Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 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

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×