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Report on Real Estate in Türkiye in Terms of Sale and Rental

02/02/2024 Investment in Turkey 194 Report on Real Estate in Türkiye in Terms of Sale and Rental

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Data from Amlak Jet, the leading Turkish website in the real estate field, showed a clear increase in apartment prices in Turkey for the year 2024 AD, whether in terms of sale or rental. 

Istanbul ranked first in high rental prices, with an increase of 150%.

The prices of apartments for sale in Turkey increased by 97% in 2024.

While an increase in apartment rental prices in Turkey was recorded at a rate of 83%, the city of Ayden ranked first among the cities where apartments for sale gained the highest value in 2024, with an increase of 156%.

Amlak Jet, the leading website in the real estate advertising industry with 60 million page views and 15 million monthly visitors, published real estate data for the year 2024, which it prepared according to the movement in the database, which consists of 400,000 real estate ads that include sale and rent.

According to data from the Turkish Statistical Institution TUIK, the numbers of apartments and villas offered for sale were almost the same between 2020 and 2024 AD. This number reached one million, 491 thousand and 856 apartments in Turkey in the year 2024, compared to 2020, which recorded 1 million, 499 thousand and 316 apartments.

The share of apartments offered for sale in Istanbul was the highest, reaching 276,223 apartment sales, or 18.5% of the total general supply of apartments in Turkey.

The first five months of 2024 witnessed a significant decrease in the number of apartments and villas for sale, reaching approximately 83 thousand apartments per month, and this number began to rise in the month of June, as the average number of apartments and villas reached 124 thousand apartments per month throughout the year 2024. While the highest number of villas and apartments in Turkey was in December 2024, at about 226,500 apartments.

Istanbul and Aydin are at the forefront in selling and renting prices for apartments in Türkiye

According to Amlak Jet website data,  apartment prices in Turkey increased  by an average of 97% in 2024, while the increase in apartment rental prices was recorded at an average of 83%, and the city of Aydın ranked first among the cities in which apartments for sale gained the highest value in 2024. With an increase of 156%, followed by Tekirdağ with 117%, Verbalakşir with 116%, while Istanbul ranked fifth with an increase of 105%, while the percentages in Gaziantep remained 92%,  Izmir 87%, and Ankara 79% below the average percentage. Increasing the value of apartments for sale in Turkey.

When looking at the type of apartment sales in Turkey, similar to the year 2020, we find in 2024 that 80% of sales are not linked to bank interest and loans, and 31% of apartment sales were for newly constructed and unused apartments, and 69% of sales were for used apartments.

In terms of rental prices, prices increased by 83% in Turkey in 2024, and Istanbul ranked first with an increase of 150%, followed by Antalya by 122%, and  Mersin by 114%, while only the city of Palekasir remained below the general average in Turkey, with an increase of 82%. .

Also according to the site’s data, the majority of apartment seekers in 2024 are women, at a rate of 54%, while the average age of apartment seekers is over 45 years.

Which was preferable, living in apartments within neighborhoods or within residential complexes?

According to the research conducted by the Amlak Jet website, interesting details about apartment ownership emerged for the site’s users. It was found that 49% of users did not buy or own an apartment, while the percentage of those who own an apartment is 27%, and those who have two or two apartments More than 30% of users.

In terms of housing preferences for 2024, about half of users (49%) voted in favor of living in apartments in residential complexes, while 30% voted in favor of living in an independent house, and the percentage of those wishing to live in buildings in neighborhoods reached 21%.

While the percentage of those searching for 3+1 apartments was the highest at 48%, the percentage of those searching for 2+1 apartments was 31%, the percentage of those searching for 4+1 apartments and above was 14%, and 7% was for those searching for 1+1 apartments.

When looking at the details that are important to buyers in advertisements for apartments for sale, 61% were primarily concerned with the condition of the kitchen and bathroom , and 26% were concerned with the condition of the rooms , while 13% were concerned with the condition of the living room .

Is living with friends or independently preferred by college students?

The transition of universities in Turkey to face-to-face education in 2024 led to an increase in rents in all cities, especially in Istanbul, and students’ desire to choose a place of residence clearly affected prices. According to Amlak Jet’s research, 74% of students preferred to live with their friends. Or alone, and the rate of 5% are those who wanted to live in university housing, while the rate of students who want to live in private housing is 6%, and the rate of students who want to live with their families is 15%.

On the other hand, the most important feature that students preferred when choosing housing was that it be close to transportation, at a rate of 47%. Proximity to universities was the second most preferred criterion for 39% of students, while proximity to places of entertainment, eating, and drinking came in third place, at a rate of 14. %.

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