Year-on-year house sales in Turkey leapt 113.7% in December, official data showed on Friday, accelerating the surge a month earlier as locals opted to invest in real estate as a shield against rising inflation.

Some 226,503 changed hands last month, the Turkish Statistical Institute (TurkStat) said, up from 178,814 units in November that marked a 60% year-over-year increase.

Monthly, annual record in sales to foreigners

Property sales to foreigners jumped 77% year-on-year to 7,841 properties in December, the data showed, as the lira decline made purchases much cheaper in hard currencies.

It marked an all-time monthly high after exceeding the previous record set in November.

Property sales to foreign buyers were strong throughout the year and had exceeded the annual threshold of 50,000 units for the first time through November even before the year-end.

Sales to foreigners accounted for 3.9% of all housing sales and ended 2021 with a 43.5% year-over-year increase to hit 58,576 units, the data showed.

Source: Daily Sabah/TurkStat

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