Mortgage house sales forgotten

While the government’s efforts to cool the economy in crisis due to compulsory reasons and the falling purchasing power reduced the housing market, the sector started new campaigns, primarily through branded housing producers.

According to the data announced by TÜİK yesterday, housing sales across the country decreased by 8.7 percent in October 2023 compared to October 2022, reaching 93 thousand 761 units. In this context, sales of mortgaged (purchased with loans) houses decreased by 58 percent to 5 thousand 577. In the first 10 months, total housing sales decreased by 14.3 percent to 993 thousand 835, and mortgage sales decreased by 31.2 percent to 166 thousand 461. In addition, housing sales to foreigners decreased by 52.9 percent annually last month to 2 thousand 535, and decreased by 44.4 percent in the first 10 months to 30 thousand 599.

Due to such developments, discount campaigns, which first started in the automotive market, are now also seen in branded residences. While some companies offer a 25 percent cash purchase discount on all their projects, some offer a 36-month maturity with 1.79 percent interest for 40 percent down payment. Industry representatives state that these campaigns are aimed at bringing back the fleeing investors and ensuring cash flow.

“Sales have stopped” Stating that the statement is a wrong perception, Masterturk Real Estate Group President Gökhan Taş said: “We can only say ‘The investor left the house’” said.

OPPORTUNITY FOR THOSE IN NEED

Evaluating the discount campaigns in branded housing projects, Taş continued his words as follows: “Those projects are aimed at investors. Since they are also undecided about investment, companies are making campaigns to attract investors. As for the prices in the market, we can say that they have ‘Stopped’. But in such an inflationary period, the price that does not increase is a great chance for the buyer in need.”

Founder of All Entrepreneur Real Estate Consultants Association Hakan Akdogan He pointed out that: “These are not campaigns to melt stock, but to continue the project. Construction and financing costs are increasing rapidly. With such campaigns, companies aim to complete their projects by balancing their cash flow. Also, I do not expect a decrease in prices. On the contrary, increases reflected in costs and labor will be added.”