Cihat Algün / Chairman of the Board, Algün:
The housing sector is optimistic about the second half of the year and the incoming figures signal that things will go well. The latest developments in real estate are encouraging. Various mechanisms are being implemented to make it easier to become a homeowner. Most recently, real estate certificates have been introduced as an alternative instrument for home ownership. As certificates are accumulated over time people will be able to acquire a home directly. In short, citizens will be able to buy an apartment with small savings. Those who wish can cash out their investments and generate income. Pent-up demand is taking action with the excitement of buying at previously favorable prices. However it should be noted that builders’ costs have risen extraordinarily yet we have not been able to reflect this in prices. When interest rates come down another notch cost increases will begin to be reflected in prices. Right now there is a great opportunity to become a homeowner. Therefore in the coming period we will see the number of homeowners, and thus housing sales figures, increase further.