Istanbul, houses by the Bosphorus

Home sales in Turkey soared 209% in June

A total of 624,000 homes were sold in Turkey during the first half of the year, mainly in Istanbul, Ankara and İzmir.

Home sales in Turkey increased 209.7% last June compared to the same month last year, according to the latest data published on Tuesday by the Turkish Statistical Institute (TÜİK), which also reveal a significant increase on mortgages.

According to the report issued by TÜİK, total home sales last June totalled 190,012 units, highlighting Istanbul as the province with the highest volume of sales with 27,899 properties (15.2% of the total); Ankara followed with 21,915 (11.5%) and İzmir with 11,690 (6.2%). In contrast, the provinces with the fewest property sales were Ardahan with only 29, followed by Hakkari (40) and Bayburt (68).

In total during the first six months of 2020, 624,769 real estate was sold in Turkey, 23.5% more compared to the same period in 2019. Of the total number of houses sold, 197,772 were newly built and the rest second-hand.

On the other hand, sales of houses with a mortgage in Turkey between January and June 2020 totalled 266,734, which is equivalent to 42.5% of the total number of houses sold in that period, adding up total mortgage loans during the first half of the year by 32,2 billion liras (about 4,1 billion euros): this represents a historical record, the previous one being set in 2017 with 27,6 billion liras in mortgages.