House sales in Türkiye increase by 76.1 percent yr/yr last month
Date
11/13/2024 8:27:17 AM
(MENAFN) In October, house sales in Türkiye surged by 76.1 percent compared to the same month in 2023, according to data from the country's statistical bureau, TurkStat. A total of 165,138 houses were sold, up from 93,761 in October of the previous year. This marks the highest sales volume recorded since December 2022, signaling a strong rebound in the housing market.
Sales of mortgaged homes saw a remarkable rise of 278.2 percent year-on-year in October, totaling 21,095 properties. Mortgaged homes accounted for 12.8 percent of all house sales in the month, highlighting a growing reliance on mortgage financing among homebuyers. This sharp increase reflects the shift in buying behavior, as more individuals opt for mortgage options amidst rising property prices.
In contrast, house sales to foreigners declined by 16.3 percent in October, reaching 2,122 properties. This decrease suggests a slowdown in foreign interest in the Turkish housing market, which had previously seen strong demand from international buyers. The southwestern resort city of Antalya led the way for foreign purchases, with 750 properties sold, followed by Istanbul with 724 and Mersin with 148.
Among foreign buyers, Russians were the largest group, purchasing 373 properties, followed by Iranians with 172 and Ukrainians with 136. Over the January-July period, a total of 1.1 million homes were sold, representing an 11.9 percent increase compared to the previous year. However, sales to foreigners during this period dropped by 37.2 percent, totaling 19,212 properties, indicating a shift in foreign buying patterns.
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