Turkey home sales accelerate as interest rates stabilise

Istanbul

TURKISH home sales jumped the most this year as stabilised interest rates spurred a surge in mortgage loans.

The number of homes sold jumped 25 per cent to 95,645 in October, with mortgage sales rising 31 per cent, according to data published by the state statistics office in Ankara on Monday. The average cost of a home loan in the month was 10.7 per cent, according to data compiled by Bloomberg, three percentage points below the high in April, after a probe into alleged government corruption led to a sell-off in Turkish markets and a surge in interest rates.