Türkiye's housing market saw a decline in January 2024 compared to the same month last year, according to the Turkish Statistical Institute (TurkStat).

House sales decreased by 17.8% in January compared to the same month of the previous year and became 80 thousand 308.

Istanbul recorded the highest share of sales at 16.7%, with 13,423 houses sold. Following Istanbul were Ankara with 6,709 sales and Antalya with 5,250 sales, representing 8.4% and 6.5% of total sales, respectively. Conversely, Ardahan, Hakkari, and Bayburt saw the lowest number of sales, with 17, 38, and 40 houses sold, respectively.

Mortgaged house sales experienced a significant decline of 63.5%, totaling 5,915 sales, constituting 7.4% of all house sales. Among these, 1,404 were first-time sales.

On the other hand, non-mortgaged house sales decreased by 8.7%, totaling 74,393 sales, capturing 92.6% of the market.

First-time house sales declined by 8.2%, totaling 25,263 sales, representing 31.5% of all house sales.

Second-hand house sales also experienced a decrease of 21.6%, totaling 55,045 sales, making up 68.5% of the market.

In terms of sales to foreigners, there was a notable decline of 50.5%, with a total of 2,061 houses sold. Antalya led the way with 747 sales to foreigners, followed by Istanbul with 710 and Mersin with 211.

Furthermore, Russian citizens accounted for the majority of purchases, acquiring 555 houses in January. Iran, Ukraine, Iraq, and Kazakhstan citizens followed with 208, 127, 99, and 99 house sales, respectively. (ILKHA)