Real estate property sales in the first six months of 2013 increased 78.7 percent in Turkey compared to the same period of the previous year, Real Estate Investment Trust Association (GYODER) Board Member Isil Gokkaya.
Turkey’s housing sector shows signs against the risk of a market bubble.
Real estate property sales in the first six months of 2013 increased 78.7 percent in Turkey compared to the same period of the previous year, Real Estate Investment Trust Association (GYODER) Board Member Isil Gokkaya told AA.
Expressing that 568 thousand 836 properties were sold in the first half of 2013, Gokkaya said, “In 2012, the price of housing increased by about 10 percent. This is a clear indication there is no risk of a market bubble in the housing sector in Turkey.”
Noting that the construction sector had grown 5.9 percent in the first quarter of 2013 and 7.6 percent in the second quarter, Gokkaya said they predict increased investments over the next period.
The 86 billion lira housing loan stock in 2012 increased by 31 percent in the first five months of 2013 to reach 97 billion liras.
Furthermore, Gokkaya explained that demand among foreign buyers had also risen with the “Reciprocity Law” passed by Tukish Parliament in May 2012.
While real estate sales to foreigners was recorded at 2.64 billion dollars in 2012, sales are expected to reach $3 billion in 2013.