Local TurkiyeReal Estate

Inflated prices in real estate have started to decline in Turkiye

Exorbitant increases in housing prices have made it difficult for those who want to buy a house for a long time. Real estate expert Gamze Ozlu pointed out that prices increased due to the fluctuations in the dollar exchange rate and said, “The real estate figures in the market were very inflated, that is, they were not worth anything. Inflated prices have been declining for the last 6 months. There is a decrease of almost 20-22%.”

Ozlu mentioned that the contractors entered the projects with great difficulties in the new projects and said, “Construction costs increased a lot, but the increase in housing prices was partly related to our people. Since foreign investors are very popular and see housing as an investment tool, the numbers actually inflated like this: ‘My property is worth ₺5,000,000, but if a foreigner buys it, it will be ₺7,000,000, let the foreigner buy it’. Right now, prices are starting to reach their real value.”

After the second quarter of 2024 housing sales will start to rise

Evaluating the impact of the decrease in housing sales on prices, Ozlu said, “Those who need and have to buy a house are buying houses.” Pointing out that investors with high incomes turn to deposit interest, Ozlu said, “Investors turn to deposits because they find the return on interest much more attractive. However, now is the right time for those who have money and want to buy. Because currently housing prices have decreased. After the second quarter of 2024, housing sales will start to rise again. You may not be able to find the house you said ‘I won’t buy today’ for the same price tomorrow.” Pointing out that as access to housing becomes more difficult, those who want to own a house turn to land, Gamze Ozlu said, “Land investment does not cause anyone to lose. If you plan to buy land and wait for the long term, it could be a great profit.”

Source: Dunya.com / Prepared by Irem Yildiz

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button