Home sales nationwide increased by 17.3% in February compared to the same month last year, reaching 93,902 properties.
Istanbul still has the largest share of home sales compared to other cities: 16,344 properties, or 17.4%. In terms of sales, Istanbul is followed by Ankara with a share of 8.8%, as well as Izmir with a share of 5.5%.
In February, real estate prices in Bodrum and Istanbul remain on a plateau: in the three central districts of Istanbul, the price dynamics compared to last year was 4%, in Bodrum — +1% in dollars. As we predicted in 2022, after a period of sharp price spikes in dollars, the market will gradually stabilize.
Real estate sales to foreigners are still declining: by 44.9% compared to the same month last year, amounting to 1,846 properties. In February, the share of housing sales to foreigners out of the total volume was 2%.
Russians are still the leader among foreign buyers: 395 transactions were registered in February. Russian citizens were followed by citizens of Iran (200 transactions), Iraq (112), Ukraine (105) and Germany (91). The number of transactions decreased by 67% compared to February 2023. It should be noted that at the beginning of last year, high transaction rates were demonstrated due to a surge in demand for real estate in Turkey.
Therefore, the annual comparison shows a noticeable drop in demand. However, in general, demand in the winter months exceeds the long—term average – for example, in January and February 2021, about 500 transactions were concluded in total.
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