August indicates highest figure of year in housing sales

By News Centre

In August, 134,155 houses were sold. The highest monthly figure of the year was reached in house sales, which increased by 9.9 percent compared to the same month of the previous year. Mortgaged house sales decreased by 17.1 percent in August to 13,574. Evaluating the remarkable activity in the last two months, sector representatives state that this picture will improve further when credit costs are reduced to reasonable levels.

Despite high interest rates, housing sales reached the highest monthly figure of the year in August with 134,155 units. According to housing sales statistics announced by the Turkish Statistical Institute (TurkStat), housing sales nationwide increased by 9.9 percent in August compared to the same month last year, reaching 134,155. Mortgaged housing sales decreased by 17.1 percent annually in August, reaching 13,574. In January-August, sales increased by 1.1 percent compared to the same period last year, reaching 806,317.

Credit sales at bottom levels

The share of mortgaged sales in total housing sales was 10.1 percent. Mortgaged house sales in the January-August period decreased by 49.8 percent compared to the same period last year, reaching 76,485.

Sales to foreigners decreased by 26.2%

In August, 2,257 houses were sold to foreigners. These sales decreased by 26.2 percent on an annual basis. The share of house sales to foreigners in total house sales was calculated as 1.7 percent. Istanbul took first place in sales to foreigners with 838 houses. This city was followed by Antalya with 696 houses and Mersin with 174 houses.

Year-end forecasts are positive

Evaluating the remarkable activity in housing for the last two months, sector representatives state that this picture will improve further when credit costs are reduced to reasonable levels. Ramadan Kumova, Chairman of the Housing Developers and Investors Association (KONUTDER), noted that housing sales have been on an upward trend for the last two months and that year-end estimates are positive. Kumova said, “There was a 16 percent annual increase in housing in July, we were waiting for August data to make year-end estimates. The 9.9 percent increase in August was a guide in terms of interpreting our year-end estimates more positively.” Hakan ?i?ik, Chairman of the Anatolian Side Construction Contractors Association (AY?DER), said that investors with money and those in need of housing are turning to housing.

If access to credit becomes easier, things will open up

Beyaz Group Construction Board Chairman Emrah Beyaz said, “The inability to access credit due to high interest rates makes housing sales and home ownership difficult. This also creates stock. If inflation decreases and there is a decrease in credit interest rates, housing sales may improve again in 2025. Banks need to conduct low-interest campaigns.” ?nsay Construction Board Chairman ?hsan Çulhal?k said, “We estimate that this increase will continue from now on. If access to credit is possible, we can say that the housing sector will have good days again.”