Turkish house sales up 13.5% y/y in July

By bne IntelliNews August 24, 2015

96,589 houses were sold in Turkey in July, representing a 13.5% y/y rise, data from the statistics institute TUIK showed on August 24.

Mortgage-financed sales in the month declined by 1% y/y to 30,754 units while rose by 39% y/y to 272,851 in January-July. House sales to foreigners rose 38% y/y to 2,027 in July, including 686 houses in Antalya and 541 houses in Istanbul. Iraqi citizens bought 362 houses in Turkey in the month while Saudi Arabians bought 233 and Russians bought 195.

In January-July, house sales rose by 20% y/y to 731,669.

Home sales could exceed 1.2mn units this year if the current trend continues, the acting chairman of real estate developers’ and REITs’ association (GYODER), Haluk Sur said last week.

In 2014, home sales recorded 0.7% y/y increase to 1.17mn units. In 2013 as a whole, a total of 1.16mn units were sold in Turkey, representing a 64.9% rise from the previous year. Sales had declined 1% y/y to 701,621 in 2012, after falling 17% y/y to 708,275 units in 2011.

Turkey’s construction sector contracted by 3.5% y/y in Q1 that followed a 2% y/y decline in the industry’s output in Q4/2014, according to latest GDP data of TUIK. The construction sector grew by 2.2% in 2014 following a 7.4% expansion in 2013.

 House Sales in Turkey
  Jan-Jul y/y Share July y/y Share
Turkey Total  731,669 20% 100%  96,589 13.5% 100%
Istanbul  139,755 13% 19%  17,182 0.4% 18%
Ankara  85,146 21% 12%  10,722 13.7% 11%
Izmir  45,201 19% 6%  5,769 9.2% 6%
Source: tuik

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