Monday, September 5, 2016

What to expect from the remaining part of 2016

So far 2016 has been what we can best describe as an interesting year here in Turkey. 

Why it has been like this we will not get into here. Other medias are writing plenty about that, so no need to repeat.

Instead we will take a closer look on how we think the property market will develop for the remaining part of 2016.

It can of course not be much more than guessing, but with 13 years of experience we believe that we have earned the right to call it qualified guessing.

A very positive sign is that there are still several interested buyers in the market, and that properties are still being sold.

We do see that foreign buyers often have a longer and existing connection to the market.

This could be buyers that already own a holiday home in Turkey and now are looking to exchange to something bigger or better, or buyers that has been coming to Turkey for many years as holiday makers and now have decided to get a holiday home of their own.

Unfortunately we see less and less completely "new" buyers, that choose to invest in a holiday home without having an already existing history and knowledge of Turkey. 

This is a logical consequence of the current situation and this segment will not return before the political situation in Turkey has stabilized.

The profile for local Turkish buyers has not changed

Here we are still seeing the same segment, which is buyers whose economy has improved over the last 5-10 years and now have the initial capital to invest in home, often in the lower end of the pricing scale.

We do also feel that this group of buyers are holding back a bit, but we expect the segment for local buyers to stabilize before the segment of foreign buyers.

There is a clear picture of more foreign owners wanting to sell

It seems that many foreigners have been thinking about selling, and the latest events have made them take their decision and they have decided to put their unit on the market.

This means that both short- and medium term we will still have a lot of units for sale and that the situation will continue to favor buyers more than sellers.

We do not expect prices to drop significantly, since the price level is already very favorable

But the time where prices will start to rise has most likely been pushed a little further into the future. 

Or to put it another way: It is still a good time to buy, not that good to sell.

Don't forget that you can always contact us with any question related to property in Turkey.

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