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23 Jul 2019, Gergana Bencheva, EMIS Editor

House sales in Turkey drop 48.6% y/y in June

Number of house sales in Turkey went down by 48.6% on an annual basis to 61,355 units for June 2019, CEEMarketWatch reported referring to data provided by the country’s statistics bureau Turkstat. The contraction deepened from 31.3% in May.

For the period between January and June 2019, house sales in the country went down by 21.7% year-on-year to 422,911 units. The housing market contraction deepened in the second quarter of 2019 but a slight recovery is expected in the second half of the year.

In the meantime, house sales to foreigners kept their upward trend as interest from top markets like Iraq, Iran, Russia, Germany and the UK improved sharply. The boom could be explained with the weak lira and the government incentives, CEEMarketWatch added.

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