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1.2 Million Brand New Home In Turkey Is Left On Hand

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  • As of the third quarter of 2019, the brand new-selling housing has reached 1 million 270 thousand units in stock.
  • In January of this year, home sales fell 44 percent. As of the third quarter of 2019, the brand new housing stock that could not be sold reached 1 million 270 thousand. In a report, the interest rate cuts of the public banks, land registry fees and VAT exemption in housing 202 thousand units in the month of December due to the end of 2019 broke record sales when January sales statistics revealed that this is temporary housing until 2020,” the statement said, and included the following views:
  • Fatwa did not work either: despite large-scale reductions in home loan interest rates to state banks and Diyanet fatwas, there was a 44 percent decline in housing sales in January. January 2020 December 2019 housing sales in Turkey, public banks interest rate reductions, land registry fees and tax exemptions for housing due to expire 202 thousand units in the record breaking, this is temporary TurkStat announced that the housing sales in Turkey statistics revealed.
  • There is a 44 per cent decline: total Turkish home sales in January 2020 were 113,615, with a near half decline. That figure represents a 43.8 percent drop from the previous month. The impact of loan interest rates, which have fallen as central bank interest rate cuts are reflected in housing loans, has caused a stir in housing sales. In December 2019, especially second-hand housing sales rose to prominence with 126 thousand units.
  • 1.2 million housing: in January, total 113 thousand 615 units sold 42 thousand 237 of the housing mortgage that is bank credit sales. January, December, 126 thousand units of second-hand housing sales rose to 77,500. First hand zero house sales fell from 75 thousand to 36 thousand compared to the previous month. According to the determinations of the Turkish Contractors Association, the new housing stock that could not be sold as of the third quarter of 2019 reached 1 million 270 thousand. Home sales to foreigners, January was 3,907 units.

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  • Turkish housing purchases of foreigners in Turkey increased with the regulation on the granting of citizenship to a $ 250 thousand Real Estate area. According to TurkStat data, a total of 153 thousand 766 houses were sold to foreigners in the last 5 years. Of this figure, at least 88,393 were citizens of Middle Eastern countries. With housing sales out of Syrian asylum seekers, the foreign population in Turkey exceeded 1.5 million. The housing purchases made by citizens of countries other than the Middle East were made mainly by people of Turkish origin.
  • In 2019, 45,967 houses were sold to foreigners, of which 27,98 were to citizens of Middle Eastern countries. In this period, the largest number of housing purchases, 27,609 Iraqis made. The Saudis were second with 12,971 units, the Iranians were third with 11,953, the Russians were fourth with 10,35, the Kuwaitis were fifth with 9,788, the Afghans were sixth with 7,418, and the Germans were seventh with 6,77.

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