Residential sales rebound in October, Iraqis, Saudis among top buyers in Turkey

Residential sales rebound: Residential sales rebound sales increased 8.8 percent in October, compared to the same month of the previous year, amounting to 104,098, according to the data announced by the Turkish Statistical Institute (TurkStat) on Monday.

A total of 2,236 residential properties in Turkey were sold to foreigners, indicating a 23.8 percent increase compared to the same month of 2014. Among the new owners of the residential properties sold to non-Turkish individuals, Iraqi citizens ranked first with 430, followed by Saudis with 325 and Russians with 191.

In line with these relative increases in residential property sales in Turkey, the expectations of real estate experts are even higher for December, stressing that following the Nov. 1 elections, the conclusion of political uncertainty will bring about relief for both the financial and real estate markets, whose signs have already begun to be seen.

Also there will be a sharper increase in demand in December for real estate in Istanbul as a result of the delay in demand in the previous periods.

Istanbul held the highest share of total residential property sales in October with 17.7 percent – amounting to 18,468 properties – whereas Ankara ranked second with 11,028 residential properties sold (10.6 percent), followed by İzmir with 5,987 houses (5.8 percent).

In addition, the sale of mortgaged residential properties decreased 18.7 percent, compared to the same month of the previous year, totaling 27,996. Also, 50,564 of the total residential properties were sold for the first time, while 53,534 properties were sold through second-hand sales.

Residential sales rebound