Aided by the recent cut in home loan interest rates the total amount of home loans withdrawn in Turkey has increased by some TL 3 billion ($922.467 million) during the third quarter.
Following a campaign jointly launched by Emlak Konut GYO and GYODER to spin the wheels of local economy and keep the construction sector alive coupled with President Recep Tayyip Erdoğan and Prime Minister Binali Yıldırım's calls to cut the interest rates on home loans have started to bear fruit.
As the Central Bank of the Republic of Turkey (CBRT) dropped the marginal funding rate (the upper band of interest rate) from 10.75 percent to 8.25 percent, lowering it by 250 basis points for seven months in a row as of February 2016 has helped reduce the funding costs of banks.
Interest rates on home loans which maintained a level around 1.20 percent back in June, have fallen below 1 percent under the leadership of the public banks in the wake of the calls, campaigns and the CRBT's interest rate cuts. Resulting in turn to a withdrawal of TL 3 billion in home loans in the third quarter by consumers, who had previously delayed their housing demands due to the high interest rates.
According to data collected from the Banking Regulation and Supervision Agency (BDDK) by Anadolu Agency, the amount of home loans withdrawn in Turkey's 81 provinces amounted to TL 151.4 billion as of the end of June. This amount surged to TL 154.4 billion at the end of September with a third quarter increase of almost TL 3 billion.
The provincial distribution of home loans at the end of September saw the maximum amount of home loan being used in Istanbul with TL 51.8 billion (33.6 percent), followed by Ankara with TL 19 billion (12.3 percent), İzmir with TL 11.2 billion (7.3 percent), Bursa with TL 5.4 billion (3.5 percent) and Antalya with TL 5.1 billion (3.3 percent).
Meanwhile, in the third quarter, out of approximately TL 3-billion worth of home loans, TL 563.6 million was used in Istanbul, followed by TL 276.2 million in Ankara, TL 178.6 million in İzmir and TL 125.6 billion in Adana.
In the period between July and September, housing sales in Turkey also saw an increase of 1.3 percent compared to the same period last year, the number of sales rising from 301,535 to 305,012.
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