Turkish house sales up 19% y/y in June

By bne IntelliNews July 24, 2015

110,657 houses were sold in Turkey in June, representing a 19% y/y rise, data from the statistics institute TUIK showed on July 24.

Mortgage-financed sales in the month rose by 26% y/y to 40,503 units.

Home sales in Turkey’s largest city Istanbul rose by 12% y/y to 21,612 units in June, while sales in the second largest city, the capital Ankara, were up by 23% y/y to 12,869 units in the month. Sales in the third largest city Izmir increased by 36% y/y to 7,364 in June.

In H1, house sales rose by 21% y/y to 635,080.

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
  H1 y/y Share June y/y Share
Turkey Total  635,080 21.0% 100%  110,657 19.1% 100%
Istanbul  122,573 15.0% 19%  21,612 12.3% 20%
Ankara  74,424 22.2% 12%  12,869 23.3% 12%
Izmir  39,432 20.4% 6%  7,364 36.1% 7%
Source: tuik
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