Turkish property sales drop 12.4pc

Turkish property sales increased 8 per cent month-on-month in May 2014, but dropped 12.4 per cent year-on-year, according to new figures from the Turkish Statistical Institute.

Antalya led foreign demand, accounting for almost half of international sales, followed by Istanbul.

Anadolu Agency attributes the decline to higher interest rates. Indeed, homes sold with mortgages make up one-third of those sold in Turkey in May.