Turkish property sales drop on lower mortgage demand

A decline in mortgage-backed purchases of property led to a fall in sales of Turkish real estate in October, as interest rates rose, the lira lost value and Turks became more uncertain about the future.

Sales dropped 5.7 percent from a year earlier to 122,882 units, according to data from the Turkish Statistics Institute. Sales of new properties fell 7.6 percent to 56,994 units, leading the decrease.

Properties purchased with mortgages saw a 20 percent decline to 38,593 units.

Sales to foreigners rose 70 percent annually to 2,677 units. Buyers from Saudi Arabia, Iraq, Azerbaijan, Kuwait and Russia topped the list of purchasers, according to the data.

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