Over one million houses sold in Turkey in first 9 months of 2018

Over one million houses sold in Turkey in first 9 months of 2018
Posted on: 17 Nov 2018

According to the report shared by GYODER (Property and Real Estate Investment Trusts Association) 1 million to 2 thousand 391 housing units were sold in Turkey in the first 9 months of the year.

Property and Real Estate Investment Trusts Association (GYODER) has published a report called "GYODER indicators 2018-3 Quarterly Report" covering various topics such as the world economy, basic macro-economic indicators of Turkey, industry production figures etc.

According to the report, deferred payment sales of the developer companies totaled up to 51.5 percent in the second quarter of the year. This figure was 26.4 percent in the previous quarter. One of the factors that played an important role in the rapid increase of “deferred payment bond” sales was the rapid rise in housing loan rates.

Annually about 1.4 million homes changed hands in Turkey during said period but there is still a need for 650 thousand new houses due to demographic reasons. The good news is that the real estate market is reported to be coming to a balance, gradually.

It is reported that 1 million to 2 thousand 391 houses changed hands in January-September period. 256 thousand 283 units of these sales were made from mortgage. During the same period last year 1 million 30 thousand 728 residential units were sold with mortgage sales totaling up to 363 thousand 227 units.

On the other hand it is also reported that the exchange rate increase in the third quarter had a positive impact on purchases of foreign buyers. The rate of housing sales to foreigners, which was 6.1 percent in the first quarter of the year, reached 8.5 percent in the second quarter and 12.8 percent in the third quarter.

House sales to foreigners in first 9 months of the year were recorded at 24,155 units corresponding to an increase of 58.5 percent as compared to same period last year.

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