Rising house and car prices make those who want to evaluate their investments in this direction wait. However, as prices change almost daily, those who are planning to buy a car home are asking ‘Will home prices go down? Will car prices go down?’ looking for answers to questions. Rising prices every day make those who wait to miss out. Global developments lead to continued price increases.
The oil and supply crisis that arose from the war between Russia and Ukraine has profoundly affected the entire world. As Central Banks continue to raise interest rates, markets’ eyes focused on Fed Chair Powell’s remarks today. In the domestic market, the focus is on the Fed’s interest rate decision and the new economic package. Anyone who wants to buy a house and a car follows closely all these developments.
100 SQUARE METERS 1 MILLION 700 THOUSAND!
According to Bloomberg HT news; Housing sector in Turkey; The main factors, such as rising production costs, the slowdown in the construction of new homes, the negative interest rate environment, protection against inflation, the exchange rate shock, strong demand, external demand and immigration caused for prices to rise significantly. According to the latest data; The Housing Price Index, which increased by 10.2 percent in April 2022 compared to the previous month, increased by 127.0 percent in nominal terms and 34.9 percent in real terms compared to the same month of the previous year. In Istanbul, the most important city in the sector, the increase is 142%, in the Mediterranean region, where demand has increased with the Russian occupation of Ukraine, Muğla, Aydın and Denizli are the cities with the biggest increase in housing prices with 146 per cent. cent and Antalya with 158 percent. While the unit price per square meter in Turkey was 10,574 TL in April 2022, this figure was 4,200 TL last year. On the other hand, the unit price of an average 100 square meter apartment in Istanbul has increased to 1.7 million TL.
Making statements on housing prices, the President of the Consumer Confederation (TÜKONFED), Aydın Ağaoğlu, and the chairman of the executive board of Torkam Holding, Mahmut Dereli, made important assessments.
Ağaoğlu stated that cheap land should be given for the construction of social housing and said that TOKİ had been told to take the lead on this issue and that they had suggested a 3-year maximum price application for rental homes.
Ağaoğlu continued his words as follows:
“Each property has its current values, which are registered with the municipalities and determined by the Property Valuation Commission every 4 years. The State has a regulatory and restrictive role in relation to basic needs. Home prices are out of whack today. When this happens, I say that the public power enters the scene. The return of 1 million Syrians to their country means that around 200-250 thousand homes will be vacant, and the threshold for obtaining citizenship in selling homes to foreigners is reduced from US$250,000 to US$400,000. Because of this, prices can be upside down. There is a floating course at the moment.” said.
“There is a possibility that house prices will fall”
Torkam Holding CEO Mahmut Dereli, in his speech on preventing high rent prices, said: “There are no publicly owned houses in Turkey. Many municipalities and organizations have residences in Germany and France. Because they have these properties, they have control of the market.” said.
Dereli, who attributes the biggest supply problem to the lack of land in the metropolises, said that purchases and sales have stopped especially in the last 3 months and said: “There is a possibility that housing prices will fall. ” he made his assessment.
Gold and money markets expert İslam Memiş has made assessments warning home and car buyers. Stating that prices will decrease with the new economy package, İslam Memiş warned: “Wait after the party”.
Pointing out that there is a risk of recession in the world, Memiş stated that inflation continues to rise and said: “Under these conditions, Central Banks give messages in a hawkish tone. In cryptocurrencies, it will be decisive for countries to announce their own digital currencies.” Here are the explanations of Islam Memiş…
DIGITAL BANKING SYSTEM
“I see the establishment of a strong digital banking system this year. With the digital system, transactions can also be made through the bank. It wouldn’t be a surprise if it was established by the end of the year. If states explain their official legislation on this issue, the official digital banking system will be established.
“If you have a project related to agriculture, you can use Treasury lands. There are areas around Istanbul. These can be rented. More systematic solutions must be sought in the fight against food inflation. It would be more correct to bring up state law.”
ATTENTION AFTER HOLIDAY
“A broad project will be prepared with zoning, agricultural areas and restructuring in a period of 2 months. I suggest that you closely follow the new package to be announced. Especially in the real estate and automotive sectors, there will be statements after the holiday.”
“PRICES WILL LOWER”
Balloon prices have been seen, prices will decrease. There will be a braking mechanism related to the new measures. It is beneficial for citizens who are going to buy a house and wait a vehicle. Wait until after the holidays.”
The oil and supply crisis that arose from the war between Russia and Ukraine has profoundly affected the entire world. As Central Banks continue to raise interest rates, markets’ eyes focused on Fed Chair Powell’s remarks today. In the domestic market, the focus is on the Fed’s interest rate decision and the new economic package. Gold and money markets expert İslam Memiş has made assessments warning home and car buyers. Stating that prices will decrease with the new economy package, İslam Memiş warned: “Wait after the party”.