Decreasing the interest rate of property loans below 1% will bring vitality to the sector
Dr. Feyzullah Yetgin “If Houses loan interest rate decreased below 1%. This will bring vitality to the sector,” he said.
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (MPC) ‘s made a statement on the rate cut decision.
Chairman of the Board of Directors Assoc. Dr. Feyzullah Yetgin said:
“Ziraat Bank, Vakıfbank and Halkbank took the first steps after the decision to cut interest rates by the Central Bank on July 25 and reduced the interest rate on real estate loans to 0.99%“.
The contribution of some private banks to the reduction of houses loan interest rates was extremely positive. We expect that the interest rate cut that will positively affect real estate sales and this benifit will spread through out the sector and these discounts will continue in private banks as well.
The real estate sector offers attractive opportunities for those who want to benefit from the existing real estate.
Against the cost increase, prices did not increase and new construction permits decreased. In fact, the demand for properties did not decrease, citizens waited for the appropriate purchase conditions. But now the process has begun. This process will gain momentum with the fall of interest rates. The use of houses loans will increase again, Therefore, if the mortgage loan interest rate falls below 1%, it will bring vitality to the sector and house sales will increase in the last quarter of 2019. “
Edit by: Realty Group