According to data from the Turkish Statistical Institute (TÜİK), housing sales across Turkey in June 2025 increased by 35.8% compared to the same month of the previous year, reaching 107,723 units. While this rise is seen as a sign of renewed vitality in the sector, Derya Filiz Dalga, Founder of Mega Project and Real Estate Expert, emphasized the sustainability of the market’s momentum and shared important insights.

“THE INCREASE IN SALES IS POSITIVE BUT NOT ENOUGH”
“Of course, the rise in sales is pleasing,” said Dalga, stressing that turning this picture into a permanent recovery is only possible with a strong financial foundation:
“Access to credit for the middle-income group remains limited. This is one of the key factors hindering the healthy growth of the sector. A large segment of people who want to own homes remains passive in the market because they cannot access financing.”

CREDIT-BASED SALES SHOW ACTIVITY, BUT THE RATIO IS STILL LOW
In June, mortgaged (credit-based) sales increased by 112.6% compared to the previous year, reaching 14,484 units. However, these sales accounted for only 13.4% of the total.
“Interest rates are still unattainable for many citizens. The low share of credit-based sales indicates that middle- and lower-income groups are excluded from the housing market. This growth is not sustainable; it may remain superficial,” Dalga said.

“THESE SALES FIGURES WOULD NOT BE POSSIBLE IN ANOTHER COUNTRY”
Dalga stated that despite the high-interest environment, the strong sales trend could be explained by a market resilience unique to Turkey:
“During this period when credit access is limited and interest rates are high in Turkey, the sale of 107,723 homes is truly remarkable. For example, in the U.S., even a slight increase in interest rates slows down the market despite the 30-year mortgage system. But in Turkey, despite such high interest rates, the market continues to move forward.”

“BUYING A HOME WITH HIGH INTEREST IS NOT AS WRONG AS IT SEEMS”
Dalga pointed out that buying a home can still be logical even in high-interest periods:
“When interest rates fall, refinancing opportunities arise. However, gains are not made when home prices fall—they usually rise. Someone who buys today can both reduce their debt and own a more valuable property if interest rates drop tomorrow. The fact that the interest rate cut process has begun as of July indicates that mortgage rates may ease in the coming months. This will bring a new wave of demand.”

FIRST-HAND AND SECOND-HAND SALES ARE BALANCED, BUT THERE’S A RISK
In June, first-hand sales increased by 32% to 33,569 units, while second-hand sales rose by 37.6% to 74,154 units, accounting for 69% of total sales.
“Both land and financial support are needed for new housing production. If production slows, demand for second-hand homes will increase, which could disrupt price balances in the market,” Dalga noted, warning that a slowdown in production could further distort the supply-demand balance in the long term.

SWAP SALES MAY BE SKEWING THE STATISTICS
Dalga also pointed out that the data may not fully reflect reality:
“Swap sales are recorded as double transactions in title deeds, which can create a misleading effect in the statistics. This may make the sales figures appear higher than the actual demand.”

SHORT-TERM FLUCTUATIONS, LONG-TERM UNCERTAINTY IN FOREIGN BUYER SALES
In June, home sales to foreigners increased by 8.7%, reaching 1,565 units. However, in the first half of the year, there was a 10.6% decline compared to the same period last year.
“Foreign investor interest can remain periodically active. But without exchange rate stability, citizenship incentives, and a geopolitically secure environment, this interest will not be sustained. A more predictable structure must be established.”

THE PRESSURE ON RENTS: CREDIT ACCESS IS A SOCIAL ISSUE
Dalga emphasized that difficulties in accessing financing have not only individual but also societal impacts:
“If middle-income citizens cannot access credit, they are condemned to remain renters. This increases rental demand, drives up prices, and disrupts social balances. Therefore, credit access is not just a financial issue but also a matter of social equilibrium.”

CALL TO THE SECTOR: COMMON GROUND IS NECESSARY
Derya Filiz Dalga concluded her remarks with the following words:
“The rise in June is certainly positive. But to sustain this momentum, discussing demand alone is not enough. Production, financing, and legal frameworks must be addressed together. The public sector, private sector, and financial institutions must work in coordination. As sector professionals, we are ready to contribute in every way to this process.”