Arab Press

بالشعب و للشعب
Tuesday, Aug 05, 2025

Turkish house sales doubled in December as inflation surged

Turkish house sales doubled in December as inflation surged

Turkish house sales leaped 113.7% in December to 226,503 properties, as locals scrambled to invest in real estate as a shield against soaring inflation, after a series of unorthodox rate cuts left real yields in deeply negative territory.
Real estate sales in December accelerated from a month earlier as the lira's decline steepened, with the authorities pursuing the policy of low interest rates to boost exports and credit.

Housing sales to foreigners also surged 77% annually in December to 7,841 properties, data from the Turkish Statistical Institute showed, as the lira's sharp decline last month made real estate much cheaper in hard currencies.

The data showed December mortgage sales rocketed 209.3% from a year earlier to 45,260 units, the data showed.

Turks see real estate as an investment to protect their savings from inflation, given real yields are deeply negative, said TSKB Real Estate Valuation Manager Makbule Yonel Maya.

"People have turned to real estate purchases from the moment inflation began to rise. Construction costs are consistently rising, this means housing prices are increasing, which support real estate investment," she said.

Maya added that people also sought to purchase real estate in the last month of the year before taxes and fees were hiked in the new year.

Turkey's central bank has slashed its policy rate by 500 basis points since September, delivering stimulus long sought by President Tayyip Erdogan, despite the continued sharp rise in inflation.

The rate cuts led locals to snatch up foreign currencies in record amounts, sparking a full-blown lira crisis last month and stoking inflation which hit 36% in December.

In 2021 as a whole, total house sales dipped 0.5% to 1.492 million properties, with mortgaged sales down 49%. In 2020, sales surged due to pandemic-era cheap loans from state banks, prompting real estate developers to launch campaigns for buyers.

Sales to foreigners accounted for 3.9% of all housing sales in 2021, with purchases rising 43.5% to 58,576 units. Most of the sales to foreigners were in Istanbul, followed by Antalya and Ankara.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
×