Real Estate

In Turkey 7 out of 10 houses sold were taking place in the second hand market

According to the report prepared by FuzulEv from TUIK statistics, housing increased by 34.2 percent in the first 9 months of 2020 compared to the same period of 2019 and reached 1 million 161 thousand 278.

In this period, 802 thousand 70 second-hand houses were sold, while 359 thousand 208 new houses were sold. The share of second-hand cars from the total market broke a record with 69 percent; this share was 62 percent in 2019 and 52 percent in 2018.

77 thousand 575 second-hand houses were sold in January, this number was 81 thousand 450 in February, 74 thousand 581 in March, 27 thousand 935 in April, 34 thousand 76 in May, 131 thousand 380 in June, 161 thousand 420 in July, 118 thousand 285 in August and 95 thousand 368 in September.

The provinces with the highest second-hand sale rate were Karaman with 82.1 percent, Nevsehir with 78.9 percent and Aydin with 75.7 percent. In four provinces, the said ratio was below 50 percent.

First-hand sales in Hakkari, Igdir, Bayburt and Giresun were higher than second-hand sales.

‘’The second-hand market is developing very fast in Anatolia.’’

Eyup Akbal, the Chairman of FuzulEv stating that they have seen a serious acceleration in second-hand sales in recent years, he pointed out that this year a record was broken with 69 percent, and that figure was 62 percent last year.

Expressing that the Turkish real estate sector has undergone a major transformation in recent years, Akbal said:

 ‘’We see that the second-hand market is developing very quickly, especially in Anatolia. This is because consumers can find apartments in these provinces suitable for their budgets. There is a huge demand for housing. One of the most important issues for this population to buy housing is access to appropriate financing.’’

Akbal continued:

‘’Until the recent past, Turkish housing finance evoked the interest rates. This mentality is now changing in Turkey. Especially interest-free financing opportunities in Turkey has evolved considerably in recent years. The proliferation of non-interest bearing financing facilities of the main reasons for this increase.

 The share of the number of houses purchased with the interest-free housing system in total sales is increasing day by day. Thanks to this system, citizens can buy housing according to their payment budgets without paying interest.

With the interest-free, advance payment and credit-free financing model pioneered by FuzulEv, we actually provide resources to consumers who have not found a place in the housing market until today; and while adding them to the economy, we are also trying to make their dreams come true.’’

source: AA / translated by Melisa Karayusufoglu

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