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In the third quarter, Turkey's real estate sales fell 2,35 percent over the previous year, but the news was not so grim. Compared with performance from the same time last year, overall revenue grew by 1.76%. Over the last four years, revenue generally grew by 6.76 percent.
This number has been reported by the Turkish Statistics Institute (TurkStat) in Today's Zaman, an Istanbul daily newspaper.
According to the results, in the third quarter 103,543 houses were sold. In the provinces of Zonguldak, Karabuk and Bartin, the biggest decrease was 19.3 percent over the previous quarter.
Following these districts Istanbul drop of 15.7%, Adana and Mersin dropped by 15.6%, Antalya, Isparta and Burdur decreased by 13.2% and Izmir fell by 11.35%.
The latest statistics from the Central Bank of Turkey show that prices of housing rose by 11,68 percent in July at an annualized rate, with consumer inflation averaging 9,07 percent the same month over the previous year.
TurkStat noted that sales declined in the third quarter while the building sector continued to expand. In the past decade construction has been the main driver of Turkish development. In the second quarter of 2012, TurkStat also reported jobs in the sector increased by 3.9% over the same timeframe in 2011.
The Turkish Immobilien Business US economist Daron Acemoglu from the Technology Institute of Massachusetts (MIT) was not as optimistic.
Acamoglu said that Turkey's housing market today resembles the 2008 pre-bubble real estate market in the USA due to the continued growth of the industry and growing housing prices in the midst of a slow down. ANSAmed, a Mediterranean international news service, said.