February 14, 2020 / 7:42 AM / 7 days ago

Turkish house sales surge %55.8 year-on-year in January

ISTANBUL, Feb 14 (Reuters) - Turkish house sales jumped 55.8% year-on-year in January to 113,615 houses tmsnrt.rs/2qVw9jI, the Turkish Statistical Institute said on Friday, leaping for a third consecutive month after the central bank slashed interest rates.

The central bank has cut rates by 1,275 basis points since July to boost a recovery from recession brought on by 2018’s currency crisis.

Sales with mortgages rose by 546% in the same period, official data showed. The institute said more than a third of sales involved mortgages.

House sales to foreigners climbed 23.3% in January, the institute said, with Iraqi citizens topping the list. Iranians, Russians, Afghans were the biggest buyers of Turkish properties following Iraqis, it said.

Writing by Ezgi Erkoyun Editing by Daren Butler

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