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Türkiye’s housing market lost some momentum in March, with overall sales easing on an annual basis while inflation-adjusted prices continued to decline, extending the ongoing real-term downturn.
A total of 113,367 homes were sold nationwide, down 2.1% from the same month last year, according to data released by the Turkish Statistical Institute (TurkStat).
Loan-financed purchases stood out as the main driver of activity. Mortgage-backed sales jumped 35.9% year-on-year to 25,978 units, making up 22.9% of all transactions.
This increase came despite elevated borrowing costs, suggesting continued demand from buyers able to access financing.
New home sales ticked up 1.3% to 35,725 units, while second-hand transactions slipped 3.6% to 77,642 units, indicating a softer resale market.
In the first three months of the year, total housing sales reached 349,396 units, down just 0.3% compared to the same period last year, reflecting a broadly stable trend.
Istanbul retained its position as the country’s busiest market with 21,665 sales in March. Ankara followed with 10,236 units, while Izmir recorded 7,278 transactions.
Foreign demand, however, weakened notably. House sales to overseas buyers dropped 20% to 1,353 units, with Russians, Iranians and Germans remaining the leading purchasers.
Commercial real estate activity also slowed. New commercial property sales fell 5.4% year-on-year to 3,787 units, while second-hand transactions declined more sharply by 12.3% to 9,712 units.
Mortgage-backed commercial sales surged 60.1% to 698 units, diverging from the broader trend. Meanwhile, other commercial sales dropped 12.6% to 12,801 units.
The Residential Property Price Index (RPPI), which tracks house price changes, rose 26.4% from a year ago in nominal terms but dropped 3.4% in real terms after inflation, data from the Central Bank of the Republic of Türkiye showed.
On a monthly basis, prices moved up 2%, with increases of 2.2% in Istanbul, 2.5% in Ankara and 2.8% in Izmir.
The New Tenant Rent Index (NTRI), which measures rents for new leases, also rose 2% from February. Compared with a year earlier, rents were up 34.4% in nominal terms and 2.7% in real terms.
In major cities, monthly rent increases came in at 2.2% in Istanbul, 2.4% in Ankara and 3.6% in Izmir.
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