2016 is A Difficult Year For Real Estate!

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EVA Real Estate Appraisal General Manager Cansel Turgut Yazıcı interpreted the Turkish real estate market. Political problems and high interest rates in the country affected the market. Despite the negativity, however, the sector did not fall and maintained its position.

1 million 198 thousand 740 housing units sold in the first 11 months.

Yazıcı said ‘’ A total of 1,198,740 homes were sold in the first 11 months of 2016. This number shows a 4.5% increase over the previous year.’’ The government has made some important arrangements to mobilize the sector. According to new legal regulations: VAT rate is reduced to 8% by March of 2017 level. In the housing loans, the down payment condition was reduced to 20% with the house valuation price. The stamp tax rate has been reduced to an official page. Private sector started with EMLAK REIT and GYODER ‘s “Real Estate Power Union” campaign projects were offered monthly with 0,7% interest and 120 months with attractive offers to the buyer. Campaign gave sales a boost.

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Turgut Yazıcı continued to talk about urban transformation. Thanks to urban transformation, both the proprietor and the developer have great facilities. For this reason 2017 will be the year of conversion.

But these conveniences are not enough. It is necessary to upgrade the state support for the sector’s progress and to renew the sector. For example, the advantage of VAT should be extended, title fees should be reduced for a certain period, and advantages should be offered in tax structure.

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