Based on data provided by Turkish Statistics Institute, residential property sales in Turkey in March 2017 increased by 10 percent compared to the same month of the previous year to reach 129 thousand. The sales figure recorded in the first quarter of 2017 increased by 7.5 percent compared to the same period of the previous year and sold 326 thousand houses were sold which means the sector enjoyed a truly high performance in said period.
Professionals in the sector point out that “20-year maturity campaigns” had a considerable impact on the increase in the number of houses sold. The sector enjoyed the positive effect caused by said campaigns which started in February and lasted until end of March as it made property reachable for many people with more moderate budgets. On the other hand, an attractive interest rate of 0.90 applied to loans provided, helped motivate potential buyers to purchase.
Moreover, judging at some figures such as the number of houses sold for the first time the picture is considered to be even more promising as this figure for instance increased to almost 57 thousand (units sold) by 7.6 percent as compared to same period of previous year, while secondhand house sales increased by 11.9 percent as compared to the same month of the previous year to reach an approximate figure of 73 thousand units sold. Even though number of houses sold to foreigners went down by 1 percent as compared to previous year experts are convinced the trend will be on the rise again in the coming months and the real estate sector will break a new record at the end of 2017. Several new practises introduced by the Turkish government to support and comfort the sector are most certainly expected to have a considerable effect on the performance of the companies and parties involved.
To recap experts comment it is the right time to make investment in the Turkish real estate sector, again.