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Housing Sector Will Rise in 2020

29 August 2019
Housing Sector Will Rise in 2020

Housing Sector Will Rise in 2020

Experts evaluating the fluctuations in the economy in recent years, 2020 will be the golden year for the housing sector, he says. PropertyTR General Manager Yusuf Boz, foreign housing sales in 2020, especially expected to increase all house sales, he added.

The Latest Situation in Foreign Housing Sales

 In Turkey, between the years 2003-2017 there was an annual average of 5.8 percent growth, according to OECD data. During this period, $ 193 billion of direct investment was made. While gross domestic product peaked in 2013, the pointer reversed since 2018. Although the work did not go the way of the economy, the largest investment was made in the construction sector in Turkey for the past 15 years. PropertyTR General Manager Yusuf Boz evaluated foreign housing sales and stated that as of March / 2019, they increased the real estate sales parity to foreigners.

The number of foreign properties reached 316 thousand 52 in 2019 and broke a record. Iraqis took first place in the sale of foreign housing. 

 What is the expectation in the housing sector?

PropertyTR General Manager Yusuf Boz, as of July the number of sales of real estate reached 1 million 99 thousand 430 said. Boz, who made an assessment on the subject, said that the interest rate cut in the mortgage loan will increase the sales of mortgaged houses in 2019. Stating that consumer and confidence index is important in house sales; "In August, the consumer confidence index increased by 3.1 percent compared to July and reached 58.3. The construction sector confidence index increased from 52.4 percent to 55.5 percent in August." he clarified the subject.

Yusuf Boz, General Manager of PropertyTR, which outlined expectations for domestic and foreign housing sales in the coming days, continued his speech as follows:

"Mortgage sector, a 3 percent decrease in the first five months of 2019. Economic disadvantages because there was a crisis in the construction industry and came to a halt property sales. March 31 elections after continued negative effects of the construction industry's negative developments in the economy. Housing sales in Turkey in July compared to June Mortgage sales decreased by 84.6 percent compared to the same month of the previous year, but the rate of house sales to foreigners increased by 71.3 percent compared to the previous years.

 Foreign and Expatriates Continues to Invest in Turkey

Turkey is a fact that residential sales in general fell in the final period. The increase in housing sales to foreigners also promises in 2020. stating that foreigners and expats in Turkey continued to invest in housing Yusuf Boz, the increase in foreign sales of housing was evaluated as follows:

"Given the fact that the financing sources are banks, it is a fact that the loan interest rates are not very attractive for the domestic investor. The growth momentum in the housing market started to decline in 2017. Even though house sales continued. We see a similar situation in 2019. The difference is only limited  to be more of the region after 2017, the momentum loss of home sales between June 2018-June 2019 decreased by 23 per cent in Turkey. in fact, we see this as inactivity rather than decline as propertyt. This situation created by the reason for the high interest rates insecurity.
 
 The rise in foreign exchange rates as well as loan interest rates and the expected decline in housing prices affected foreign real estate sales. Istanbul ranked first in foreign real estate sales in March / 2019. PropertyTR is a leading company in foreign housing sales in Istanbul. Antalya, Ankara and Bursa follow Istanbul. While the housing sales to foreigners in Istanbul were 1,520, it was 626 in Antalya and 173 in Ankara. We, PropertyTR, believe that 2020 will be the golden year for the construction industry and especially for housing sales to foreigners. "

Will Residential Sales Increase?
 
After the Central Bank cut interest rates, public banks also lowered loan interest rates. Housing loans can be taken with interest rates starting at an average of 0.99 percent. Experts say this decline in loan interest rates will stimulate real estate sales. The easing of payments has been seen as an opportunity to invest. Experts say it is a good time to invest with low interest rates and appropriate installments, emphasizing that this opportunity should be taken into consideration.

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