Real Estate

Turkish house sales cool in October, plunging 8.7% year-over-year

Home sales in Türkiye dropped by 8.7% in October, compared to the same month previous year, according to the official data released on Thursday.

Some 93,761 residential properties changed hands last month, also down from 102,656 in the prior month, the Turkish Statistical Institute (TurkStat) said.

From January through October, sales dove 14.3% year-over-year to 993,835 units,the data said.

The data also showed the mortgaged house sales decreased by 58.0% last month when compared to the same month a year earlier and stood at 5,577.

House sales continued to slow down after the short rise in sales registered in August, which with 122,091 units marked the highest level this year.

Istanbul, Türkiye’s largest city in terms of population dominated the housing market in October, having the highest share with 15.9% of all sales with some 14,941 sold units.

It was followed by the capital Ankara and western Izmir with 7,394 (7.9%) and 5,192 (5.5%) housing sales, respectively.

Housing sales to foreign buyers, meanwhile, maintained a downward trend as well and plunged 52.9% year-over-year to 2,536 units this October, the TurkStat said.

The Mediterranean resort city of Antalya had the largest share of sales to foreign buyers with 931 units.

Istanbul followed with 758 properties sold to foreigners, while the southern province of Mersin came third with 294.

Among foreign nationals, Russians bought the largest number of houses – 713 units – followed by Iranians with 235, Germans with 152 and Ukrainians with 138.

In the first 10 months of the year, residential sales to foreigners plummeted 44.4% from the prior year to 30,599, the data said.

Source: dailysabah

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