According to the Turkish Statistical Institute (TurkStat) data, housing sales across Turkey increased by 17,6 percent on an annual basis in May, reaching 130. In the first five months of the year, sales increased by 25 percent compared to the previous year, reaching 25,4.
Geographical Distribution and Growth Rates of Housing Sales
The provinces with the highest housing sales in May are as follows: Istanbul with 22, Ankara with 103 and Izmir with 11 The provinces with the lowest housing sales were recorded as Ardahan with 48, Bayburt with 67 and Gümüşhane with 91.
Big Leap in Mortgaged Home Sales
Mortgaged home sales in May compared to the same period last year It rose to 95,9 with a remarkable increase of 19 percent. It is thought that the decreases in housing loan interest rates and campaigns of banks were effective in this increase. The share of mortgage sales in total housing sales was 14,9 percent.
In the January-May period, mortgaged house sales increased compared to the previous year. increased by 98,7 percent to 88 thousand 606. In May, 4 mortgaged house sales were recorded as first hand, while in the first five months of the year, 674 were recorded.
Other home sales (non-mortgage sales) increased by 9,9 percent on an annual basis in May to 110, accounting for 613 percent of total sales. In the January-May period, this category increased by 85,1 percent to 17,7.
First Hand and Second Hand Housing Market
The number of first-hand home sales increased by 11,2 percent on an annual basis in May, reaching 39. This constituted 546 percent of total home sales. In the January-May period, first-hand home sales increased by 30,4 percent, reaching 17,7.
The number of second-hand housing sales increased on an annual basis in May It rose to 20,6 with a significant increase of 90 percent. This category accounted for 69,6 percent of total housing sales. Second-hand housing sales increased by 29,0 percent to 410 in the January-May period. These data show that activity in the second-hand market is one of the main drivers of the increase in overall housing sales.
Decline in Housing Sales to Foreigners Continues
Housing sales to foreigners increased on an annual basis in May decreased by 14,2 percent to 771. The share of housing sales to foreigners in total housing sales in May was 1,4 percent.
The provinces with the highest number of housing sales to foreigners are: Istanbul with 648, Antalya with 594 and Mersin with 145 In the January-May period, housing sales to foreigners decreased by 13,7 percent compared to the same period of the previous year, falling to 7.
The highest number of housing sales in May according to nationality were in the following order: Russian Federation with 274, Iran with 133 and Germany with 127 This downward trend in sales to foreigners is interpreted as the effect of changes in citizenship and residence conditions.
