Record Sales in the Housing Market: What Will the Future Bring?

In Turkey, housing sales made an unexpected jump in September, reaching the highest September figures ever. Last month, 150,657 housing sales were realized, marking a 6.9 percent annual increase. Thus, the record of 147,143 sales seen in September 2021 was surpassed.

The data revealed by the Turkish Statistical Institute (TÜİK) indicates that the overall trend in the housing sector is progressing positively. In the first nine months of 2023, housing sales exceeded 1.1 million, illustrating an increased interest of consumers in real estate investment. This situation also significantly impacts the conscious preferences of local and international investors.

Experts emphasize several important factors behind the rising housing sales. Primarily, the stability of mortgage interest rates and the effects of government supports have increased many buyers' eagerness to own homes. Additionally, the sustainability of economic growth and the rise in employment rates have provided a notable momentum in purchases.

Furthermore, with the increase in housing prices, individuals are cautiously investing to evaluate their savings. Experts note that there is intense demand for housing, particularly in large metropolitan areas and developing regions. In addition, local and foreign investors see real estate as a hedge against risk and prefer to make housing investments to secure their financial future.

In the coming months, especially with the influence of autumn, the developments in the housing market are a topic of curiosity. Economic conditions and market dynamics will continue to provide significant indicators regarding the direction the sector will take. Increasing consumer confidence and economic stability are highlighted as essential factors for maintaining continuity in housing sales. In this context, it is expected that the housing sector will continue to grow in the remaining period of 2023, but the shaping of market conditions and the effects of interest rate trends in the upcoming period require special attention.