As of September 2024, Türkiye sold 17,090 apartments to foreign buyers, marking a 39.1% decrease compared to the same period in 2023.
Monthly Sales Trends:
• September 2024: Sales to foreigners declined by 31% year-over-year, totaling 2,022 units. Istanbul led with 783 units sold, followed by Antalya (548 units) and Mersin (210 units).
• October 2024: Sales to foreign citizens decreased by 16.3% compared to October 2023, totaling 2,122 units.
• November 2024: Sales to foreigners further declined by 8.2% year-over-year, with 2,151 apartments sold.
Foreign Buyer Demographics:
Throughout 2024, Russian citizens have consistently been the top foreign buyers of Turkish real estate. In September 2024, Russians purchased 346 properties, followed by Iranians (163 properties) and Iraqis (139 properties).
Overall Housing Market Performance:
Despite the decline in foreign purchases, Türkiye’s total housing market has shown resilience. In September 2024, overall house sales increased by 37.3% year-over-year, reaching 140,919 units—the highest monthly sales since December 2022. Istanbul accounted for the largest share with 21,314 units sold, followed by Ankara (13,205 units) and Izmir (7,612 units).
Factors Influencing the Market:
The decrease in foreign purchases may be attributed to tighter financial conditions and economic policies affecting both domestic and international buyers. Analysts suggest that recent interest rate hikes by the Turkish central bank have influenced purchasing decisions.
There are many benefits and privileges that an investor or anyone else who wants to own a property in the Turkish city of "Yalova", for example, will get, especially since "Yalova" has become an important tourist and investment destination for many.
"Yalova" is distinguished by its distinctive real estate projects, including the projects that "Omran TRK" is working on, including the "Cennet Yalova" project, which is distinguished by its strategic location and its model residential units.
The strategic location and proximity of "Yalova" to major tourist cities such as Istanbul, which made it an important tourist compass and a factor of attraction and luxury, are among the most prominent things that increase the benefits that will be gained by those who want to buy a property in "Yalova", because this property will be of good value for money.
One of the benefits of buying a property in Yalova, Turkey, is that an investor coming from outside Turkey can buy a luxurious residential unit with high specifications of luxurious furniture, marble cladding, luxurious decorations, parking lots, modern technologies and luxurious social services such as gardens, swimming pools, a swimming pool, health resorts, a gym and children's playgrounds, in addition to social halls, restaurants and shopping areas within any of the residential complexes that Omran TRK Company is working on.
While Türkiye’s real estate market continues to attract foreign investors, 2024 has seen a notable decline in apartment sales to foreigners compared to the previous year. However, the overall housing market remains robust, with significant growth in total sales, indicating sustained domestic demand.