Real Estate

The low interests of mortgage loans shouldn’t be used as self seeking opportunism

Tahir Tellioğlu, the Chairman of the Confederation of Contractors (İMKON), including the fact that Covid-19 has deeply affected the construction industry, said:

‘’Mortgaged loans with low interest rates have helped those in need of housing, the construction sector and 250 related sub-sector working alongside with economy of Turkey; yet this should not have been turned into a method of self-seeking opportunism or greediness, the excessive and injust increase of prices are not to be abused and if so, should be stopped.’’

Tellioğlu, forwarded the fact that even though there has been at least a 50 percent raise in construction products for the past 2 years, the prices of houses remained the same and added:

‘’ The excessive raise should not have been the answer to the low interest of mortgage loans. The cost of the previous high prices of construction products, should have at least been gradually reflected for a period of time.’’

Tellioğlu also gave his regards to the government because, this low interest rates make the great amount of housing stock to be sold out; thus, relieving the industry of construction business.

Tellioğlu defended that due to some general structural problems in the construction industry, it has become difficult for contractors to start new projects. He added that this difficulty negatively affected the firm’s’ stock.

Tellioğlu demanded eliminating the bureaucratic barrirer over the urban transformation and promoting the structuring based on urban transformation, by stating the fact that there are nearly 6 million old structures under the risk of calamity in Turkey.

source: AA / translated by Bazaar Team

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