Türkiye’s house sales surge by 16 percent last month
Date
8/13/2024 8:41:33 AM
(MENAFN) Residential property sales in Türkiye experienced a notable increase of 16 percent in July compared to the same month last year, according to the latest figures released on Tuesday. The data from the Turkish Statistical Institute (TurkStat) revealed that a total of 127,088 houses were sold in July 2024, a significant rise from the 109,548 units recorded in July 2023. This growth in overall sales reflects a positive trend in the Turkish Real estate market, even as certain segments showed a different trajectory.
However, the market for mortgaged house sales saw a downturn, with a 20.9 percent decrease compared to the previous year. In July, only 11,496 mortgaged houses were sold, making up 9 percent of the total residential property sales. This decline indicates a shift in buyer behavior, potentially influenced by changes in mortgage rates or broader economic conditions. Despite the overall growth in property transactions, the reduction in mortgaged sales suggests a more cautious approach among buyers who rely on financing.
Sales to foreign buyers also saw a significant decline, dropping by 16.1 percent to 2,350 units in July. Among the cities, Antalya, a popular Mediterranean resort destination, led in sales to international buyers, with 878 units sold. Istanbul, Türkiye's most populous city, followed closely with 752 properties sold to foreigners, while Mersin, a southern province, ranked third with 218 units. This shift in foreign investment patterns may reflect changing preferences among international buyers or external factors affecting their purchasing decisions.
In the broader context, residential property sales in Türkiye for the January to July period reached 672,162 units, marking a slight 0.5 percent increase from the previous year. However, sales to foreign nationals during this period experienced a sharp decline, plummeting by 42 percent on an annualized basis to 12,811 units. The drop in sales to foreign buyers could be attributed to various factors, including economic uncertainties or geopolitical developments, which may have influenced foreign investors' confidence in the Turkish real estate market. Among foreign buyers, Russians were the most active, purchasing 485 houses, followed by Ukrainians with 171 units and Germans with 162.
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