The demand for Residence in Turkey continues to grow, but supply continues to slow real Real estate prices rise and buyers pressure out.
strong demand Led by individual buyers and investors, who They are trying to take advantage of hot housing marketas well as growth population. But the limited stock has been paid off up the prices , with population struggling To find a reasonable price homes for rent or buy.
add to that fact That building permits remain Low despite slight bounce after dip in 2019, as builders struggle with imperfection and higher the prices for input.
still residential property sales were rising Despite the higher borrowing costs and higher prices. The demand for Residence in Turkey is said to have reached 800,000 units per yearversus the offer, which was hovering around 550,000.
section players They cite rising costs, land prices, and fluctuations in The economy Such as main Reasons behind minimum real estate production.
despite its height demand for new Building permits before 2019, Nazmi Durbakim, head of Istanbul Builders Association (INDER) stressed the slope decline over The last Three years.
“Applications for building Permits decreased to 319,000 in 2019, increased to 550,000 in 2020 and up to 710,000 in 2021. Issue of The number of apartments granted permits reached 1.58 million over The last Three years, while required number of Total production units reached 2.4 million,” Durbakayım said.
“The show is too late behind The demand. “
Rising housing prices and rents have sounded the alarm so far year. The government vowed to work, in In addition to several measures it announced Earlier this month to address the rise real Real estate prices.
Residential in Turkey property price Index (RPPI), to measure quality-adjusted price changes of homesincreased annually by 110% in Walk in My name, my pictures my appearance, in name only terms and official data showed.
The index jumped 96.4% year-on-year. in February. The increase was 77.5%. in January and 59.7% in Dec. Approximately year Before, annual index rise It was 32%.
come boom against background of rising inflation that runs at 20-year high of nearly 70% of April, paid rising Energy and commodity prices.
Construction index rose 102% year-over-year in March, according to data from the Turkish Statistical Institute (Turkstat).
home sales in Turkey rose nearly 40% year-over-year in April to 133,058 units, despite rising borrowing costs and rising prices, as households continue view real As an attractive investment tool for shield themselves from inflation.
Sales from January to April were up 26.2% to 453,121 homes.
as part of chart announced By President Recep Tayyip Erdogan earlier this month, cheaper housing loans will be provided to these who Transfer their foreign exchange savings into Turkish lira or sell their gold to the center bank.
I called Ankara on Individuals and companies to convert their foreign exchange savings into lira support Currency Scheme Unveiled in December to increase deposits in pounds by protecting them against exchange rate volatility.
Erdogan said this action on housing loans support This effort, however, reversed the dollarization trend that has been going on for years.
loans will also It is provided to construction companies for complete Some projects if they promise to keep selling prices unchanged for a year.
Erdogan said the loan package for Builders aim to increase the supply of housing, thus balancing prices.
Durbakayım said that the burden of interest of these in need of housing was reduced with alternative support packagewhich he considers will facilitate access for homes.
Ege Yapı President Inanç Kabadayı stressed the imbalance between show and demand that appeared with coronavirus pandemic.
Kabadayı . said new Packages will be a great incentive for real estate production.
“with this steps Taken to stabilize this defect soon as such possibleSupply will increase rapidly. In addition, encouraging new Projects will be started with costEffective Loans also increase production of new Living ” added.
