Well-known economist Mert Basharan voiced his expectations regarding prices in the residential real estate market said: «There was a mortgage crisis in the US, and the market collapsed; in our case, there is no need to fear this. The number of homes on sale is small, so prices are not falling. However, after the presidential election, we can expect a decrease in the cost of new buildings, as well as luxury homes – in dollar terms». As for the demanded segment of the secondary real estate, especially in the range from one to two million Turkish lira – there is a great demand for it, despite the fact that the volume of supply is not able to satisfy it. As soon as credit programs suitable for the purchase of secondary housing appear on the market, prices for such real estate will begin to rise again.
What else does Mert Basharan advise? «It is better to buy 10 secondary residences on unclaimed or in basement floors, instead of laying out 10 million liras for one 1+1 residence in a luxury residential complex. After a while, you will see an increase in the price difference for them. Even in dollars№.
Nevertheless, Turkish developers are now paying a lot of attention to luxury residential projects; partly because they focus on foreign buyers. Vakıf GYO, for example, is building the Iki Konak complex for more than five hundred residences in Izmir, and the Arsenal Group announced last year its new elite project Meva Şehir Ankara in the Turkish capital.