Is Credit Sales Declining?

Residential sales increased 6.4 percent in May when we conpared to the same month last year.

Residential sales increased 6.4 percent in May when it compared to the same month last year. 114 thousand 800 houses were sold in May. Residential sales experienced in the recovery did not happen in mortgage sales. Mortgage sales continued to decline in the month of May.

According to Turkey Statistical Institute (TUIK ), in May 2016, statistics of housing sales in Turkey mortgage sales decrease of 11.6 percent when we compared to the same month of the previous year that was 35 thousand 423. The share of total housing sales in mortgagee sales amounted to 30.9 percent. Istanbul 7 thousand 350 home sales in mortgagee sales and took first place with 20.7 percent share.

 

 

– Home sales in Turkey in April 2016 had occurred a decrease rates which is the previous year, a decrease of 10.9 percent compared to the same month of 106 thousand 348.

 

– According to statistics from April 2016 sales of mortgage sales decreased 27.4 percent compared to the same month of the previous year and was realized as 33 thousand 429.

 

– Mortgage sales of the previous year decreased by 14.3 percent in March compared to the same month and had amounted to 38 thousand 822.

 

– In February mortgage sales compared to the same month of the previous year, a decrease of 17.6 percent was realized as 30 thousand 455.

 

– Mortgage sales in Turkey decreased by 19.9 percent in January compared to the same month of the previous year and was realized as 26 thousand 584.

 

Why is credit home sales declining?
The decline in the first four months of this year, loans for housing sales continued in  May. The reduction of loans for housing sales are effective high interest rates. Representatives of the real estate sector also points to the impact of higher interest rates of loans for housing decreased sales. However mortgagee sales in May rise in home sales decreased considered as positive and promising development. In fact, it said record sales of housing loan interest can be broken if dropped.

 

– The total housing sales in the first 5 months of 2015, 524 thousand 423 are realized for the first 5 months of this year, sales amounted to 524 thousand 612.

 

– Historical record was broken in 2015, 1 million 289 thousand 320 home sales in Turkey in the results had changed hands.

 

– High credit interest rates will adversely affect home buyers. home buyers due to the high interest rates of bank loans does not want to use it and waiting for the fall in interest rates.

 

– But as the movement of interest rates and falling consumer with the expected recovery of sales.

 

– In the event of falling interest rates that exceeded the figures captured in 2015, this year, an average of 1 million 350 thousand and 1 million 400 thousand from the sale of housing is expected to be reached.

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    fatma Written by:

    Fatma Şahin fatmasahin@istanbulinvestments.com

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