Data from the Turkish Statistical Institute on Friday showed that home sales in Turkey decreased by 17.5 percent in 2023 compared to the previous year, with sales to foreigners declining by 48.1 percent due to rising interest rates and inflation.
Russians topped the list of foreign buyers with the purchase of 10,560 homes last year, reflecting the number of people seeking financial refuge following the Moscow-Ukraine crisis and Western sanctions.
The data also showed that home sales decreased by 33.4 percent in December compared to the previous year, partly due to tighter monetary policy and difficulty in obtaining loans. Approximately 1.23 million homes were sold last year, including 138,577 homes last month.
The data also revealed that mortgage sales decreased by 72.3 percent in December compared to the previous year and 36.6 percent in overall 2023, accounting for 14.5 percent of total sales during the year. (Reuters)
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