Mortgaged House Sales Surge In Turkey
Mortgaged house sales surged nearly 1,300% to a record 101,504 houses in June, TUIK said, making up more than half of total sales and nearly doubling the previous record level in September. Turkish house sales leapt nearly 210% year-on-year to 190,012 properties in June, rebounding with the help of cheap loans as the economy began to revive after Turkey eased coronavirus containment measures. It was the highest monthly level of sales since the record level in December, when more than 202,000 houses were sold as the sector benefited from interest rate cuts. Sales dropped sharply in April and May under the impact of the pandemic, Turkish Statistical Institute (TUIK) data showed. At the start of June, state banks extended new loan facilities with reduced rates and real estate developers launched campaigns to help kickstart the economy as it emerged from the coronavirus lockdown.
Tags : INTERNATIONAL