The best start of January in history for housing sales

Housing sales to both locals and foreigners started the new year quickly. In addition to the campaigns that continued from last year, the fact that housing loan interest rate cuts, especially led by public banks, continued in 2020 with the support of private banks, brought records in housing sales.

In housing sales, 113 thousand 615 houses were recorded as the best January sales figure in history, while 3 thousand 907 houses sold to foreigners was the highest January sales figure of all time.

Industry representatives said that the wind from last year will continue this year as well, and over 50 thousand sales to foreigners could be seen.

“It is important that housing interest rates are below 1 percent”

Nef Executive Board Member Selçuk Çelik said that house sales across Turkey increased by 55.8 percent in January compared to the same month of the previous year, reaching 113 thousand 615.

Stating that the continuation of the momentum achieved in December 2019, despite the lack of VAT and title deed fee incentives, reveals how important it is for housing loan interest rates to be below 1 percent, Çelik said, “On the other hand, housing loan interest rates in brand new houses can be reduced to 0.79 percent.” “The withdrawal of housing has revived not only the new housing market but also the second-hand market. In this sense, introducing an incentive to those who will buy their first home will reinforce the vitality.” he said.

“The acceleration in housing sales continues, the economy is revitalizing”

Nevita Chairman of the Board of Directors Faruk Akbal stated that 16 thousand 600 more houses were sold across Turkey in January compared to the same period last year, and said that interest rate cuts and the revival of the economy were effective in this development.

Expressing that the increase in sales to foreigners was 23 percent, Akbal said, “Last year, a total of 45 thousand houses were sold to foreigners. If the momentum continues like this, the figure of 55 thousand can be reached this year. The liveliness of house sales to foreigners is a clear indication that the investment in our country continues. As Nevita, we hope to continue until 2023.” “We will continue to bring foreign currency to our country by opening offices in 10 metropolises.” said.

“It is vital that interest rates are low”

Coldwell Banker Turkey Country President Gökhan Taş stated that housing sales in Turkey increased by 55.8 percent in January, reaching 113 thousand 615, and said, “The current account deficits in the last two months partially indicated a growth trend. The 56 percent increase in housing prices complements this. In fact, “The intensity we experienced in all Coldwell Banker Turkey and Era offices was also a clue.” said.

Stating that the momentum continues despite the end of VAT and title deed fee incentives in January, Taş said, “This shows that it is vital that interest rates are low. The pending demand immediately manifests itself with low interest rates.” he said.

“The wheels are turning in the industry now”

Ahmet Erkurtoğlu, Vice President of the Anatolian Side Construction Contractors Association (AYİDER), stated that it is very important that housing sales exceeded 110 thousand units in the first month of the year, and that this shows that the wheels are now turning in the sector.

Stating that the boom will continue as long as interest rates are below 1 percent, Erkurtoğlu stated that the home ownership rate in Turkey is still not at the desired levels and that there is a serious segment of people in need of housing.

Erkurtoğlu said, “We think that the liveliness in housing sales will continue throughout the year this year. Especially the interest in completed houses will continue. The manufacturers are getting nervous due to the costs of new production. The momentum will continue in sales to foreigners. Because the interest continues.” said.

Source: https://www.aa.com.tr/tr/ekonomi/konut-satisinda-tarihin-en-iyi-ocak-baslangici/1733935

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