September 18, 2019 / 7:16 AM / a month ago

Turkish house sales rise 5.1% in August after July rate cut

ISTANBUL, Sept 18 (Reuters) - Turkish house sales increased 5.1% year-on-year in August after seven consecutive months of declines, official data showed on Wednesday, following the central bank’s move in July to slash its key interest rate to boost the economy.

Turkey’s Statistical Institute (TUIK) said home sales totalled 110,538 in August. In July, sales had fallen 17.5% year-on-year as an economic slowdown and high mortgage rates continued to hit the property market.

Reporting by Daren Butler; Editing by Jonathan Spicer

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