Home sales thrive for 3rd month in a row

Backed by cheaper home loans, sales soared in October

By Fatih Erkan Dogan

ANKARA (AA) - Home sales in Turkey surged for the third month in row in October, according to data released by the Turkish Statistical Institute (TurkStat) Wednesday.

Home sales soared 25.1 percent year-on-year in October to reach 130,274 units after surging 17.8 percent year-on-year in September to 108,818.

Mortgaged home sales throughout Turkey totaled 48,810 units, up 71.8 percent year-on-year.

The TurkStat report showed that numerous Turkish buyers have seized the opportunity of cheap loans following reductions in interest rates to buy homes.

In last August, many commercial banks introduced cheaper loans for home sales after the government and President Recep Tayyip Erdogan urged them to contribute towards Turkey’s economic revival in the wake of the July 15 coup attempt.

Home sales with mortgages represented 36.9 percent of all sales in Turkey, according to the report.

Sales to foreigners however slipped 30 percent compared to the same month last year.

Antalya province had the most sales in October, with 467. Istanbul boasted 423 house sales, Bursa 115 house sales and Trabzon, 87.

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