Developer Emlak Konut targets $190 mln profit

ISTANBUL

Emlak Konut Real Estate Investment Company targets 1.13 billion Turkish Liras(around $190 million) of net income this year.

The developer hopes to collect a total of 5.12 billion liras in revenues, excluding value added tax, from unit sales in 2020, Emlak Konut said in a filing with Borsa Istanbul on Jan. 21.

In a separate filing with the stock exchange, Emlak Konut also unveiled that the developer collected a total of 3.02 billion liras in revenues from the sale of a total 2,056 units in 2019.

The company sold 505 of those units to foreign nationals, collecting around 754 million liras.

In 2018, the developer’s revenues and the number of units sold stood at 6.08 billion liras and 5,818, respectively, versus 6.6 billion liras of revenues and some 6,200 units sold in 2017.

The latest official data from the Turkish Statistics Institute (TÜİK) have shown that a total of 1.35 million housing units were sold in Turkey last year, marking a 1.9 percent decline from 2018.

Mortgage-financed housing sales amounted to 332,508 units, accounting for a 24.7 percent share of all sales.

Last year, foreign nationals purchased some 45,500 houses, up 14.7 percent compared with 2018.

In December alone, housing sales soared nearly 48 percent on an annual basis to reach some 202,000 units.

“We can sell around 1.2-1.3 million housing units in 2020 again, we target to sell 60,000 units to foreigners in 2020,” Ahmet Erkurtoğlu, the deputy head of the Contractors’ Association of Istanbul’s Anatolian Side, told Anadolu Agency.