Turkey recorded 127,410 house sales in August, indicating a 14.7% decrease compared to the same month last year. This information was released by the Turkish Statistical Institute (TurkStat) and clearly shows the fluctuations in the housing market.
Details of House Sales
Sales of new houses during this period reached 44,378, which is a 4.5% decrease compared to last year and accounted for 34.8% of total transactions. Among the provinces, Istanbul had the highest number of house sales with 20,426. The capital, Ankara, ranked second with 10,851 sales, while Izmir came in third with 6,532.
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Sales of second-hand houses also decreased by 19.4% to 83,032, constituting 65.2% of total sales. However, sales of houses financed with mortgage credit increased by 7.2% compared to last year, reaching 22,131, which represents 17.4% of total transactions. In contrast, other sales decreased by 18.3% to 105,279.
Seasonal and Annual Fluctuations
Despite the annual decrease in sales, sales of new houses increased by 3.5% compared to last month (July), and sales of second-hand houses increased by 0.7%. Overall, from January to August, total house sales decreased by 6.8% compared to last year, reaching 950,529.
Sales of houses financed with mortgage credit increased by 27.6% during this period, reaching 188,813, while other sales decreased by 12.7% to 761,716.
Sales to Foreign Buyers
Sales of houses to foreign buyers in August increased by 0.1% compared to last year, reaching 1,938, which constitutes 1.5% of total sales. Russian citizens made the most purchases with 343, followed by Ukrainians with 147 and Iranians with 140. From January to August, sales of houses to foreigners decreased by 6.3% compared to last year, reaching 13,141.
These changes will have direct impacts on the housing market and buyer behavior, indicating the challenges that this market is facing.
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