Turks get a mortgage almost 150% more often

Over the first four months in 2020, 383,821 homes were sold in Turkey. Property buyers used a mortgage in 145,387 cases. This number increased by 141.4%.

The sold properties included 122,280 new homes. The number of sold new homes experienced a 16% decrease comparing with the same period in 2019. As for the secondary housing market, people bought 261,541 homes, which is 26.4% higher.

Foreigners have acquired 11,738 properties in Turkey this year. This number is 12% lower than the same period last year. In April, property sales dropped by 55% year-on-year and foreigners bought 78.8% fewer homes in Turkey.

The largest share of properties were sold in Istanbul – 14.5% of all transactions, Ankara – 10.5%, Izmir – 5.9%.

Despite the April significant decrease in property sales, experts say that the current property market situation will not have any long-term effects and property sales and investment flow will start recovering in summer 2020.