Do not miss the bargain to buy low priced houses
Güncelleme Tarihi:
Hurriyet
Oluşturulma Tarihi: Şubat 04, 2009 00:00
ISTANBUL - Buying a cheap apartment may be a limited time offer and an excellent opportunity.
For those who want to be freed from monthly rent payments, there is a wide range of home offers, said Vice Chairman of Istanbul Chamber of Real Estate Commission Agents Nizamettin Aşa. "There is a general expectation that prices and interest rates will be going even lower. Let’s assume that interest rates go lower; you won’t be able to find apartments with today’s low prices. When interest rates drop, prices go up. This is the way the market works," said Aşa.
For buyers, the last four months’ crisis is even worse than the 2001 economic crisis, said Aşa. He said although the market occasionally became lively, it hasn’t lasted long. People start hoping that prices will drop more, said Aşa. "I think that Turkey isn’t experiencing the economic crisis as badly as other countries. People have money in hand, but, to be safe, they don’t want to use it. They are waiting for prices to go lower. Those who have cash have the power of negotiating deals, but we can’t sell a product that is worth 100 liras for 50 liras. There are some people who insist on buying a house for almost nothing. They don’t want to spend their cash."
"For people who are tired of paying rent, there are apartments starting from 40,000 liras in various regions of Istanbul," Aşa said. For people who want to invest in real estate, there are big opportunities, said Aşa. "Even in central districts like Fatih, Aksaray and Kocamustafapaşa, one can buy a house with a garden for 50,000 to 60,000 liras. One can rent one for 400 to 500 liras. This seems to be a good opportunity; I would recommend clients take the opportunity. God knows what will happen tomorrow," said Aşa.
2010 will be the golden year for real estate purchases if the crisis continues this year and declines in 2010 as expected, said Aşa. Then it would be a poor decision to buy a home at today’s prices, he said. He also said experts have been saying this for two years and the prices have not changed. Potential buyers have the advantage of negotiating and lowering prices by 20 to 25 percent off the original price, said Aşa. Constructional costs and land prices are definite. After two years of recession, there will be a reversal, said Aşa. "Turkey’s economic structure is different than the rest of the world. Turkey has not been deeply affected from the global economic crisis. If the Turkish economy recovers in two or three months, nobody will find a home to buy for 40,000 liras or 50,000 liras," Aşa said.
For buyers, the last four months’ crisis is even worse than the 2001 economic crisis, said Aşa. He said although the market occasionally became lively, it hasn’t lasted long. People start hoping that prices will drop more, said Aşa. "I think that Turkey isn’t experiencing the economic crisis as badly as other countries. People have money in hand, but, to be safe, they don’t want to use it. They are waiting for prices to go lower. Those who have cash have the power of negotiating deals, but we can’t sell a product that is worth 100 liras for 50 liras. There are some people who insist on buying a house for almost nothing. They don’t want to spend their cash."
"For people who are tired of paying rent, there are apartments starting from 40,000 liras in various regions of Istanbul," Aşa said. For people who want to invest in real estate, there are big opportunities, said Aşa. "Even in central districts like Fatih, Aksaray and Kocamustafapaşa, one can buy a house with a garden for 50,000 to 60,000 liras. One can rent one for 400 to 500 liras. This seems to be a good opportunity; I would recommend clients take the opportunity. God knows what will happen tomorrow," said Aşa.
2010 will be the golden year for real estate purchases if the crisis continues this year and declines in 2010 as expected, said Aşa. Then it would be a poor decision to buy a home at today’s prices, he said. He also said experts have been saying this for two years and the prices have not changed. Potential buyers have the advantage of negotiating and lowering prices by 20 to 25 percent off the original price, said Aşa. Constructional costs and land prices are definite. After two years of recession, there will be a reversal, said Aşa. "Turkey’s economic structure is different than the rest of the world. Turkey has not been deeply affected from the global economic crisis. If the Turkish economy recovers in two or three months, nobody will find a home to buy for 40,000 liras or 50,000 liras," Aşa said.