Is It a Good Time to Buy Real Estate in Turkey?
Real estate has always been a safe investment tool for Turkish people from past to present. The increase in the exchange rate and opportunities for foreign investors in the market makes it attractive to invest in real estate in Turkey. Currency is rising rapidly; housing campaigns are coming one after another. Everyone who wants to invest, and especially those who have saved currency, has the same question in mind: Is this the right time?
Turning the rise in foreign exchange into an opportunity, investors started searching for real estate by converting their savings into Turkish Lira. But what matters here is the interest rates. As long as the interest rates maintain their current course, and there is no increase, it might be advantageous to buy real estate in the current period. However, the effects of the coronavirus pandemic and some problems in the economy have also led to results that are the opposite of assumptions. Interest rates decreased; prices increased.
Due to the coronavirus pandemic, serious contractions occurred in the economies. Savings and investments fell, with household income declining. Housing sales have also decreased significantly. Taking all these into consideration, interest rate cuts were made on loans to stimulate the economy. This situation pleased citizens who want to buy a house. However, even though banks cut interest rates, house prices started to increase rapidly. According to experts, people who want to buy a new house should be a little more patient at this time. Houses that cannot be sold after a price increase will fall back to normal prices a few months later.
However, apart from all these, the opportunity to have such low-interest rates should not be missed. But it is useful to research the real value of the houses.
Demand is low while supply is high in housing, so the buyer is very precious in this period. Those who do not have a house, especially those who want to own a house for residence, can pursue an opportunity during this period. You can find attractive opportunities in terms of prices in the real estate market.
Will housing prices increase?
Housing sales have been relatively slow, especially in the last two years. Manufacturers and developers are therefore unable to raise housing prices. Housing prices will increase with the increase in housing sales.
When is the right time to buy a house?
Each city and district have its own unique seasons. In general, summer and spring months are the most preferred times for low prices. When the schools close, summer houses are more popular, and the effect of good weather combined, according to most real estate statistics, the house buying season begins. The only downside is that everyone chooses these seasons to buy a house. At this point, it may be useful to search for a house in seasons when not everyone is looking for properties. Either way, it is possible to buy the house at an affordable price by doing good research.