Türkiye reports 5.2% drop in June house sales

Türkiye experienced a decline in house sales during June, according to data released by the Turkish Statistical Institute (TurkStat) on Wednesday.

A total of 79,313 houses were sold nationwide in June, marking a 5.2% decrease compared to the same period last year. Istanbul remained the top city for house sales, followed by Ankara and Izmir. Conversely, Ardahan, Hakkari, Tunceli, and Bayburt recorded the lowest sales figures.

The overall trend for the first half of 2024 also showed a downward trajectory. House sales decreased by 3.7% compared to the same period in 2023, with a total of 545,074 houses sold.

Mortgaged house sales witnessed a significant drop of 49.4% in June, totaling 6,813 units. This figure represents 8.6% of all house sales for the month. Similarly, there was a 57.7% decline in mortgaged house sales for the first half of the year.

First-time home purchases decreased by 1.8% in June, accounting for 32.1% of total sales. However, for the January-June period, there was a slight increase of 1.3% in first-time home sales.

House sales to foreigners plummeted by 45.1% in June compared to the previous year, with only 1,440 houses sold to foreign buyers. Russians remained the largest group of foreign buyers, followed by Iranians and Ukrainians.

In summary, the Turkish housing market experienced a downturn in June and the first half of 2024. While Istanbul, Ankara, and Izmir continue to dominate sales, the overall figures indicate a cooling market compared to the previous year. (ILKHA)