UPDATES WITH ANALYSTS’ COMMENTS
By Tuba Sahin
ANKARA (AA) - The number of residential properties sold in Turkey advanced by 42.3 percent year-on-year in July, according to Turkish Statistical Institute (TurkStat) data revealed on Thursday.
The data showed that a total of 115,869 houses changed hands in the month, up by 19 percent compared with a month earlier.
Commenting on the July figures, Melih Tavukcuoglu, head of the Istanbul Anatolian-side Contractors’ Association, said that the rise in housing sales reflected the trust in the sector as well as the positive effects of real estate campaigns.
Lower prices, especially of luxury houses, by almost 30 percent -- due to higher levels of supply than demand -- were another main factor behind the figures, Tavukcuoglu said.
"House sales to foreigners became 1,726, increasing 65.3 percent compared to the same month of the previous year," TurkStat said.
Nearly 31 percent (or 528 units) of the total sales to foreigners were in Istanbul, the country's largest city by population.
Following Istanbul, the Mediterranean holiday resort city of Antalya came second with 386 properties, while the Black Sea province of Trabzon came third with 121 units.
Tavukcuoglu said the number of houses sold to foreigners in the province of Trabzon doubled in July compared to the same month last year.
"The green nature of the region is alluring for Middle Eastern people," he said.
The TurkStat figures showed that Iraqis topped the list of buyers with 293 properties, followed by Saudis with 248 units, Kuwaitis 142, Russians 118 and Britons 76.