Home sales plunged more than 44 percent in June

ANKARA

Home sales declined by 44.4 percent in June from a year ago to 83,636, the Turkish Statistical Institute (TÜİK) has reported.

That came on top of the 7.7 percent and 36 percent year-on-year declines posted in May and April, respectively.

Mortgaged home sales nosedived 67 percent from May last year to 40,600, which corresponded to 16.1 percent in total sales.

The decline in home sales to foreign nationals continued last month. In June, foreigners bought a total of 2,625 houses in Türkiye, which marked a 70 percent decline from the same month of 2022.

Famous tourism hotspot Antalya, on the Mediterranean coast, was the most favorite place for foreign homebuyers. Last month foreigners bought 1,000 properties in Antalya, followed by Istanbul at 760 and the southern province of Mersin at 223.

As was the case in the previous months, Russians constituted the largest group of foreign homebuyers. Russian nationals purchased 733 homes in Türkiye. Iranians ranked second at 333, while Iraqis came third at 175. Ukrainians constituted the fifth largest group at 168.

In the January-June period, home sales to foreign nationals fell by 45.5 percent from a year ago to 19,275.

In the first half of 2023, around 566,000 homes changed hands in Türkiye, a 22.2 percent decline compared to the same period last year.