HOUSING NEED IN TURKEY NEVER ENDS AND HOUSING PRICES INCREASE WHEN SUPPLY IS LOW
Çukurova Gayrimenkul President Tamer Son recommended the use of advantageous prices and attractive campaigns in immediate delivery projects.
Reminding that 92 percent of Turkey’s surface area is in the earthquake zone and there are approximately 20 million residences that need to be renovated, Çukurova Gayrimenkul Chairman of the Board Tamer Son said that the need for housing will not end due to developments such as marriage, divorce, and the need for growing families to expand their homes in our country with a young population. Stating that the interest in sales from the project has been higher in the past years, Son said that recently, consumers have turned to projects with immediate delivery. Stating that the construction costs and the increase in foreign exchange are not reflected in the housing prices in the existing projects, Mr. Son emphasized that the housing prices will not decrease due to the increasing costs in the new projects to be started when the stocks are depleted, and advised consumers to make quick decisions.
Stating that the construction sector, which is the locomotive of Turkey, is among the largest when compared to other real estate markets in the world, Çukurova Gayrimenkul Chairman of the Board Tamer Son stated that more than 1 million real estate is bought and sold in our country on an annual basis. Drawing attention to the frequency of marriage and divorce in Turkey, which has a young population, the need for a larger house for families with children, and the need for new houses, most importantly fact that there are approximately 20 million houses that need to be renovated because we are an earthquake country, Tamer Son underlined that the need for housing will not end easily.
Housing prices will not decrease, housing prices will increase when current stocks are exhausted.
Stating that the increase in construction costs and foreign exchange is not reflected in the housing prices in the existing projects, Tamer Son emphasized that when the stocks are depleted, the housing prices will not decrease due to the increasing costs in the new projects to be started, on the contrary, they will inevitably increase. Expressing that we are in the right period to invest in real estate in terms of price advantage, Mr. Son said that the current housing stocks will start to decrease with the expectation that prices will increase in new projects and with the effect of attractive campaigns.
There is an increase in demand for immediate delivery projects
Stating that the interest in sales from the project has been higher in the past years, Son said that recently, consumers have turned to off-the-shelf projects. Pointing out that there has been an increase in the sales of immediate delivery projects, especially in the last 6 months, Mr. Son stated that there will be a significant increase in prices due to high inflation and interest rates in newly built and future projects and advised consumers who want to buy a house to make quick decisions so that they do not miss out on advantageous prices and opportunities for which the price hikes have not yet been reflected.