Turkish government banks decreased the home loan interest rate, this has caused the Turkish real estate market to witness unprecedented activities that peaked last June, and the residential apartments sector was the first to achieve these numbers. Turkish real estate market experts and insiders have described these figures as “historical”.
The historical sales figures for June 2020 have included all kinds of apartments sales in Turkey, these numbers topped the mortgaged apartment sales in Turkey by selling 101,504 apartments, an increase of 449% over the sales of the same month of last year, thus, reaching the highest sales figures recorded in history.
Experts attributed this movement and the unprecedented numbers to several factors including the marketing campaigns that went all over the Turkish market thanks to the return of normal life, which was constrained by the precautionary and preventive measures against the novel Coronavirus for several months, which was accompanied by a significant reduction of housing loans interest rate by the Turkish government and private banks.
A strong start for the mortgaged apartment sales in Turkey 2020
Looking at the numbers of mortgaged home sales in the first six months of this year, we find that real estate sales in the first two months had reached 43 thousand residential apartments then the numbers declined in March and April due to the restrictions caused by the Corona pandemic.
The sales numbers increased again at the beginning of the gradual lift of the ban at the beginning of May 2020 and continued to progress until they exceeded the 100,000 sales in June 2020, thus, the residential sales in the first half of 2020 reached 266 thousand and 374 mortgaged apartments. This was the best sales recorded ever in half a year in the past eight years.