Turkish property market witnesses surge in house sales, despite yearly decline

Istanbul emerged as the frontrunner with the lion's share of the sales, contributing 14.4% to the total figure with 15,724 house sales. Following closely were Ankara with 9,688 sales (8.8% share) and İzmir with 5,203 sales (4.7% share).

On the flip side, some regions witnessed lower sales figures, with Ardahan, Hakkâri, and Tunceli recording the lowest numbers of house sales at 27, 40, and 91, respectively.

Mortgaged house sales saw a 24.1% drop in July, comprising 14,533 transactions, forming 13.3% of the total. This decline persisted over the January-July period, registering a 28.2% decrease and totaling 136,063.

Of the July mortgaged house sales, 3,633 were first-hand sales. Similarly, 43,132 of the January-July mortgaged house sales fell into this category.

Other house sales, however, saw an upswing of 27.1% in July, accounting for 95,015 transactions and a significant 86.7% share of the overall sales. Nonetheless, over the January-July period, other house sales decreased by 14.5% to 539,264.

First-time house sales recorded a 10.3% rise in July, reaching 31,641 transactions, representing 28.9% of the total sales. However, cumulative sales from January to July witnessed a 14.5% decline, amounting to 202,799.

Second-hand house sales bucked the trend in July, rising by 19.5% to 77,907 transactions, constituting a noteworthy 71.1% of total house sales. Yet, the January-July period saw a 19.0% dip, resulting in 472,528 transactions.

The market for foreign buyers, however, faced a different trajectory. July saw a 28.9% decrease in house sales to foreigners, with only 2,801 transactions. This figure made up 2.6% of the overall sales for the month. Antalya emerged as a top choice for foreign buyers with 996 transactions, followed by Istanbul with 832, and Mersin with 263.

Throughout the January-July period, house sales to foreigners plummeted by 43.9% to 22,076 transactions. Among nationalities, Russians led the way with 772 house purchases, trailed by Iranians (272), Iraqis (204), and Ukrainians (146). (ILKHA)