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Turkey’s housing slowdown deepened as August sales fell 14.7% year over year and seasonally adjusted sales dropped 11.5%, with high financing costs and weaker gold prices suppressing demand and prices. Real house prices declined 6.5% year over year, remaining broadly negative since 2024. First-hand sales fell 4.5% while second-hand dropped 19.4%. Foreign purchases rose 1.9% to a 1.5% share. Prolonged softness in gold prices could further dampen activity in housing and autos.

On the macro side, the central bank’s gross reserves decreased by $5.5bn to $178.7bn and the net FX position weakened, while non-residents were net buyers of $278mn in equities and $170mn in bonds, alongside $0.5bn swap inflows. The Bank of Japan lifted its policy rate to 1.25%, the highest in 31 years. Asia markets and US futures are slightly bid, and Borsa Istanbul is expected to open flat.