The report of Turkish and the World Real Estate Sector prepared by GYODER for the first quarter of 2012 underlines the slowing growth in world economies and real estate sectors. According to the report, the sector has completed the quarter with a growth of 2.8 percent. It is emphasized that Turkey’s growth rate in the first quarter of 2012 has also slowed down as a result of this slowdown and the measures of cooling world economy but the growth has occurred in the amount of 3.2 percent which is higher than U.S.A, the Eurozone and Japan.

As the decline in the growth rate of Turkey’s economy reflects on all the sub-sectors, the real estate sector has completed the first quarter of 2012 with a growth of 2.8 percent.

Işık Gökkaya, Chairman of GYODER, said the Turkish construction sector, especially in the last two quarters, has recovered with the significant developments in general economy and in the industry and accordingly they expect it to catch up with the projected growth rate.

Following figures are given in Turkey and the World Real Estate Sector Report for the First Quarter Period of 2012:

• Contraction in the European construction sector in the euro area continues.
• Turkey construction sector has grown by 2.8 percent.
• The number of residential building permits taken was 115 637.
• Annual growth rate of housing loans Developed was 11.5 percent.
• New housing loans disbursed in the first quarter amounted to £ 4.78 billion.
• The average monthly interest rate in mortgage loans declined to 1.25 percent.
• The number Housing sales was 96 092.
• There was a limited increase in housing prices and housing rents.
• The total number of shopping center was 284 with the 5 AVMs opened. The size of the total leasable area has reached to 7:49 million m2.
• The low vacancy rates in A and B type-offices continue in Istanbul CBD office market.
• Real estate sales to foreigners were 557 million dollars and direct foreign capital investments were 149 million dollars.