According to data recently released by the Turkish Statistics Institute (TurkStat), the number of property sales during the third quarter fell by 2.35% compared to the previous quarter. During that time a total of 103,543 homes were sold.
Some areas saw a considerable decline in the number of housing transactions, with the largest fall of 19.3% being seen in the provinces of Bartın, Zonguldak, and Karabük. Istanbul saw a decline of 15.7%, while the number of transactions in Antalya declined by 13.2% and by 11.35% in Izmir.
However several other provinces saw the number of transactions increase substantially, as in Nevşehir, Arksaray and Niğde, transactions rose by 39%. The number of transactions in Sinop, Kastamonou and Çankırı increased by an average of 26.4%, while Amasya, Samsun, Tokat and Çorum saw sales increase by an average of 19.8%.
In general when compared with the same period last year, transactions have increased by 1.76%. When the average sales are calculated over the last year, then a general increase of 6.76% is shown. The average price of houses in Turkey increased by an annualized rate of 11.68% in July as Turkey is still continuing to enjoy a growing economy.
One of the major factors in this growth during the past 10 years has been in the construction industry. Figures from TurkStat show employment in the construction sector grew by 3.9% during the second quarter of this year compared to the second quarter of 2011.
Some economists, especially those in the US have expressed their concern over Turkey’s construction industry, as they feel it resembles that of the US before the housing bubble bust in 2008. However there are many others that would disagree with this view, as there are considerable differences between the two countries and their views on lending for house purchases.