Loss of momentum in housing market continues: From highest sales of year to lowest in 3 months

In Turkey, housing sales fell by 9.5% annually in September, reaching 102,656 units. The highest housing sales of the year were recorded in August with 122,091 units. However, housing sales in September marked the lowest level in the past three months.

Housing sales in Turkey are still losing momentum. In September, housing sales showed a 9.5% year-on-year decrease and a 16.4% decrease compared to the previous month. According to TUIK data, a total of 102,656 houses were sold in Turkey in September. In August, the highest housing sales of the year were achieved with 122,091 units.

Housing sales for the January-September period registered a 14.9% decrease compared to the same period last year, reaching 900,074 units. In September, Istanbul had the highest share in housing sales with 15,247 units and a 14.9% share. In terms of the number of sales, Ankara followed Istanbul with 9,048 housing sales and an 8.8% share, and Izmir with 5,476 housing sales and a 5.3% share. The provinces with the lowest number of housing sales were in Ardahan with 47 units, Hakkari with 55 units, and Bayburt with 77 units.

CREDIT-BASED SALES HALVED

Mortgaged housing sales in Turkey showed a 50.2% decrease in September compared to the same month of the previous year, with a total of 8,446 units sold. Mortgaged housing sales for the January-September period recorded a 29.6% decrease compared to the same period of the previous year, totaling 160,884 units.

42 PERCENT DECREASE IN SALES TO FOREIGNERS

Housing sales to foreigners decreased by 42% in September compared to the same month of the previous year, reaching 2,930 units. In September, the share of housing sales to foreigners in the total housing sales was 2.9%.

In September, citizens of the Russian Federation purchased 722 houses in Turkey. They were followed by Iranian citizens with 327 houses, Iraqi citizens with 191 houses, and German citizens with 148 houses.