ÖZAK Group Chairman Ahmet Akbalık said that: “cost of money and the value of the house appears to have swelling is calculated together. But companies are providing financing its not such a problem.”
Credit rating agency Moody’s report released by the increase in house prices in Turkey ‘ is not sustainable ‘ it said. Moody’s also has â response to report from ÖZAK Holding Chairman Ahmet Akbalık.
Ahmet Akbalik also stated: when Turkey Statistic Institution evaluate about the increases prices in Turkey, does not separate each other present value of the cost and property. Because the value of the property evaluated together with the cost of money in prices, he said there appears to be a swell.
Investors in the real estate field, take out a bank loan, they pay for the construction of housing, which is the amount of interest paid to the bank stating that the cost of money in bank.
For example, for a mortgage of $ 1 million, one attracts 1 million in loans; $ 200 thousand was paying interest to the bank. Land value, which was seen as the real value of £ 1 million.
MATURITY DIFFERENCE IS IN THERE
Now firms, for the credit business they do in their domestic interest in credit sales, they add the cost of money on real estate values. Thus, the issue price of £ 1 million, the land seems to be 1 million 200 thousand, “he said.
THERE IS NOT INFLATIBLE UNLIKE THE OPPORTUNITY IS AVAILABLE, NOW TAKING TIME
Moody’s that the increase in housing prices is not sustainable in Turkey, indicating that participate in the report published by Ahmet Akbalık, “There is no change in price. On the contrary, when we look at our currency and local currency prices fell. I disagree with the Moody’s report. Currently there is an opportunity for me in Istanbul. Due to the cyclical problem of housing prices low. Hereinafter, this problem will disappear when housing prices rise, the current real estate takes time” he said.