House sales in Türkiye up by 16 percent in July

Residential property sales in Türkiye jumped 16 percent from a year ago in July, according to latest data released on Tuesday while sales to foreigners increased by 16.1 percent.

A total of 127,088 houses changed hands last month, up from 109,548 in July 2023, a Turkish Statistical Institute (TÜİK) report showed.

Mortgaged house sales fell 20.9 percent year-on-year to 11,496 in July, and accounted for 9 percent share of all sales.

Sales to foreign buyers dove by 16.1 percent to 2,350 units in the same period.

The Mediterranean resort city of Antalya enjoyed the lion's share of sales to foreign buyers, 878 units.

Istanbul, Türkiye's largest city in terms of population, followed with 752 properties, while the southern province of Mersin came third with 218.

Among foreign nationals, Russians bought the most houses with 485, followed by Ukrainians with 171 and Germans 162.

In January-July, 672,162 residential properties were sold in Türkiye, a slight rise of 0.5 percent compared to the previous year.

Sales to foreigners in the first seven months of the year plunged 42 percent at an annualized pace to 12,811, according to TÜİK data.

Mortgaged house sales decreased by 20.9 percent in July compared to the same month of the previous year, making up 9.0 percent of all house sales. In January-July period, mortgaged house sales decreased by 53.8 percent compared to the same period of the previous year.

Meanwhile, the construction cost index (CCI) increased by 66.12 percent in June compared to the same month of the previous year, TÜİK said on Tuesday.

The material index increased by 51.55 percent and the labor index increased by 105.50 percent, according to the agency.