Experts Predict Decrease in Mortgage Loan Interest Rates Following Increase in House Sales, says TÜİK

Housing Sales Increase by 17 Percent in February

The Turkish Statistical Institute (TÜİK) has announced that housing sales in Turkey increased by 17.3 percent in February compared to the same month last year. This surge in sales comes after a series of declines in the housing market, with a total of 93,902 houses being sold during the month.

Real estate experts attribute this increase to the recent decline in house prices, which has motivated potential buyers to take advantage of the current market conditions. It is also predicted that the housing market will continue to see growth as mortgage loan interest rates decrease.

Luxury housing expert, Merve Ertem Marangozoğlu, emphasized that the decrease in housing prices has encouraged buyers to enter the market. Additionally, the possibility of a reduction in mortgage loan interest rates by the Central Bank could further stimulate housing sales in the coming months.

Marangozoğlu also noted that the demand for housing purchases with bank loans has decreased, indicating a shift towards cash purchases. However, with the anticipation of lower interest rates, it is expected that more buyers will utilize financing options to invest in real estate.

Looking ahead, experts foresee a revival in the housing sector as interest rates fall and construction costs stabilize. It is speculated that a decrease in mortgage loan interest rates below 2 percent could significantly boost housing demand and drive sales.

Although there has been a decrease in housing sales to foreigners, experts believe that policy changes and rising prices have influenced this trend. With changes in immigration policies and fluctuating real estate prices, there has been a noticeable impact on sales to foreign buyers.

Overall, experts are optimistic about the future of the housing market, with predictions of a revival in sales starting in the third quarter of the year. As inflation rates stabilize and economic conditions improve, it is expected that the housing sector will experience a significant increase in activity between September and October.

 

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