Turkey’s Real Estate Market Booms in 2024 with Over 1.4 million Properties Sold

DidimNews.com, March 2025

Turkey’s real estate market witnessed remarkable growth in 2024, as property sales surged by 20.6% compared to the previous year, totalling 1,478,025 units, according to official data. The surge reflects the sector’s resilience and strong domestic demand, despite a noticeable decline in sales to foreign buyers.

The provinces leading in property sales were İstanbul, with 239,213 units, followed by Ankara (134,046) and İzmir (80,398). Conversely, the least sales were recorded in Ardahan (755), Hakkari (958), and Bayburt (999).

December 2024 alone marked a significant boost, with sales rising by 53.4% year-on-year, reaching 212,637 properties. Notably, mortgaged house sales during this month saw an extraordinary increase of 285.3%, totalling 23,277 units. However, the annual total for mortgaged sales fell by 10.8% to 158,486 units, accounting for 10.7% of all sales.

Meanwhile, sales of non-mortgaged houses showed robust growth, increasing by 42.9% in December and by 25.9% annually, totalling 1,319,539 units in 2024.

First-time homebuyers also contributed significantly to the market’s growth, with new property sales increasing by 49.5% in December and 27.6% over the year, reaching 484,461 units and representing 32.8% of total sales. Second-hand sales rose by 55.7% in December and grew by 17.4% annually to 993,564 units.

However, sales to foreign buyers experienced a sharp decline of 32.1% in 2024, totalling 23,781 units and accounting for just 1.6% of total sales. The majority of foreign purchases occurred in İstanbul (8,416), Antalya (8,223), and Mersin (2,112). Russian citizens were the top buyers throughout the year, acquiring 4,867 properties, followed by Iranians (2,166) and Ukrainians (1,631). Interestingly, December saw a reversal of this trend, with sales to foreign buyers increasing by 17.2%, totalling 2,418 units.

The overall growth of Turkey’s property market in 2024 reflects strong domestic demand and strategic developments across major urban centres. Despite a slowdown in foreign purchases, the sector’s performance highlights its importance to the country’s economy, supported by increasing first-time and non-mortgaged sales.

As one of Turkey’s thriving regions, Didim continues to benefit from the nationwide momentum, drawing interest from both local and international buyers looking for coastal properties and holiday homes.