Property prices in Turkey expected to increase

Published 10.11.2015 00:00
Property prices in Turkey expected to increase

Representatives and leading figures in Turkish real estate sector are advising those willing to purchase apartments or make investments in property to hurry up as prices are anticipated to skyrocket at the beginning of 2016. The sector, which is expecting to recover within the next two months, will enter the new year with increased prices.

Property sales had slowed within the last five months and representatives of the sector all agree that the increases in costs and rising foreign exchange rates are yet to be reflected in property prices so buyers will be facing much higher prices at the beginning of 2016. The CEO of Beytürk İnşaat, Muhammet Uğurcan Barman, said that along with the constant increases observed in property prices, increasing costs have not been reflected on property prices yet. "The increasing costs will cause property prices to rise around 30 percent gradually within the next two months," he said. Babacan Yapı's CEO, Mehmet Babacan, said they have been observing stagnation in the real estate and property sector for the past five months but that he believes the last two months of 2015 and the beginning of 2016 will be a golden time for real estate and the property sector.

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