June 2024 Housing Market: Sharp Gains in New and Resale Segments

Turkey's Statistical Institute (TÜİK) released June 2024 housing sales data, signaling a notable market acceleration.

New‑Home Sales Surge to Record Levels

■Units sold: 43,406, up 23.1% YoY.

■Share of total housing sales: 33.4%.

■Seasonally adjusted series shows a 1.5% decline compared to June 2025.

Resale Market Deepens Amid Growing Demand

■Resale units sold: 86,573, up 12.5% YoY.

■Resale share of total: 66.6%.

■Seasonally adjusted data indicate an 8.6% drop versus June 2025.

Mortgage‑Backed Transactions Explode

■Mortgage‑financed sales: 25,993, up 72.1% YoY.

■Mortgage sales represent 20% of total transactions.

■Jan‑June period: mortgage sales 142,794, up 32.2% YoY.

Foreign Buyers Remain a Niche Segment

■Units sold to foreigners: 2,015, up 20.1% YoY.

■Foreign buyer share of total: 1.6%.

■Top foreign buyer nationalities: Russia (381), Ukraine (170), Iran (170) units.

Seasonal and Calendar Adjustments

■Seasonally adjusted total housing sales rose 15.8% versus June 2025.

■Month‑over‑month growth: new‑home sales 2.3%, resale sales 0.9%.

Market outlook: The robust June figures suggest that demand is solidifying across both new‑build and resale segments. The 72.1% surge in mortgage‑financed transactions points to improving credit conditions and rising consumer confidence. Although foreign buyers account for a modest 1.6% of sales, there is untapped potential that could be unlocked through targeted investment incentives. In the near term, liquidity is likely to remain ample in the housing sector, while the mortgage market’s 20% share could introduce heightened sensitivity to interest‑rate fluctuations.