Turkish state-owned banks and subsidiaries of European banks on the hot seat.
By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET.
Sales of homes of all types in Turkey plunged 31% year-on-year in May to just 82,252 units, after having already plunged 18% year-over-year in April, according to the Turkish Statistical Institute. It was the sharpest year-over-year drop in the data going back to 2013, as Turkey’s economic crisis continues to bite. For the first five months of 2019, home sales dropped 19% compared to the same period last year, to 423,088 units.
The six-month moving average, which reduces the large seasonal and month-to-month swings of home sales in Turkey, dropped to the lowest levels since 2013-2014:
In terms of new homes, sales crashed 39% in May compared toRead More »