Turkey sees significant increase in house sales in February
Date
3/17/2024 7:19:13 AM
(MENAFN) According to data released by Turkey's statistical authority on Thursday, there was a notable uptick in house sales across the country in February compared to the same period last year. The Turkish Statistical Institute (TurkStat) reported a substantial increase of 17.3 percent in house sales on a yearly basis, with a total of 93,902 units sold during the month. Among the regions, Istanbul emerged as the leader in terms of house sales, accounting for 17.4 percent of the total transactions, equivalent to 16,344 units. Following Istanbul were the capital city Ankara with 8,300 units sold and the Aegean province Izmir with 5,168 units sold.
However, despite the robust performance in February, the overall trend for house sales in the first two months of the year showed a slight decline. TurkStat data revealed a 2 percent drop in house sales during the January-February period, amounting to approximately 174,210 units across the country. This decline suggests a more nuanced picture of the housing market dynamics in Turkey, highlighting potential factors influencing consumer behavior or market conditions during this timeframe.
An interesting aspect of the February data was the significant decrease in house sales to foreign buyers. There was a substantial decline of 44.9 percent in house sales to foreigners compared to the same month last year, with only 1,846 units sold to non-Turkish nationals. This trend persisted over the two-month period of the current year, with a striking 48 percent decrease in house sales to foreign buyers. Notably, Russian citizens were the most active foreign buyers in February, purchasing 395 homes, followed by Iranian citizens with 200 homes.
These figures shed light on the evolving landscape of Turkey's real estate market and its interactions with global economic and geopolitical dynamics. The fluctuations in house sales, both domestically and to foreign buyers, underscore the importance of monitoring various factors that influence the housing sector, ranging from domestic economic conditions to international relations and investor sentiment.
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