turkstat data:

• Istanbul recorded the highest sales at 24,812
• Ankara followed with 15,257
• Izmir sold 8,658 units
• Hakkari, Bayburt and Ardahan registered the fewest transactions.

House sales to foreigners drop by 37.2%

First-hand house sales in October rose by 97.3% to 57,679 units, making up 34.9% of all transactions. During the first 10 months of the year, new property sales climbed 20.4% to 358,558. Secondhand house sales also grew by 66.5%, totaling 107,459 and accounting for 65.1%. Year-to-date, second-hand property sales were up 8.3%, reaching 753,816 units​.

Mortgaged property transactions rose sharply by 278.2% compared to the same month last year, hitting 21,095 and representing 12.8% of all house sales. Nevertheless, mortgage-backed sales dropped 31.9% to 113,405 in the January to October period, 26,869 out of those sales were first-time home sales​.

Sales to foreigners fell by 16.3% compared to the same month last year to 2,122 units, composing 1.3% of total sales. Antalya led with 750 sales to foreign buyers, followed by Istanbul with 724 and Mersin with 148​. Total sales counted 19,212 year-to-date, fell by 37.2% compared to the same period last year.

Prices decrease by real value, yet increase nominally

According to data from the valuation platform endeksa.com, housing prices in Türkiye have risen significantly by 26.3% year-over-year, with a 2.45% increase in October alone. However, in real terms, prices have dropped by 15%, which has impacted sales despite the boost in interest rates caused by the monetary tightening policy over the past four months.

• The average price of a house in Türkiye with similar characteristics stands at ₺3.67 million ($106,860).
• The average size of these properties is 131 square meters, bringing the average price per square meter to ₺28,027.
• For properties with these specifications, the average payback period, also known as the amortization period, is approximately 13 years.
• Prices are anticipated to advance to higher levels next year, reaching 21.41% growth in October 2025.

On the other hand, rental prices in Türkiye have risen by 47.11% over the past year. The average monthly rent for a comparable property now stands at ₺19,534 with an average property size of 110 square meters.