House sales in Turkiye soar 16% in July

Residential property sales in Türkiye jumped 16% from a year ago in July, according to latest data released on Tuesday.

A total of 127,088 houses changed hands last month, up from 109,548 in July 2023, a Turkish Statistical Institute (TurkStat) report showed.

Mortgaged house sales fell 20.9% year-on-year to 11,496 in July, and accounted for 9% share of all sales.

Sales to foreign buyers dove by 16.1% to 2,350 units in the same period.

The Mediterranean resort city of Antalya enjoyed the lion’s share of sales to foreign buyers – 878 units.

Istanbul, Türkiye’s largest city in terms of population, followed with 752 properties, while the southern province of Mersin came third with 218.

Among foreign nationals, Russians bought the most houses (485), followed by Ukrainians (171) and Germans (162).

In January-July, 672,162 residential properties were sold in Türkiye, a slight rise of 0.5% compared to the prior year.

Sales to foreigners in the first seven months of the year plunged 42% at an annualized pace to 12,811, according to TurkStat data.