There were some major changes in the property prices over the past month in the south of Turkey. The prices for summer houses in Antalya, Alanya, Kas, Kalkan and Kemer has decreased by up to thirty five percent in comaprison to the previous year. Many real estate professionals see this as an excellent time to buy properties both in Ankara, Istanbul and in the Med part of Turkey. Many now consider the property market in the country a buyer’s market. Mark Realik, the president of the Realtors Association in Fethiye has said “The demand from Europeans has decreased over the past year due to the mortgage crisis and this affected the real estate prices in Turkey. Errors committed by a number of developers and some real estate industry professionals have resulted in potential buyers focusing their attention to nearby places such as Cyprus and other parts of Europe like Spain.” With the increase in demand from foreigners, the number of property sales in these parts of the country has come to a stop. Still, the property market in Turkey is considered an ideal place for real estate investments compared to other markets in the region.
Realik believes that buyers that can take advantage of these prices have a much higher chance of return on their investments than any other opportunity present including the high performance stocks in the cuountry. The real estate market is expected to recover after the effects of the global crisis smoothen and property investments in these regions will offer higher capital gain opportunities higher than any other location in the country.
According to Realik, there was substantial demand from foreigners until 2005 and 2006. A summer house in Bordrum that is currently offered for 100,000 euros used to be able to attract buyers who were willing to pay as much as 135,000 euros only three years ago. Land and plot prices also depreciated by at least twenty-two percent over the same period of time.
Realik estimates that there is a oversupply of 6,220 houses only in Mugla. While the total number of summer houses sold to foreigners in Mugla over 2006 was around 1,500 units, the number of houses sold in 2007 decreased to around 510 units. This is now considered an ideal period for buyers to invest in properties in Istanbul and in the south of Turkey.
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