Turkey's real estate sector continues to grow gradually in 2018, as was the case in 2017, which culminated in a record-breaking sale of 1.4 million properties. Therefore, The Turkish government is focusing along the private sector to providing additional facilities to break a new record in sales this year.
The target of the sale of 1,500,000 real estate properties in 2018, focusing on the low-income and mid-class, who want to own and invest in the real estate market, in addition to a bundle of benefits for foreign investors by providing them with payment facilities, Real estate taxes or exemption from them altogether.
In parallel with the revival of the real estate sector, it is also planned to improve the services of the banking sector by reducing interest rates and Islamic profits (Murabaha) which are applied by banks to properties that are financed by loans to enable all segments of society to obtain and benefit from these loans.
Experts expect the total number of real estate units to be sold in 2018 to reach 1.5 million this year if efforts to reduce interest rates applied to bank loans are managed to fall below 1%.
In a preliminary step to stimulate banks to grant facilities of this kind, some real estate companies offer a new deal based on the installment of the price of the property with no additional benefits, as the buyer pays 10% of the price of the property in advance, this offer will last for 3 months.
The coming days are witnessing many new real estate’s offers by real estate companies, as well as new legal facilities and reforms from the Turkish government, which are keen to support the real estate sector continuously.
Source: Sabah Magazine