The key facts

  • New home sales in September: +3.9% y/y to 51,519; new homes accounted for 36.2% of transactions
  • Overall housing sales: −9.3% to 142,390; secondary market: −15.3% to 90,871
  • Sales to foreigners: +9.9% to 2,167; Russians lead (388), followed by Iraqis (166) and Germans (162)

New home growth amid an overall market decline

New home sales in Turkey in September rose 3.9% year-on-year, reaching 51,519, according to official data from the Turkish Statistical Institute (TurkStat) published on Friday. New homes accounted for 36.2% of all housing transactions during the month. At the same time, the overall volume of housing sales fell 9.3% to 142,390, while secondary housing sales dropped 15.3% to 90,871.

Seasonally adjusted figures

Adjusting for calendar effects, new home sales increased 3.8% year-on-year. With seasonal and calendar adjustment, they rose 5.5% compared with August, while secondary housing sales remained unchanged.

Mortgages and foreign buyers

Housing sales with a mortgage rose 5.1% year-on-year to 23,397, accounting for 16.4% of all transactions. Sales to foreign buyers increased 9.9% to 2,167 properties — 1.5% of the total. Russian citizens purchased the most homes — 388, followed by citizens of Iraq (166) and Germany (162).

Nine-month results

For January–September, new home sales declined slightly — by 0.6% compared with the same period last year, to 359,913. The total number of housing transactions over this period fell 7.2% to 1.09 million.