Turkey’s property sales rise by 24 per cent in Q3
28 December 2009
Even though the real estate sector continues to feel the negative after effects of the global financial crisis and is expected to regain pre-crisis levels by as late as 2012, housing sales in Turkey rose by 24% in the first nine months of the year compared to the same period of last year thanks to several incentives, Today's Zaman reports quoting Real Estate Investing Partners Association (GYODER) President Turgay Tanes as saying.
Delivering a speech at a press conference called to present the association's recently released report on the sector, Tanes said the real estate sector is one of the sectors that was hit most severely by the global financial crisis. Citing the impact of the crisis on the construction sector as an example, he explained that the construction sector, as a sub-sector of real estate, contracted by 19.5%, a figure approximately two-and-a-half times the contraction of the overall economy, which is 8.4%.
The number of building permits secured from municipalities also decreased from an annual average of 580,000 in the years between 2005 and 2007 to a predicted 420,000 for the end of 2009, Tanes said, adding that they consider 2009 a "lost year." However, he noted, the sector saw a 24% rise in housing sales figure in the January-September period of 2009 over the same period of 2008.
Source: ANSAmed.
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