Construction works have been going full steam ahead in Turkey as we enter 2018.
Despite harsh weather conditions, the level of construction work in the country has grown 9.7 points more over January and February than it did in the same period in 2016, the Turkish Statistical Institute has reported.
Housing sales increase 1.7%
Housing sales reached 97,019 units in January 2018, which is 1.7% higher than January 2017, according to the Turkish Statistical Institute. Year-long property-buying incentive schemes came to a close in September 2017, which led to a slight decline in sales from October – December 2017, but January’s figures show a promising recovery.
New build housing sales on the rise
The number of new build housing sales saw a slight rise in January, increasing 0.3% year-on-year to reach 44,363 units. New builds occupy 45.7% of the Turkish housing market. Second hand property also showed positive signs, with 52,656 sales made – a 2.9% rise on the same period in 2017.
Cash buyers remain strong
Towards the end of 2017, the property market saw a decline in mortgage buyers and a surge in cash buyers for new builds. This trend has continued into 2018, incentivised by discounts on cash purchases and increased mortgage rates.