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NEWS Turkey’s Treasury and Finance Minister announces housing sales enjoy 200 percent increase

17 Jul 2020

Turkish Statistical Institute (TurkStat) has announced housing sales statistics. Thanks to the low-interest loan package put into operation by state-owned banks and decreasing effect of the corona virus outbreak in economy home sales in Turkey went up to 190 thousand 12 with an increase of 209.7 percent in June compared to the same month of last year.

Treasury and Finance Minister Berat Albayrak made an announcement on social media saying, "Home sales rose to 190 thousand 12 corresponding to an increase of 209.7 percent last month, marking the highest June figures in its history. Congratulations to our house owner citizens" 

In residential sales, Istanbul had the highest share with 28,799 residential sales and 15.2 percent. According to the sales numbers, Istanbul was followed by Ankara with sales of 21,915 houses and 11.5 percent share and Izmir with sales of 11,690 houses and 6.2 percent share. The provinces with the lowest number of residential sales were Ardahan with 29, Hakkari with 40 and Bayburt with 68 houses, respectively.

Minister Albayrak said: "The low cost support of our state-owned banks in the housing sector which alone mobilizes 250 sub-sectors has showed its effect. Home sales rose 209.7 percent last month to 190-12, the highest June figures in history. Congratulations to our house owner citizens." said.

The number of homes sold for the first time in Turkey increased by 152 percent in June 2020 compared to the same month of the previous year and was 58,632. Within total residential sales, the share of initial sales was 30.9 percent. In the first sales, Istanbul had the highest share with sales of 8,253 houses and 14.1 percent, while Istanbul was followed by Ankara and Izmir.

Housing sector is one of the most important areas in Turkey’s economy and it certainly helps to decrease unemployment as well. The Turkish Construction Industry on the other hand is very successful and brings in a substantial amount of foreign revenues thanks to the giant construction projects Turkish companies undertake and accomplish with great success in foreign countries. Among such countries are Russia, Turkic Republics, North Africa, Middle East and more.

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