According to the data announced by TURKSTAT, house sales increased by 59 percent in November and became 178 thousand 814. This is the fourth highest monthly performance in Turkey's history. Istanbul is the city with the highest share with 31 house sales and 706 percent. It is possible to say that there is a record for November.
Housing became an investment tool in maintaining the value of money
Based on the depreciation in TL, investors sought housing in their quest to protect the value of their assets. The rise in housing prices will continue with the increasing costs associated with the rising exchange rate and the low supply. When we look at the details of the sale, we see that some foreign currency assets are directed towards housing, and we will encounter a crowd that turns to real estate in dollars and gold in the coming days. In summary, we foresee that house sales will maintain its vitality due to the belief that prices will increase even more in the inflationary period and the fact that housing investment is an important hedge against inflation.
Record in house sales to foreigners
The total of 50-month sales to foreigners exceeded our year target with 735 thousand 8,5 units and approximately 10 billion dollars of foreign currency inflow. We can reach $XNUMX billion by the end of the year. In the coming period, the biggest support for the new economy program will come from the sale of housing to foreigners.
Housing sales to foreigners increased by 48,4 percent compared to November of the previous year and became 7 thousand 363. The share of house sales to foreigners in total house sales was 4,1 percent.
Mortgage sales decline
Interest reductions showed itself in mortgage sales, and the fact that public banks allowed 1,20 percent monthly interest rate in credit sales increased the sales rates of houses sold from first-hand production.
First-hand sales are at the average level of the last months
First-hand house sales increased by 52,0 percent in November compared to the same month of the previous year. The share of first-hand sales in the total was 31,2 percent. Sales remained at the recent averages. First-hand house sales decreased by 11,1 percent in the January-November period compared to the same months of the previous year and amounted to 384 thousand 776.