The Turkish Institute of Statistics has published data on residential real estate sales for August. With the exception of the segment of transactions involving mortgages, according to the results of both August and eight months of the year (from January to August, compared with the same period of the previous year), sales went up.
Here are the exact numbers for different categories:
August 2024 / August 2023
Total number of housing units sold — 134,155 / 122,091 (+9,9%)
Mortgage transactions — 13,574 / 16,375 (-17,1%)
Transactions without attracting housing loans — 120,581 / 105,716 (+14,1%)
Sales in new buildings — 41,913 / 35,310 (+18,7%)
"Secondary" properties — 92,242 / 86,781 (+6,3%)
8 months of 2024 / 8 months of 2023
Total number of housing units sold — 806,317 / 797,418 (+1,1%)
Mortgage transactions — 76,485 / 152,438 (-49,8%)
Transactions without attracting housing loans — 729,832 / 644,980 (+13,2%)
Sales in new buildings — 256,021 / 238,109 (+7,5%)
"Secondary" properties — 550,296 / 559,309 (-1,6%)
The volume of housing sold in August increased by 10%, in the segment of non-mortgage transactions — by 14%, in the secondary segment — by more than 6%, and this despite the fact that installments are available only in the "primary" sector.
In January-August, the volume of transactions remained at the level of last year, mortgage transactions sank by half, but non-mortgage transactions "added" 14%, new buildings — 7.5%.
We still recommend not to delay the purchase: prices for apartments in some places are almost below the cost of construction. We must take advantage of the moment.