Home sales fall 14.7 percent in August

ANKARA

Home sales in Türkiye fell 14.7 percent year-on-year to 127,410 in August, following a 17 percent decline in July, the Turkish Statistical Institute (TÜİK) said on Sept. 17.

New home sales decreased 4.5 percent to 44,378, while sales of existing homes dropped 19.4 percent to 83,032. New homes accounted for 34.8 percent of total transactions.

Mortgaged home sales rose 7.2 percent from a year earlier to 22,131, representing 17.4 percent of all sales. Other transactions declined 18.3 percent to 105,279.

On a seasonally and calendar-adjusted basis, new home sales increased 3.5 percent from July, while sales of existing homes rose 0.7 percent.

Foreign buyers purchased 1,938 homes in August, up 0.1 percent from a year earlier and accounting for 1.5 percent of total sales.

Russian citizens were the largest group of foreign buyers, purchasing 343 homes, followed by Ukrainians with 147 and Iranians with 140.

In the first eight months of the year, sales to foreigners fell 6.3 percent to 13,141.

Separately, new commercial property sales rose 5.2 percent year-on-year to 5,172 in August, while sales of existing commercial properties declined 11.1 percent to 10,765.