Emlak Konut plans to comb the real estate market in Turkey

ISTANBUL

Turkish real estate investment company Emlak Konut GYO is set to put around 35,000 homes on the market as of the last quarter of this year, its CEO said.

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“We plan to start selling [houses of] 12 new projects in Istanbul in the last quarter of this year, ”the Hürriyet daily said on September 25, quoting Hakan Gedikli.

The projects are carried out in the European districts of Başakşehir, Küçükçekmece, Sarıyer, Avcılar, as well as in the Asian districts of Çekmeköy and Kartal, he said.

Construction will continue uninterrupted next year, he added.

“We will be releasing 15,000 separate units designed to meet the needs of our customers for sale until the end of this year. In addition, we aim to launch 20,000 separate units by the end of 2022 after developing land in our portfolio, ”said Gedikli.

He expects other real estate developers to be stimulated by Emlak Konut’s decision to offer new homes.

Just over 49% of Emlak Konut’s shares are owned by the Housing Development Administration of Turkey (TOKİ), while the rest of the shares are held by the public.

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Expecting a total of nearly $ 7.5 billion in sales to foreigners this year, Turkey’s real estate market ranks among the top 10 in the world.

Turkey recorded 141,400 home sales in August, down 17% on an annual basis.

Istanbul held the largest share with 24,286 units, according to official figures released by the Turkish Statistical Institute (TÜİK).

The capital Ankara and the Aegean province of Izmir followed Istanbul with 13,642 and 7,731 units, respectively.
A total of 7,106 homes were sold for the first time, while sales of second-hand homes totaled 20,269 units.

Mortgage home sales were recorded at 27,375, down 64% from the same period last year.

In August, 5,866 homes were sold to foreigners, marking a 50.7% year-over-year increase.

Penny D. Jackson