Despite the reaction of President Recep Tayyip Erdogan and Prime Minister Binali Yildirim, the mortgage construction sector has begun to suffer damage as well. Return rates in the real estate sector remained below the deposit rate for the first time after 5.5 years.
House prices in Turkey increased by 12.58 percent in May compared to the same period of the previous year and provided less return on average deposits in TL terms than the three month maturity of 12.73 percent. Experts say banks' interest on deposit interest has triggered a decline in home sales.
Sector representatives telling that citizens are beginning to choose to earn money because of interest rates of up to 15 percent, emphasizing that this situation will harm the economy in the coming period. Leading businessmen in the sector said, "Until recently, they preferred to use their citizens' savings in housing investments because in a short period of time the house they acquired was appreciating in a short period of time and also earning a good income by renting it. because citizens prefer to earn money from the money.
Housing Deposits Can Not Change
Nazmi Durbakayım, Chairman of the Technical Building, stated that the construction of the housing will not be under the interest in the long term at any time, "Housing is not considered alone, there is a price increase due to both rent and premium in the house." Durbakayım underlines the fact that the consumer who deposits money on deposits will not be more profitable, "Consumer property can not replace deposits because it can not be replaced."
KONUTDER President Altan Elmas stated that banks should withdraw interest rates before entering the race and said: "Deposit rates should be withdrawn quickly so that interest rates on housing loans are kept at this level." Three-tenths of the housing loans applied to the banks are rejected. Commercial loans and other consumer loans 16-17 percent of these loans are used because it provides a return to the housing sector is negatively affecting this vicious cycle to get rid of the deposit interest rates should be withdrawn as soon as possible.