A recognized specialist and media editor in the real estate industry, Tebernush Kirechi, voices his expectations for the coming year, with an eye on the results of the previous one and not only.
Brief extracts from this analysis are below, although first of all, to understand the situation, it is worth mentioning the results of 2022 and partly of the years preceding it:
- the volume of free housing stock, which began to "melt" back in 2020, was severely depleted; which led to the fact that many free lots fell on the so-called "black market";
- the construction of new housing progressed very slowly; nevertheless, licenses were issued, and a number of projects were still launched;
- the sale of housing to foreigners, contrary to rumors, has not stopped, and is very intense;
The "wars" of landlords and tenants continue, largely due to violations of the rules of interaction.
What can we expect from 2023?
- Real estate: the cost will continue to grow, prices in 2022 will be "worth its weight in gold", as well as free lots;
- as for offices, energy, technology and IT companies have come to the fore in terms of demand for office space. On their part, demand will continue to grow in the coming years. Well, there are fewer and fewer empty offices in megacities, in particular in Istanbul;
- shops: although trade has slowed down, the demand for shops has not decreased. However, it is unlikely to increase much. Nevertheless, the income from the shops will be incomparable with the income from residential real estate: the latter is much more profitable;
- land: in fact, this is the tool that provides the greatest profit, the expert believes. However, according to many, this is a market in which real estate agents have greatly spoiled the situation; therefore, you can count on profit only by assessing whether you earn when buying and whether you have calculated the long-term perspective. In other words, without knowledge - or without a competent consultant - it is better to stay away from the sphere of buying and selling land plots in Turkey for the time being.
Just today, auctions are being held for four sites in the Urla.