After 5 consecutive months of decline due to rising prices because of inflation, home sales in Turkey made a combe back in July, increasing by 16.7% compared to the same month last year, according to data published by the Turkish Statistical Institute (TÜİK): data that contrasts with the falls of 44% or 36% that were registered in June or April, for example, and which was forcing many owners to lower prices and renegotiate conditions with potential buyers.
In total, almost 110,000 homes were sold in Turkey during the month of July, up from 84,000 in June, although mortgage sales fell again by 24.1% compared to the previous year, constituting just a 13% of total sales. Between January and July, home sales in Turkey were down 17.7% compared to the same period last year, while mortgage sales fell by 28.2%. In the first 7 months of 2023, there was also a 43.9% drop in the purchase of houses in Turkey by foreigners, with Russians being the main home buyers.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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