Housing Statement by GYO Chairman Aziz Torun
Aziz Torun, Chairman of the Board of Directors of Torunlar GYO, said, "Foreigners' housing purchase is 5 percent of the total. The real estate sector cannot survive by selling to foreigners."
Torunlar GYO Chairman Aziz Torun made important statements about the housing sector in Turkey.
Torun used the following expressions in his evaluation:
''It is quite difficult to manage the financing of large projects. Recently, it has become difficult to access financing and the sales rate has slowed down. Land cost hovers around 40-60 percent. Interest rates should be below 1 percent per month when buying a house. Foreigners' housing purchase is 5 percent of the total. The real estate sector cannot survive by selling to foreigners.
Home ownership rates have fallen below 60 percent. The social housing project is not a danger for those producing branded housing. There is a need for housing, but purchasing power is not enough. With the increase in the foreign currency, the cost of developers has also increased."
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