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Panic controls real estate prices in Turkey

  • 14.04.2022
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Panic controls real estate prices in Turkey

According to real estate experts, the main driving force behind the change in real estate prices is panic: panic buying and selling of real estate.

This is obvious in the secondary housing market, which accounts for 70% of all housing sales in the country.

Record inflation and economic instability motivate buyers to buy a property "here and now" as an asset resistant to inflationary growth.

The "here-and-now" situation on the market can be also explained by the rapid increase in housing prices due to rising prices for building materials. Moreover, people use "chain sales" without having free funds to sell their homes and buy a new one with the money they earned.

Since housing prices on the market are actively growing, people inflate prices for their offer in advance, and sellers react to this.

However, buyers are willing to overpay to do so. A property with a real value of 3 million liras will easily find a buyer at a price of 5 million liras.

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