Gülistan Alagöz- ISTANBUL

Panic buying driving up home prices, says expert

Worry shopping for and worry offering show up to be one particular of the causes behind the sharp raises in household prices in the secondhand current market, an professional has claimed.


“Most of the folks give their residences on the sector in buy to buy an additional a person. As the price tag of the house they want to purchase rises, they, in return, are asking even increased prices for the qualities they are providing,” claimed Gökhan Taş, the chair of Coldwell Banker Turkey, explaining why house rates maintain mounting in the secondhand current market.

He added that people today are turning to true estate in the face of the high inflation to protect their discounts, which generates extra demand from customers for homes.

With the expectation that the rates will go up more, prospective homebuyers act swiftly, Taş explained. “They are shelling out 5 million Turkish Liras for a home whose well worth is basically 3 million liras. At this stage, charges of other qualities in this location improve.”

Taş explained that the source scarcity is the most important dilemma experiencing the housing market, which also potential customers to improves in property selling prices and rental rates.

Other specialists also cite powerful need and the lack of offer as the causes guiding the cost hikes in the secondhand housing current market.


Selling prices of recently built homes put up for sale in the market place have been rising thanks to increased prices. Considering the fact that people are not able to afford these new residences, demand from customers is shifting to secondhand attributes.

Secondhand dwelling income account for 70 percent of all residence profits in Turkey.

Opportunity dwelling sellers search at the value of recently constructed residences when they set the asking selling price for their current properties, stated Hakan Akdoğan from TÜGEM, an affiliation for authentic estate consultants.

“There is practically nothing mistaken with making such a comparison. But, if a new apartment in your neighborhood is place up for sale at 5 million liras, you can not question 4 million liras for your 30-yr-previous condominium.”

In Istanbul, the selling price of a newly built apartment starts off from 8,000 liras for each sq. meter and can go up to 60,000 liras to 70,000 liras, according to a review by TSKB Actual Estate Appraisal.

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