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Russians top foreign buyers as Turkish house sales mark record April

EconomyRussians top foreign buyers as Turkish house sales mark record April

Istanbul (The Times Groupe)- The sales of residential property in Turkey rose by nearly 40% year over year in April, official data showed, as the upward trend continued despite high borrowing costs and rising prices.

As they sought a financial haven, foreign buyers, particularly Russians, also helped drive the surge. Their interest last month was more than double that of a month ago.

Turkish Statistical Institute (TurkStat) said that house sales for April rose 38.8% to 133,058 units, up from 95,863 a year earlier, marking an all-time high for the month.

Sales hit 134,170 in March, a 20.6% year-over-year increase. The sales in December, January and February were up 113.7%, 25.1% and 20%, respectively, on an annual basis.

The rise comes amid declining supply and high prices, but households remain attracted to real estate as an investment tool to protect themselves against inflation, which is at a 20-year high of 70%.

Early this month, the government announced several measures to boost home sales and address the skyrocketing home prices that have risen nearly 100% annually, as residents struggle to find affordable homes to rent or buy.

TurkStat data shows that the construction index grew by 102% in March. The central bank data also showed a 96% annual increase in the residential property price index in February. In Istanbul, the index increased 106%.

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