Housing sector

Finance Minister to meet with housing sector leaders

ISTANBUL

Treasury and Finance Minister Nureddin Nebati is expected to hold a meeting with representatives of companies operating in the housing sector.

class=”cf”>

The meeting comes amid local media reports suggesting house prices have started to rise after the government announced a financing plan designed to provide cheaper home loans.

In a statement last week, Nebati said officials recorded house prices published on the internet before the unveiling of the financing plan to compare how they changed after the new loan program was announced.

“We identified those who raised prices excessively; we won’t let anyone exploit the situation and make easy money, he said.

At the meeting of representatives of construction companies, Nebati is expected to warn of unreasonable price increases in the housing market.

He should point out that the goal of the new loan program is to help people buy homes on favorable terms and to protect potential buyers against price volatility.

Officials from the Ministry of Treasury and Finance, the Ministry of Commerce and municipalities will carry out inspections of the housing market, according to the daily Milliyet.

class=”cf”>

On May 9, the government announced measures to provide cheaper home loans. According to the program, loans with a monthly rate of 0.99% and a term of 10 years will be granted to first-time buyers for houses worth up to 2 million Turkish liras (130,000 dollars).

Under a second scheme, called the “expanded finance package for housing”, loans with a monthly interest rate of 0.89% and a tenor of 10 years will be granted to those who convert their savings into foreign currencies. foreigners in Turkish lira or sell their gold to the Central Bank to buy houses worth up to 2 million lira.

Turkey, Economy,