Country: Turkey
4 February 2009
Vice chairman of Istanbul Chamber of Real Estate Commission Agents, Nizamettin Asa, is urging people to take advantage of the recent Turkey property market slowdown and get their hands on bargain properties, as a consequence of the recent property slowdown, reports Turkish news provider Hurriyet Daily.
"There is a general expectation that prices and interest rates will be going even lower. Let’s assume that interest rates go lower; you won’t be able to find apartments with today’s low prices. When interest rates drop, prices go up. This is the way the market works," said Asa.
Asa says that demand for homes in Turkey has slowed of late, as prospective purchasers’ wait for prices to fall further.
He adds: "I think that Turkey isn’t experiencing the economic crisis as badly as other countries. People have money in hand, but, to be safe, they don’t want to use it. They are waiting for prices to go lower. Those who have cash have the power of negotiating deals, but we can’t sell a product that is worth 100 liras for 50 liras. There are some people who insist on buying a house for almost nothing. They don’t want to spend their cash."
"There are apartments starting from 40,000 liras [£16,900] in various regions of Istanbul," Asa said.
He also pointed to the fact that there are some huge property investment opportunities available at the moment, especially, “in central districts like Fatih, Aksaray and Kocamustafapasa, where one can buy a house with a garden for 50,000 [£21,000] to 60,000 liras [£25,250]. This seems to be a good opportunity; I would recommend clients take the opportunity. Who knows what will happen tomorrow,” Asa continued. “If the Turkish economy recovers in two or three months, nobody will find a home to buy for 40,000 liras or 50,000 liras."
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