Housing market expands by 6.9 percent in September

ANKARA

Home sales in Türkiye increased by 6.9 percent year-on-year in September, reaching 150,657 units, according to figures released by the Turkish Statistical Institute (TÜİK) on Oct. 16.

Mortgage-financed transactions rose sharply, climbing 34.4 percent to 21,266 units. This accounted for 14.1 percent of all sales.

Newly built home sales rose 5 percent compared with the same month last year, totaling 47,117 units. Sales of already existing homes increased 7.8 percent to 103,540, making up nearly 69 percent of the market.

Istanbul remained the country’s largest market with 24,119 sales in September, followed by Ankara with 13,417 and İzmir with 8,544.

Sales to foreign nationals declined 7.7 percent from a year earlier last month, representing 1.2 percent of total transactions. Istanbul led with 744 units sold to foreigners, followed by Antalya with 557 and Mersin with 124. In the January–September period, foreign purchases fell 12.6 percent to 14,944 units. Russian citizens were the top buyers in September with 267 homes, followed by Iranians with 202 and Iraqis with 146.

Over the first nine months of the year, total home sales rose 13 percent to 966,234 units. Mortgage-financed sales during the same period surged 76 percent to 162,493.

Meanwhile, the Central Bank reported on Oct. 16 that the Residential Property Price Index rose 1.7 percent in September from the previous month, marking a 32.2 percent annual increase in nominal terms but a 0.8 percent decline in real terms.