Development concerning those buying homes with loans! Date given for a significant drop in interest rates!

The stagnation in housing sales continues due to high loan interest rates. The first spark for interest rate cuts was ignited last month. The Central Bank of the Republic of Turkey (TCMB) announced its first interest rate cut last month after a long period. So, how did the Central Bank's interest rate decision reflect on loan interest rates? When will there be a significant drop in interest rates? An expert provided a date and explained...

Evaluating all the questions on the subject for milliyet.com.tr, Real Estate Expert Mustafa Hakan Özelmacıklı stated the following:

"High returns on deposit interest rates have actually caused people with money to invest in deposits and earn interest income rather than buying real estate for a long time. This has significantly reduced demand for home purchases, and housing prices have shown a decline relative to inflation for a long time.

WILL THERE BE A REGULATION FOR HOUSING LOANS?

The statements made by our Minister of Treasury and Finance regarding social housing acquisition for low-income citizens brought with them the thought, 'Could there be a regulation on housing loans?'

WHEN WILL THERE BE A SIGNIFICANT DROP IN LOAN INTEREST RATES?

With the interest rate cuts that may be taken in the 8 meetings to be held by the Central Bank this year, we hope to see housing loan interest rates below the 2 percent level around this time next year.

'MONTHLY INSTALLMENTS WILL DROP FROM 30 THOUSAND TL TO 20 THOUSAND TL'

Payments approaching approximately 30 thousand TL for a 1 million TL loan will drop to the 20 thousand TL level once loan interest rates fall below 2 percent. Those who take on debt with a high interest rate during this period have the opportunity to restructure when interest rates fall.

WILL HOUSING PRICES RISE WHEN LOAN INTEREST RATES FALL?

On the consumer side, I think that prices will already tend to rise when loan interest rates fall."