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Turkey’s housing sales fall 17.5 percent year-on-year in July: report

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Turkish house sales fell 17.5 percent year-on-year in July, the seventh consecutive month of declines, according to official data released on Tuesday, with an economic slowdown and high mortgage rates still hitting the property market, Reuters reported.

The Turkish Statistical Institute (TurkStat) said July home sales totaled 102,236. In June house sales had tumbled 48.6 percent, the deepest year-on-year fall of 2019.

The central bank lowered interest rates on July 25 by 425 basis points, to 19.75 percent, a move that was appreciated by President Recep Tayyip Erdoğan, who promised further cuts.

Central Bank Governor Murat Uysal, who was appointed after the abrupt removal of the former governor over a dispute with President Erdoğan on interest rates, hinted in a recent interview at another decrease.

State lender Ziraat Bank said it had lowered its interest rates on housing, consumer and corporate loans as of Aug. 1.

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