Turkish home sales rise for first month in seven

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Sales of new and existing homes in Turkey rose on an annual basis for the first month since August, official data showed on Thursday.

Sales climbed by an annual 3.4 percent in March to 111,241 units. It was the highest total since November, according to the figures published by the Turkish Statistical Institute.

On a month-on-month basis, sales grew by 37 percent in a second-straight month of increases.

The growth came even after purchases of homes via mortgage loans dropped by almost 50 percent on an annual basis.

Interest rate increases by the central bank since September have curbed demand for mortgages, hurting sales of property. The sales had reached a peak last year of 229,357 units in July as the central bank kept interest rates at below annual inflation to help engineer a borrowing boom.

Ahval

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