Turkey's real estate market in July 2024

July 2024 was a landmark month for Turkey's real estate market: for the first time this year we can again see an increase in transactions and prices.

1️⃣ In Istanbul areas, real estate prices increased by 6.24% in dollars compared to the same period last year, and in Bodrum by 5%.

2️⃣ A total of 127,088 transactions were concluded in Turkey in July, 16% more than last year, when the number of transactions reached 109,548. This may indicate a renewed interest in the market.

3️⃣ Housing sales to foreigners decreased slightly, by 16% compared to July last year, amounting to 2,381 properties. At the same time, the number of concluded transactions for the month, on the contrary, increased: in June, 1456 foreign purchases were registered. Moreover, July 2024 became the most successful month for this year in terms of transactions among foreigners. The leading positions among the regions for foreigners' housing sales remain the same: Antalya, Istanbul and Mersin.

4️⃣ Antalya is again in first place in the number of sales for foreigners - 878 deals were concluded in this sunny region. Istanbul is in second place with 572 deals, and Mersin rounds out the top three with 218 deals.

Russian citizens are still the most active buyers among foreigners. In July they purchased 485 objects - this is 37% less than in July last year. Nevertheless, Russians' interest in Turkish real estate remains stable: this figure is 33% higher than in 2021 and even 126% higher than the pre-pandemic levels of 2019.

Citizens of Ukraine, Germany, Iran and Kazakhstan are next in terms of purchases.