Real estate entrepreneur Hakan Bucak: “Savings parked in gold and bank deposits have shifted into property. Prices have bottomed out but are expected to rise, and the now-attractive payback period is influencing purchase decisions.”
The Turkish Statistical Institute (TÜİK) released housing sales statistics for September. Assessing the data, Hakan Bucak, Chairman of Hakan Bucak Real Estate and a real estate entrepreneur, said, “Housing sales have been rising for 15 consecutive months.” He noted that nationwide sales in September increased by 6.9% year-on-year to 150,657 units, adding: “This marks the highest monthly sales of 2025 and the best September on record.”
Touching on the first nine months of the year, Bucak said: “In January–September, housing sales rose 19.2% year-on-year to 1,128,727. If this appetite continues over the next three months, 2025 will be a record year and, for the first time, the 1.5 million threshold will be surpassed.”
End of the real price decline
Pointing out that the share of mortgage use in sales is still not at the desired level, Bucak said: “In September, mortgaged home sales rose 34.4% year-on-year to 21,266—the highest figure of the year in unit terms. However, the share of mortgaged sales in total transactions was only 14.1%. For a healthy market, this needs to rise to the 40–50% range.”
Payback periods have become attractive
Bucak noted that consumers are opting to buy homes with cash or promissory-note plans: “Non-mortgage sales increased 3.4% year-on-year in September to 129,391. These accounted for 85.9% of total sales. This shows that savings from alternative investment vehicles like gold and time deposits have flowed into real estate. Both investors and owner-occupiers are seizing the moment. Prices have hit bottom but are expected to climb, and the increasingly attractive payback period is driving purchase decisions. The Central Bank’s House Price Index also indicates we are at the end of the real decline.”
While sales remain buoyant, Bucak warned that the expected momentum in new construction has yet to materialize, and that shrinking supply could fuel further increases in prices and rents.