Turkish Home Sales Drop 14.7 Percent in August

The Turkish Statistical Institute reported that home sales in Türkiye fell 14.7 percent year-on-year to 127,410 in August. This decline follows a 17 percent drop recorded in July, indicating a continuing downward trend in the residential market.

Existing home sales saw the steepest decline, falling 19.4 percent to 83,032, while new home sales decreased by 4.5 percent to 44,378. In contrast, mortgaged home sales rose 7.2 percent to 22,131, representing 17.4 percent of all transactions.

Foreign buyers purchased 1,938 homes in August, a marginal increase of 0.1 percent from the previous year, with Russian citizens remaining the largest group of foreign purchasers. Despite the slight monthly uptick, total sales to foreigners for the first eight months of the year fell 6.3 percent to 13,141.

Commercial property trends were mixed. New commercial property sales rose 5.2 percent, while sales of existing commercial properties declined 11.1 percent.