Türkiye real estate: New home and mortgage sales rise as total market declines

Data from the Turkish Statistical Institute (TÜİK) and the Central Bank of the Republic of Türkiye reveals a mixed performance in the real estate market for September 2026. Total housing sales in Türkiye fell by 9.3% year-on-year to 142,390 units. While new home sales rose by 3.9% to 51,519, existing home sales saw a significant decline of 15.3%.

Despite the overall slowdown in sales, mortgage-backed transactions showed resilience. Mortgaged housing sales increased by 5.1% to 23,397, and mortgage-backed commercial property sales surged by 37.7%. This suggests that while the broader market is contracting, buyers utilizing financing for new projects or specific investments remain active.

In the commercial sector, total workplace sales decreased by 3.8% to 17,345. However, similar to the residential market, first-hand workplace sales grew by 13.2%, while second-hand sales dropped by 10.5%.

Regarding pricing, the Central Bank reported that while nominal housing prices rose by 22.3% annually, they declined by 5.7% in real terms when adjusted for inflation. Rental markets saw high nominal growth, particularly in Istanbul, where new tenant rents increased by 35.5% annually.