Turkey: December house sales increases by 113.7% year on year


In December, the number of house sales increased by 113.7% compared to the same month of the previous year and amounted to 226.5 thousand. Initial sales were up 108% year-on-year, compared to a 51.96% increase in November. Used sales rose 116.78% year-on-year, compared to a 62.36% increase in November. Sales to foreigners increased by 77.12% year-on-year against the 48.39% increase in November.

Mortgaged house sales in Turkey increased by 209.3% in December compared to the same month of the previous year and became 45 thousand 260. In the January-December period, mortgaged house sales decreased by 48.6% compared to the same period. In 2021, the share of mortgage sales in total house sales was 19.7%.

In this context, the base effect of the previous year, the rise in inflation, the erosion of purchasing power and housing loan interest rates come into play in terms of house sales statistics. The relationship between mortgage sales and interest rates is strong… The rapid increase in interest rates in 2018 and 2019 also put pressure on mortgage sales at that time. In 2020, the housing loan interest rates, which have been reduced especially since the second half, provided a periodic revival. In the related period, it is observed that there was a peak in mortgaged sales in the concurrent period of credit incentives applied by public banks.

In the period between 2018 and 2020, interest rates, the increase in inflation and the uncertainty and difficulties created by the Covid-19 epidemic were effective. Similar difficulties can also be mentioned for the current period. The construction sector’s material shortage, housing prices exceeding the purchasing power of households, declining consumer confidence and rising housing loan interest rates are challenging for the sector. The constant fluctuation in exchange rates also increases the construction costs. Despite the economic fluctuations caused by the exchange rate and interest rate movements and the CBRT’s lower interest rates, the increase in loan interest rates may suppress housing demand and mortgage sales.

Kaynak: Tera Yatırım
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