Turkey's real estate market in the first half of 2024 showed signs of stabilisation after several years of extraordinary volatility. Here is what the data shows.
Transaction Volumes
Total residential property sales across Turkey reached 740,000 units in H1 2024 — down 12% from H1 2023 but in line with the 5-year average. Istanbul accounted for 18% of all transactions, Ankara 12%, and Antalya 8%.
Price Trends
Istanbul apartment prices rose 45% in lira terms year-on-year — below the CPI inflation rate of 68%, meaning prices fell in real terms for the first time since 2020. In dollar terms, average Istanbul apartment prices remained broadly stable at $2,800–$3,200 per m².
Foreign Buyers
Foreign nationals purchased 12,400 properties in H1 2024 — down 22% from the same period in 2023. Russian buyers remained the largest group (22% of foreign purchases), followed by Iranians (18%), Germans (8%), and Ukrainians (7%).
Outlook
The Central Bank's aggressive rate cycle is expected to gradually bring down inflation. If successful, lira stabilisation could reignite foreign interest in H2 2024 and into 2025.
Join the conversation — your thoughts matter.
Log in to Comment