Market news

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04.05.2009
turkey coastNowadays Turkish Construction Companies develops different marketing methods being trying to turn global financial crisis into opportunities. They organize attractive campaigns differed from each other. Purchase of Turkish realty in cash brings you ability of 30% discount. In short, these days, people with cash in pocket can buy Turkish realty with great advantage.

The year 2009 can not be called as successful for the Turkish real estate market because of rising construction costs, low domestic demand, high interest of housing credit and economic uncertainness. According to some opinions, after this year with decrease of housing credit interest and rise of mortgage image in 2010 year we will be able to speak about Turkish realty market restoration. Buyers who have put off purchase of Turkish realty are interested in some questions as: What will happen with Turkish realty prices? Will the prices fall down? Is it needed to wait a little before buying Turkish realty or it is time to act? Economists and leaders of the Turkish realty sector have different answers to these questions. Realtors, developers and managers of the banks which give housing credit are agreed that now is the best time to buy Turkish realty. They tell that now is a time of the lowest prices. If you decide to buy Turkish realty buy it now. The Turkish realty prices will not fall down anymore because of charges increase and high prices of lot.

Realtors can not find customers

Economists give notice to delay purchase of Turkish realty. They consider that crisis will go on. So, seeing this market uncertainness buy of realty is not logical. According to their opinions huge supply and low demand are charged to bring fall of Turkish realty prices. The specialists of Turkish realty sector advice to investors to not hurry on with investment in offices and lot because in future semester it seems to get much more profits.  Basing on these opinions we have made own research of Turkish realty secondary market. According to data we have got secondary realty market of Istanbul has decreased up to 50%. Realtors complain about customer’s absence. Realty owners who want to sell realty are obliged to agree with low prices.   The main actors of Turkish realty market notice that now is the best time to buy Turkish realty.      

Secondary market realty has fallen up to 50%

It is very easy to ensure rightness of Turkish realty sector actors’ opinions if we take a look at prices of secondary realty market of Istanbul. According to Istanbul Chamber of Real Estate Broker data in January of this year we can see next picture. In many districts of Istanbul are noticed fall of realty value. If we compare today’s prices with prices of the same period in previous year we will see that decline of prices are between 2% and 50%.  The biggest prices decline is registered in the Kurtuluş district. By comparing prices of secondary market flats 2+1 in this district we see decline of 46%. This type of flat which costed 140.000 Turkish liras (nearly 66.350 euros) now is just 75.00 Turkish liras(nearly 35.545 euros).  Decline of prices has not affected two districts of İstanbul: Cengelköy and Fulya. The prices of secondary market realty in these districts are between 100.000 and 200.000 Turkish liras (nearly 47.400-94.800 euros).


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