↓ SCROLL TO SEE MORE ↑

What are you looking for?

News

Residential property sales in Turkey bounced back in September

Residential property sales in Turkey bounced back in September

Residential property sales in Turkey bounced back in September following three months of decline, official data showed Wednesday, with foreigners ratcheting up their purchases.

A total of 147,143 residential properties changed hands last month, according to the Turkish Statistical Institute (TurkStat) data, marking the highest level in the last 13 months.

In contrast to last year’s upward trend that was mainly driven by cheap credit, as the central bank lowered its policy rate to fend off the impact of the coronavirus pandemic and state banks ramped up lending, the tight monetary policy rise that increased the borrowing costs has weighed in on sales this year.

The Central Bank of the Republic of Turkey (CBRT) had raised its policy rate – the one-week repo rate – to 19% to tackle inflation, before delivering a 100-basis-point cut last month.

Sales had exceeded 100,000 units in March, before slightly falling to around 95,000 in April. The trend was further disrupted by a strict nationwide lockdown that covered the first half of May to curb the rise in daily COVID-19 cases.

News

COVID-19 cases cross 10M mark in Africa, according to the latest update by the Africa Centers for Disease Control and Prevention. The update stated...

News

Turkey confirmed nearly 72,000 new COVID-19 cases on Thursday. The ministry reported 71,843 new COVID-19 cases, 166 deaths, and 85,948 recoveries over the past...

News

Children, along with elderly people and those with chronic illnesses, are now among the most vulnerable groups amid the coronavirus pandemic. Turkey’s Health Ministry...

News

About 500,000 foreign patients were treated in Turkey in 2021, said Professor Omer Faruk Bilgen, member of the Supreme Advisory Council of the Turkish...

News

‘Turkey could get 10% share of global revenues from bicycle tourism’, Culture and Tourism Minister Mehmet Nuri Ersoy said late Thursday in a televised...

News

The World Health Organization (WHO) agreed Wednesday that the COVID-19 pandemic still constitutes “an extraordinary event” following the 10th meeting of its Emergency Committee....

News

Turkey reported nearly 65,000 cases of COVID-19 on Monday. The ministry reported 64,935 new COVID-19 cases, 162 deaths, and 72,106 recoveries over the past...

News

Turkey has given over 139.3 million COVID-19 shots since it launched an immunization drive in January 2021, according to official figures released on Tuesday....