HOUSE SALES DOWN 17.8 PERCENT

HOUSE SALES DOWN 17.8 PERCENT

TurkStat announced the housing sales statistics for January. According to the data announced, house sales across the country fell by 17.8 percent in January compared to the same month last year. While Istanbul ranked first with 13 thousand 423 house sales; Ardahan ranked first among the provinces with the least number of house sales. Second-hand house sales were more than 2 times higher than first-hand house sales. Rent prices also continue to decline.

TurkStat announced the housing sales statistics for January. According to the data announced, house sales across the country fell by 17.8 percent in January compared to the same month last year. While Istanbul ranked first with 13 thousand 423 house sales; Ardahan ranked first among the provinces with the least number of house sales. Second-hand house sales were more than 2 times higher than first-hand house sales. Rent prices also continue to decline.

“‘HALF FROM US CAMPAIGN’ WILL HAVE A BIG IMPACT ON THE DECREASE IN RENTS”

Stating that the decline in rental prices, especially in metropolitan areas, the completion of earthquake housing, the acceleration of urban transformation efforts will further increase the housing supply in 2024, thus supporting the decrease in rental prices, Real Estate Expert Gamze Özlü said, “In addition, the regulation on short-term rentals increased the housing supply, which led to a decline in rents. In order to support urban transformation, our President made a Half From Us Campaign and 1.500.000 TL support will be given for each apartment. I think this campaign will have a great impact on the decrease in rents.”

“HOUSING SALES IN TURKEY HAVE ALMOST COME TO A STANDSTILL”

Stating that high interest rates, inflation and exchange rates are among the main reasons for the decrease in housing sales, TÜGEM member, Real Estate Expert Gamze Özlü, “These factors negatively affect the housing demand and purchasing power of both domestic and foreign buyers. Housing sales in Turkey have almost come to a standstill, urgent measures should be taken for this, especially mortgaged sales are experiencing a 63% decline, the high interest rates on housing loans and the financing difficulties of buyers ensure a rapid decline in sales. I think that the private sector and the state should determine a common strategy for the housing sector in Turkey to come to its rightful place, so that the housing sector will contribute to both the country’s economy and the quality of life of our citizens.”

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