Housing Support Packages were Effective in Increasing Housing Sales in May

Housing Support Packages were Effective in Increasing Housing Sales in May
Housing Support Packages were Effective in Increasing Housing Sales in May

According to the data announced by the Turkish Statistical Institute (TUIK), in May 2022, 107,5 thousand 122 houses were sold with an increase of 768 percent compared to the same period of the previous year. Housing sales in the January-May period increased by 37,7 percent compared to the same period of the previous year and amounted to 575 thousand 889. We can say that we saw the effect of Housing Support Packages in the 107,5 percent increase in May. Because last month, mortgaged house sales increased by 177,8 percent compared to the same month of the previous year and reached 29 thousand 335. The share of mortgaged house sales in total house sales in Turkey was 23,9 percent. This result revealed that despite the rising prices in parallel with the rising housing costs, each point decrease in the housing loan interest rates in the upcoming period will be reflected in the housing sector as sales. On the other hand, we can say that the tendency to invest their savings in commodities and in real estate and housing, which is the safest commodity, keeps house sales strong during the high inflation period. In short, we see that the citizens continue their behavior of tying money to goods.

80,5 percent increase in first hand

The number of first-hand housing sales in Turkey increased by 80,5 percent in May compared to the same month of the previous year and became 32 thousand 861. The share of first hand house sales in total house sales was 26,8 percent. In the January-May period, first-hand house sales increased by 42 percent compared to the same period of the previous year and amounted to 412 thousand 170. The share of first-hand house sales in total house sales increased by 2,7 percent compared to the previous month. We think that the Housing Support Packages, especially the First Evim Housing Finance Package, had a great impact on this increase. We hope that this package will increase its impact on housing sales in the coming months, making the population between 30-40 years old, who cannot access housing, buy housing, while also supporting housing production. However, we think that the upward pressure on prices will continue as supply is still limited.

Foreign sales increased

Housing sales to foreigners increased by 2022 percent in May 235,7 compared to the same month of the previous year and became 5 thousand 962. The share of house sales to foreigners in total house sales to foreigners, which showed a record increase compared to the same month of the previous year, was 4,9 percent. Although it is seen as a record compared to May, there is a decrease compared to April. The increase in the real estate value, which will be taken under the condition of applying for Turkish citizenship, from 250 thousand dollars to 400 thousand dollars, is also an important factor in foreign sales in May. We will see the outputs of this factor in June. Istanbul took the first place in house sales to foreigners with the sale of 2 thousand 451 houses. Antalya, which ranked second in this field with the sales of 1885 houses, has also been the 2013th province in Turkey with the most sales since 4.

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