July mortgage sales of houses and apartments in Istanbul have reached the highest level in recent years. The Istanbul Municipal Bureau of Statistics (IBB) has published data showing that mortgage sales in July 2020 increased tenfold and sales of secondary housing - by 174 percent. In July, a total of 39,432 housing units were sold in the megalopolis: the monthly sales growth rate reached 37 percent while the annual growth rate became 128 percent. Property buyers were more interested in resale properties in Istanbul (the annual sales growth - 174 percent). New apartment sales also rose significantly, with an annual growth rate of 55 percent.
The share of mortgage transactions in total sales rose to 61 percent in July.
What were the most popular districts? 58 percent of the July sales of apartments in Istanbul fell on the European side of the city with Esenyurt becoming the most popular area for property buyers in Istanbul (4,061 objects).