Mehmet Zeki Adli, the General Manager of Land Registry and Cadastre, stated that there is a decrease in real estate purchase and sale as in every field due to the pandemic in Turkey started in March. Within the scope of the measures taken accordingly, there was a big increase in the real estate sales as the loan interest rates decreased. Adli said:
‘’ The fall in interest rates made loans attractive, and as such, demand increased.’’
Explaining that people tend to focus more on hobby gardens when purchasing land, Adli reminded that the purchase and sale of hobby gardens are made in the form of cooperative shares, and this information is not recorded because no transactions are made in the title deed. Adli talked about the land sales:
‘’ A total of 368 thousand 215 land sales were realized in the January-October period, there is an increase of approximately 20 percent in the land sales compared to the same period of the previous year. 23 thousand 702 of these sales were mortgaged.The provinces with the most transactions in land sales are also have the most the housing sales, these provinces are respectively Istanbul, Ankara, Izmir, Antalya, Konya, Gaziantep, Adana, Kocaeli, Bursa and Tekirdag.’’
‘’ 20-22 houses are sold and bought daily.’’
Regarding housing sales, Adli stated that the daily purchase and sale of housing decreased to 3-4 thousand in March and April, but the decline in interest rates also affected housing sales, and that the daily purchase and sale is now between 20-22 thousand.
Pointing out that the sale numbers are high in the provinces where housing demand is intense, such as Istanbul, Ankara, Izmir, Antalya, Adli said:
‘’ In some provinces, housing sales increased by 300 percent. When we look at the rate of increase compared to last year, from October to March, we see an increase of around 27 percent. In the January-October period, nearly 1 million 281 thousand housing purchases were made.’’
Adli emphasized that there are also houses bought without using the credit in these sales transactions, Adli said:
‘’ There is a 42.5 percent increase in the houses purchased using credit. More than 42 percent of the citizens have purchased and sold houses by using credit. There is a decrease in the rate of those who do not use loans, there has been a decrease of 3 percent. Second-hand houses were sold more than new houses. Also, mortgage sales in the January-October period, increased by 124.2 percent compared to 2019. ‘’
General Manager Adli added that the highest number of housing sales are realized in big cities such as Istanbul, Ankara, Izmir, Antalya, Bursa, Mersin, Konya, Kocaeli, Adana and Gaziantep.
source: AA / translated by Melisa Karayusufoglu