Residential Sales Declined in Istanbul and Ankara, Increased in Izmir

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Total residential sales in Turkey increased by 4.04 percent in December 2016 compared to the same period last year. Residential mortgage sales also rose by about 3.50 percent.

EVA Real Estate Valuation Consultancy Inc. announced the January 2017 report of Periscope Analysis. According to the report, in the last one year as of December, the cumulative change in housing loans increased by 14.4 percent. Housing loans, which grew by 14.2 percent in the same period last year, grew by 14.4 percent this year. In addition, it is stated that the amount of loan to the rapord will be announced in the first quarter of 2017.

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Evaluating Periscope Analysis’s January 2017 data, Cansel Turgut Yazıcı, General Manager of EVA Real Estate Appraisal, said that total residential sales in Turkey as of December 2016 increased by 4.04 percent compared to the same period of the previous year and that the mortgaged residential sales increased by about 3.48 percent. According to the report, the cost of housing loans for the user was taken into consideration, and in February, the credit costs for the 10-year-old benchmark were changed from 0.88 percent to 1.25 percent per month. It has been determined that the monthly payments for the loan amounting to 100 thousand TL are observed to be around 352 TL in the 10-year term and 2 thousand 152 TL in the 5-year term with the difference between the banks. When we look at the changes in the subprime loans, it is recorded that in December 2016, the amount of the following housing loans in the housing loans is only 0.54 percent, which is 0.47 percent in December 2015. According to the announcement, it was a positive indicator for Turkey that the size of the following loans in total loan volume did not grow at the same rate as the loan amount.

 

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