Türkiye's home sales surge 76 pct in October

ANKARA

House sales in Türkiye soared 76.1 percent year-on-year in October, data from the Turkish Statistical Institute (TÜİK) has shown.

The data showed that October saw a total of 165,138 houses sold, up from 93,761 in the same month last year and the highest number since December 2022.

Mortgaged sales jumped 278.2 percent on an annual basis in October to 21,095, accounting for 12.8 percent of all house sales, TÜİK reported.

In October, first-hand house sales increased by 97.3 percent to 57,679, making up 34.9 percent of total house sales. The first 10 months of the year saw the sale of 358,558 first-hand houses, a 20.4 percent increase from the previous year.

Secondhand house sales increased by 66.5 percent in October, reaching 107,459. The share of such sales in the total was 65.1 percent, while a total of 753,816 houses were sold in the January-October period with an increase of 8.3 percent, indicating the important role of the second-hand market.

However, house sales to foreigners fell 16.3 percent year-on-year in October to 2,122.

The southwestern resort city of Antalya saw the highest number of foreign house buyers with 750, followed by metropolis Istanbul with 724, and the southern province of Mersin with 148.

The highest number of foreign house buyers was from Russia with 373, followed by Iran with 172, and Ukraine with 136.

In the January-July period, a total of 1.1 million houses were sold, registering an increase of 11.9 percent on an annual basis. During this period, house sales to foreigners fell 37.2 percent, reaching 19,212.

Türkiye's real estate sector has been a significant contributor to the country's economic growth, with the housing market playing a crucial role. The sharp increase in sales, particularly in the first-hand and mortgaged segments, indicates that the domestic market remains resilient despite global economic uncertainties.

The decline in foreign house sales, on the other hand, could be attributed to factors such as currency fluctuations, geopolitical tensions, and changing investment priorities of international buyers. Türkiye's policymakers will likely closely monitor these trends and consider measures to attract foreign investment in the real estate market, which has traditionally been an important source of capital inflows.