House sales rose 24 percent in seven months

House sales rose 24 percent in seven months

House sales rose 24 percent in seven months

House sales increased by 24.2 percent in January-July from a year ago, while sales to foreigners grew more than 57 percent year-on-year, data from the Turkish Statistical Institute (TÜİK) have shown.

A total of 820,300 units changed hands in the first seven months of the year, TÜİK reported on Aug. 16.
First sales increased by 18.2 percent on an annual basis to 237,000 units, while secondhand house sales were up by 26.8 percent from a year ago to more than 583,000.

Mortgage-financed house sales exhibited a robust 52 percent increase from a year ago to around 190,000 units.
In July, house sales, however, declined by 12.9 percent year-on-year to 93,200, after rising nearly 12 percent annually in June, when nearly 151,000 units were sold.

Mortgage-financed sales fell by 6.8 percent to some 19,200, accounting for 20.4 percent of all house sales last month.
First sales were down 12.2 percent and secondhand sales dropped 13.2 percent in July from the same month of 2021.
Istanbul’s property market took the lead in property sales. Some 14,350 houses changed hands in Türkiye’s most populous city.

Ankara ranked second at 7,417 units sold, while in İzmir, the country’s third largest city, around 7,900 houses were sold.
House sales to foreigners between January and July, increased by 57.4 percent from a year ago to 39,322.
In July alone, foreign nationals bought 3,939 houses in Türkiye, marking a 12.4 year-on-year decline.

Last month, Antalya took over Istanbul as the most favored property market among foreign nationals. Foreigners purchased 1,421 houses in the city. House sales to foreigners in Istanbul stood at 1,154 units, followed by the southern province of Mersin where foreign nationals bought 289 units.

Russians once again topped the list of homebuyers in July, buying 1,028 houses across the country last month, followed by Iranians at 431 units.

House sales to Iraqis and Kazakhs stood at 380 and 190 units, respectively. Ukrainians and German nationals purchased 166 and 163 houses last month, respectively.