Turkey’s house sales surged by 55.8 percent in January: report

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Turkish house sales jumped 55.8 percent year-on-year in January to 113,615 units, the Turkish Statistical Institute (TurkStat) said on Friday, leaping for a third consecutive month after the central bank slashed interest rates, Reuters reported.

The central bank has cut rates by 1,275 basis points since July to boost a recovery from recession brought on by 2018’s currency crisis.

Sales with mortgages rose by 546 percent in the same period, official data showed. TurkStat said more than a third of sales involved mortgages.

House sales to foreigners climbed 23.3 percent in January, the institute said, with Iraqi citizens topping the list. Iranians, Russians and Afghans were the biggest buyers of Turkish properties following Iraqis, it said.

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