Real Estate

Turkiye: Housing prices are on a downward trend

The measures against the exorbitant price increase in housing are bearing fruit. With the steps taken in different areas from social housing projects to field inspections, housing prices entered a downward trend. The decline in prices exceeded 10%.

President Recep Tayyip Erdogan announced the largest social housing project in history with the following words:

“We are starting the biggest social housing move in the history of the Republic. Preparations for this project, which our citizens, who will be owners for the first time, are eagerly waiting for, are about to end.”

The steps taken restrained the exorbitant prices

Treasury and Finance Minister Nureddin Nebati said that those who apply exorbitant price increases will be punished.

Then, the Ministry of Treasury and Finance tightened the field inspections on housing prices.

The exorbitant price increases in housing prices were restrained by the government’s successive steps. In particular, the decline in old housing prices was also reflected in the real estate market.

Will the price decline continue?

Before the projects were even implemented, the markets gave positive signals, and the prices decreased.

Hakan Akcam, President of the Chamber of All Realtors in Ankara, stated that the foam in the housing prices has been removed and the prices have decreased by around 10%, and said, “Actually, the base figure has not yet been reached. We hope that the costs will decrease, our government’s projects will come to life and come to a stagnant figure.”

It is predicted that the decline in housing prices will continue.

Source: Trthaber / Translated by Irem Yildiz

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