In 2024, Türkiye’s real estate market saw a remarkable increase in residential transactions, with nearly 1.5 million homes sold across the country.

A total of 1,478,025 residential properties were sold in 2024, representing a 21% increase compared with the previous year.

This growth highlights the resilience of the Turkish property market and reflects continued demand from both domestic and international buyers.

In this article, Overseas Property Partners explores the key figures from Türkiye’s 2024 housing market and the factors that contributed to the strong performance of residential property sales.

1.5 Million Homes Sold in 2024

According to data from the Turkish Statistical Institute (TÜİK), total residential property sales in Türkiye reached 1,478,025 transactions in 2024.

The year-on-year increase indicates renewed activity in the Turkish housing market despite challenges including inflation, changing interest rates, and broader economic uncertainty.

Demand for property remained active across many regions, with Türkiye’s major metropolitan areas and popular coastal destinations continuing to attract buyers.

İstanbul: The Dominant Real Estate Market

İstanbul continued to lead the Turkish property market in 2024, with 239,213 homes sold during the year.

As Türkiye’s largest city and one of its most important economic and cultural centres, İstanbul remains one of the country’s most active real estate markets.

The city offers a diverse range of residential properties, from city-centre apartments and luxury residences to family homes and investment properties.

Its large population, international connectivity, employment opportunities, tourism industry, and extensive infrastructure continue to support demand from both domestic buyers and international investors.

Ankara and İzmir: Strong Regional Markets

Following İstanbul, Ankara ranked second, with more than 136,000 homes sold in 2024.

As the capital of Türkiye, Ankara has a diverse economy supported by government institutions, businesses, universities, healthcare, and other major sectors. This contributes to consistent housing demand across different segments of the market.

İzmir, Türkiye’s third-largest city, recorded 80,398 property sales in 2024.

Located on the Aegean coast, İzmir combines a large urban population with a strong economy, coastal lifestyle, tourism, and well-developed infrastructure. This combination continues to make the city attractive to both homeowners and property investors.

Foreign Buyers in Türkiye: An Important Part of the Market

International demand remained an important component of the Turkish property market in 2024, although foreign purchases declined compared with previous years.

In 2024, foreign buyers purchased 23,781 homes in Türkiye, representing a 32.1% decrease from the previous year.

Despite the decline, foreign buyers still accounted for approximately 1.6% of total residential property sales.

The cities receiving the highest levels of foreign demand included:

• İstanbul: 8,416 homes sold to foreign buyers
• Antalya: 8,223 homes sold to foreign buyers
• Mersin: 2,112 homes sold to foreign buyers

Russian nationals represented the largest group of foreign property buyers, purchasing 4,867 properties.

Other significant groups included:

• Iranian buyers: 2,166 properties
• Ukrainian buyers: 1,631 properties

These figures demonstrate that international buyers continue to play an important role in Türkiye’s residential property market.

Key Trends in the Turkish Property Market

Türkiye’s property market continues to be influenced by several important factors, including population growth, urban development, infrastructure investment, tourism, housing demand, and international interest.

Major cities such as İstanbul, Ankara, and İzmir continue to attract buyers because of their established economies and diverse housing markets.

Coastal locations such as Antalya and Mersin also remain popular with international buyers, particularly those looking for holiday homes, relocation opportunities, and investment properties.

Property prices can vary significantly between cities and even between individual neighbourhoods. Investors should therefore consider local market conditions rather than relying solely on national averages.

Property Prices and Market Demand

Property prices in Türkiye have experienced significant changes in recent years.

In many locations, rising construction costs, inflation, limited supply, and continued housing demand have contributed to higher asking prices.

At the same time, affordability differs considerably depending on the city, neighbourhood, property type, and location.

İstanbul remains one of the country’s most valuable and competitive markets, while cities such as Ankara and İzmir can offer different price points and investment opportunities.

For international buyers, understanding the relationship between purchase price, rental demand, potential capital appreciation, and local market conditions is essential when evaluating a property.

What Does the 2024 Sales Growth Mean for Investors?

The increase in residential transactions in 2024 indicates that Türkiye continues to have an active and diverse property market.

For investors, a high transaction volume can indicate strong market activity and liquidity, although individual investment performance will always depend on the specific property and location.

Investors considering the Turkish market should look at factors such as:

• Local property demand
• Purchase price
• Rental potential
• Expected rental yield
• Infrastructure development
• Population growth
• Tourism activity
• Property supply
• Resale potential
• Transaction and ownership costs

Rather than focusing solely on nationwide sales figures, investors should assess the fundamentals of the specific market they are considering.

İstanbul, Antalya and Other Key Investment Markets

Different Turkish cities offer different investment profiles.

İstanbul is suited to investors looking for exposure to a large metropolitan market with strong domestic and international demand.

Antalya can appeal to buyers interested in tourism, holiday homes, rental properties, and international demand.

Ankara offers a more domestic, year-round housing market supported by its role as Türkiye’s capital.

İzmir combines urban demand with coastal living, tourism, and a diversified economy.

Mersin offers opportunities connected to its Mediterranean location, expanding infrastructure, port activity, and growing international property market.

Choosing between these locations depends on your investment objectives, budget, preferred property type, and intended holding period.

Looking Ahead: The Future of Türkiye’s Real Estate Market

Türkiye’s housing market is likely to continue evolving as economic conditions, interest rates, construction costs, infrastructure development, and international demand change.

Major infrastructure projects and urban development can influence property values and demand, particularly in areas experiencing significant population or business growth.

Popular tourist destinations may continue to attract international buyers looking for holiday homes and rental opportunities, while major cities are likely to remain important centres for residential and investment demand.

However, future property prices cannot be guaranteed. Investors should consider different market scenarios and conduct detailed research before making a purchase.

What International Buyers Should Consider

For international buyers considering property in Türkiye, national sales figures are useful for understanding the broader market, but they should only be one part of the decision-making process.

Before purchasing, consider:

• Your investment objective
• Preferred city and neighbourhood
• Property type
• Purchase budget
• Expected rental income
• Potential resale demand
• Property ownership costs
• Applicable taxes and fees
• Legal status of the property
• Infrastructure and future development
• Currency considerations

A property that performs well in one neighbourhood may have very different prospects from a similar property elsewhere.

Local market research and property-level analysis are therefore essential.

Is Türkiye Still a Good Market for Property Investment?

The 2024 sales figures demonstrate the scale and activity of Türkiye’s residential property market.

Although foreign purchases declined from previous years, thousands of international buyers continued to purchase properties across İstanbul, Antalya, Mersin, and other destinations.

At the same time, strong domestic transaction volumes demonstrate the depth of the overall housing market.

For international investors, Türkiye continues to offer a broad range of opportunities across residential, commercial, and income-generating property.

The key is to identify the right location and property for your individual investment strategy rather than treating the entire country as a single market.

Explore Property Opportunities in Türkiye with Overseas Property Partners

If you are considering purchasing property in Türkiye, understanding market trends is an important first step.

Overseas Property Partners helps international buyers explore property opportunities across Türkiye based on their budget, preferred location, property type, and investment objectives.

Whether you are looking for a second home, rental investment, commercial property, or a long-term real estate opportunity, we can help you explore the market and identify properties that fit your requirements.