Thanks to the mortgage campaign that has been going on in Turkey since the beginning of June, the country is running out of homes available for sale. Emlak Kulisi, the construction and real estate newspaper in Turkey, reports that 70 percent of the properties offered for sale through advertisements have been sold so far. So in June 190 thousand residential real estate objects were sold in Turkey (of which 100 thousand were bought in a mortgage), in July 230 objects were sold (130 thousand were bought in a mortgage). In August, the mortgage campaign began to decline, 170 thousand apartments and houses were sold in a month.
Just two or three years ago, mortgages in Turkey were much more inaccessible due to high rates. Therefore, there were many people who wanted to acquire their own housing: all of them have taken advantage of the mortgage opportunities that opened in 2020. In the near future, an increase in property prices is highly likely to take place in Turkey, associated with a shortage of housing and the mortgage campaign.