Page 78 - TURKRptOct19

Total Production
52,242
11%
921,187
-11%
P. Cars Sales
21,544
-20%
193,320
-44%
Total Sales
26,862
-24%
246,161
-46%
P. Cars Imports
13,516
-27%
110,160
-52%
Total Imports
16,426
-29%
134,565
-52%
P. Cars Exports
33,852
11%
526,496
-8%
Total Exports
54,604
19%
806,666
-6%
P. Cars Exports (USD mn)
510
3%
7,406
-9%
Total Exports (USD mn)
1,793
8%
20,334
-4%
Tractor Production
1,198
-23%
13,810
-55%
Grand Total
53,440
10%
934,997
-12%
source: osd
9.1.3 Transport sector news
9.1.4 Construction & Real estate sector news
Turkish carriers agree to price cap domestic flights. The price of one-way tickets on domestic flights will not exceed Turkish lira 450 (around €70).
There are some 10 carriers, including charter airlines, operating in Turkey.
In January-August, the number of domestic air passengers declined by 13% y/y to 68mn, according to the latest official data.
House sales in Turkey rose 5.1% y/y in August following seven consecutive months of decline, data released by official Turkish statistics agency TUIK showed on September 18.
The pick-up in sales followed on the heels of the central bank slashing its key interest rate by 425 bp to boost an economy that became mired in a recession early this year. In September, it cut the rate by a further 325 bp.
The data showed home sales totalled 110,538 in August.
In July, sales fell 17.5% y/y as high mortgage rates, coming on the back of monetary tightening introduced in the wake of the summer 2018 lira crisis, continued to hinder the property market.
Turkish state-owned banks have received over 150,000 applications for housing loans over the past one and a half months, according to Altan Elmas, head of Turkey’s Housing Developers and Investors’ Association (KONUTDER).
He noted that potential buyers were flocking to the banks after state-owned lenders slashed interest rates on housing loans in August after the central bank went ahead with substantial monetary easing.
“Some 75% of those loan applications are for already-lived-in homes,” Elmas said, adding that a large number of applications were declined because of applicants’ bad credit ratings.
“For instance, 25% of people who sought credit to buy homes from developer Sur Yapi saw their applications rejected,” Elmas said.
78 TURKEY Country Report October 2019 www.intellinews.com