Create Incentives Revived Housing

Over the period from January to March, in the first three months, sales of new residential property grew by 4.3%. For three months, 139 thousand new homes were sold. During the same period, sales of second-hand housing increased by 10 percent. Thus, the total sales of housing amounted to 302 thousand for 3 months. Sales increased by 7.4% compared to last year.

The construction of new housing has become a stimulant of the country's economic dynamics. Moreover, in order to increase economic growth, the government has taken some measures to further stimulate the economic sector, namely: interest rates on loans have been reduced; credit spreads have been extended to 20 years; A credit line with zero percent was introduced. All this allowed to revive the real estate market, making the purchase of housing more affordable for the population.

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But the incentive measures offered on the loan lead to an increase in sales of second-hand apartments, rather than the sale of new homes.

In the first three months, mortgage loans for the purchase of new housing grew by 25%, and sales of secondary mortgage housing – by 34%.

It should be noted that credit incentives have positively affected the housing market as a whole. Mortgage (credit) sales increased by 30.5% in the first 3 months, while a decrease in cash sales by 3.3% indicates a tight credit economy in the real estate market.

According to research, about 95 thousand in January 2017, 101 thousand in February, 128 thousand homes were sold in March. The increase in monthly sales after the beginning of the year indicates a gradual improvement in the situation on the market.

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    yasemin Written by:

    Yasemin Kılıç yaseminkilic@istanbulinvestments.com

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