Turkey real estate sales dropped by 2.35% in the third quarter compared to the previous period, but the news wasn't all that bad. When compared with results of the same period last year, general sales have experienced a growth of 1.76%. Averaging the last four quarters, a 6.76% increase was seen in sales in general.
Those numbers come from the Turkish Statistics Institute (TurkStat) and were published in Today's Zaman, a daily newspaper in Istanbul.
According to the data, 103,543 houses were sold in the third quarter. The largest drop, 19.3%, when compared to the previous quarter, was seen in the provinces of Zonguldak, Karabuk and Bartin.
These areas were followed by Istanbul with a drop of 15.7%, Adana and Mersin with a drop of 15.6%, Antalya, Isparta and Burdur with a decline of 13.2% and Izmir with an 11.35% reduction.
According to the Central Bank of Turkey's latest figures, housing prices increased at an annualized rate of 11.68% in July while consumer inflation averaged at 9.07% the same month over a year earlier.
TurkStat pointed out the third-quarter sales decline occurred even as the construction sector continued to grow. Construction has been the major driver of Turkish growth over the past decade. TurkStat also announced employment in the sector climbed 3.9% in the second quarter of 2012 over the same period in 2011.
U.S. economist Daron Acemoglu of the Massachusetts Institute of Technology (MIT) was not as positive on the Turkish real estate market.
ANSAmed, an international Mediterranean news service, said Acemoglu had previously advised that Turkey's housing market today resembles the 2008 pre-bubble real estate market in the United States, due to the continued growth of the industry and rising housing prices amid an economic slowdown.