Mortgage Rates Rise: Impact on Home Buyers

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Housing‌ Loan & Sales Trends (Turkey – September/End ‌of Year 2023)

* ​ Interest Rates are Decreasing: Housing loan ⁤interest rates have fallen from over ‍3.00% in the summer to ‌2.69% currently. Expectations are for rates to reach 2.50% by the end of the⁣ year.
* Sales Volume increase: Housing sales in september reached a record high of 150,657 units ⁢- a 6.9%⁤ increase.
* ⁤ Mortgage sales Surge: Mortgage-backed housing sales increased by 34.4% year-over-year in September, ‌totaling 21,266.
* ​ 9-Month Credit Sales Growth: Total‌ credit sales for housing (Jan-Sept) increased by 76.0% compared to the same period last year, ⁤reaching 162,493.
*‌ Deed⁢ Duty Revenue: ‌Deed duty⁢ revenue ⁤exceeded 100 ‌billion TL.
* Demand Despite Rates: Despite relatively high⁢ interest rates (even at 2.50% predicted), there is currently increasing usage of housing loans.
* ⁢ ⁤ Central Bank Influence: The Central Bank’s interest rate reductions are⁣ driving the changes in housing loan balances.
* Expert Prediction: Real⁤ Estate ⁢Expert ‍Mustafa Hakan Özelmacıklı predicts‌ rates will fall to 2.50% by year-end, citing ⁤two remaining monetary Policy Committee meetings.

HARD ‍STOP – SELF-CHECK COMPLETE.