The new destination for those exiting KKM and BES investors has been revealed: 92 percent preferred that method
As of July, it was shown that 92 percent of partial payments made to BES participants were transferred to the housing sector. It has also emerged that a large portion of the savings in KKM and bank deposits are being used for apartment purchases.
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According to research, housing sales have entered an upward trend.
The BES collateral application, which came into effect on July 1, has reflected positively on the sector.
THE SHIFT FROM BES AND KKM TO HOUSING HAS BEGUN
It is stated that 92 percent of the money withdrawn by BES participants from their savings under the partial payment application, which began as of July 1, was used for housing purchases. Another source fueling sales is the shift from KKM and bank deposits to the sector. As of the second half of the year, it is observed that a significant amount from KKM and bank deposits is being used for housing purchases. On the other hand, it is stated that gold savings, referred to as "under-the-pillow" savings, are also being turned into housing investments.
BENEFITED HOUSING
According to the report by Necmi Çiçekçi from Türkiye Gazetesi, exits from Currency-Protected Deposit (KKM) accounts are continuing at full speed. According to the weekly bulletin of the Banking Regulation and Supervision Agency (BDDK), the KKM balance recorded its fastest proportional decline last week since the data began to be published, falling by 4 percent and 58 billion 336 million liras to 1 trillion 412.1 billion liras. The KKM stock hit a record high of 3.4 trillion liras in August 2023 and then began to decline with regulations from the Central Bank. It is stated that significant savings exiting this fund are being evaluated in the housing sector. It is noted that investors are particularly turning to projects that have 'dropped in price and offer buying opportunities,' thereby strengthening purchases.