Yavuz IŞIK
THBB Yönetim Kurulu Başkanı
President
Turkey is the country with the highest inflation among OECD countries, with its 70% consumer inflation in April, Housing prices increased by 110% on an annual basis in March. In the same period, the change in construction costs took place as 101%. As a result, a breakage in dynamics in the housing sales market is in question. According to the latest data, 133 thousand 508 houses were sold throughout Turkey in April. Approximately 36 thousand of them comprised new residences and 96 thousand second-hand residences. The share of new house sales in total sales keeps declining. The difference between new home sales and second-hand sales is in a trend of growth.
The recently announced "Housing Financing Project" seems to have a nature that might reverse the developments in the construction sector. The fact that the level of trust on the construction side remained highly low and, therefore, the construction was negatively differentiated from other sectors, demonstrated the need for arrangements specific to the construction sector. The 2022 route of the construction sector will emerge, depending on the implementation results of the "My First Home Housing Finance Package", the "Extended Housing Finance Package" and the "Credit Guarantee Package Specific for the Construction Sector", the details of which have just been made public.