As interest rates are lowered demand for housing is increasing. The most striking example of this happened in September-December 2016. Calling out to the banks, the contractors, “Draw more interest in both you and us and gain citizens” made a call.
This year was declared as the year of real estate and the banks wanted low interest on the housing loans. Banks need to lower interest rates for the win-win model. Thus, demand for housing will increase and the bank will have more customers.
Credited 21 billion TL banks
Citizen used to buy a total of 21 billion TL real estate loans in the last year. The figure indicates a 17 percent increase over the previous year. Chairman of the Board of Directors of Abdullah Bayram said ‘ The reason for the increase in house sales is to lower the interest rates of the Central Bank from 10.75% to 8.25%. Interest rates should continue to fall in order for housing sales to rise and new records to be broken.’ Falling interest rates positively affected the banks. The net profit of the banking sector was 29 billion TL in January-September 2016 period. In the same period of the previous year, the sector’s net profit was realized as 18 billion 630 million pounds.
New projects on the way
DKY Construction Chairman Ali Dumankaya said: ‘In 2016, we built a total of 6 on-site projects. In 2017 we will start construction of 3 projects named Ada, Sahil and Busıness Tuzla. The total value of 3 projects is 950 million TL.’