Türkiye home sales fell 14.7%—so why did mortgaged sales rise?
TurkStat reported a year-over-year decline in total sales, while mortgaged transactions reached 22,131. The split points to resilience among financed buyers rather than a broad housing recovery.
Three key results
- Total sales reached 127,410, down 14.7% year over year but up 3.1% from July.
- Mortgaged sales rose 7.2% year over year to 22,131 and represented 17.4% of the total.
- First-hand sales fell 4.5% and resales 19.4%, making the contraction much sharper in the secondary market.
QUICK ANSWER · Is housing recovering?
The monthly increase is constructive, but the 14.7% annual decline and 19.4% drop in resales do not show a broad recovery. Mortgaged sales are a positive sub-signal, yet they account for only 17.4% of transactions.
Why did mortgaged sales diverge?
Mortgaged sales increased 7.2% while other transactions fell 18.3%. Financed buyers strengthened from last year, but cash, installment and other channels remained weak. Mortgage pricing, monthly payments and appraisal values still determine affordability.
First-hand versus resale
First-hand sales fell 4.5% to 44,378 while resales dropped 19.4% to 83,032. The first-hand share rose to 34.8%, partly because resales contracted faster; that share gain alone does not prove stronger new-home demand.
Foreign buyers and the eight-month view
Foreign buyers purchased 1,938 homes in August, broadly flat year over year. January–August total sales fell 6.8% to 950,529, while mortgaged sales increased 27.6% to 188,813.
What should a buyer calculate?
Combine the down payment, monthly payment, total interest, title and appraisal costs, dues, insurance and repairs in one budget. For a financed purchase, total repayment and income resilience matter as much as the headline rate. This is not investment advice.
AUTOMOTIVE · TURKSTAT DATA ANALYSIS
FED · POST-DECISION ANALYSIS
FUEL · TRIP AND FLEET COST