Crisis helps real estate markets
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İZMİR - The general manager of the İzmir Realtor and Real Estate Consultancy Association, or İZEMDER, Rıdvan Akgün, said, “the global crisis is helping the real estate industry, especially those selling real estate.”
In a press conference yesterday, Akgün noted the global financial crisis had awakened the slumbering real estate market and people who needed homes but who could not afford them have begun investing in this new climate.
Drawing attention to those who profited from high exchange rates and who are now showing an interest in real estate, Akgün said, “You do not need statistics to see the increase in vitality that has returned to land registry offices. We can say that the global financial crisis is an advantage to realtors. What the U.S. economy could not handle has worked to the advantage of people wanting to own homes in our country.”
It is possible to buy residential units at a 30 percent discount according to Akgün, but it is wrong to assume nothing is selling at its market value.
Another development in the real estate market has been the introduction of a mortgage system in Turkey. The mortgage system is taking over from the cooperative building system, even the Ege- Koop is having difficulty finding clients, said Akgün.
While mortgages are good for people who have a lot of money and need little credit, if the situation is reversed then mortgages are a crazy option, said Akgün. “Mortgages are a fine tool for developed economies,” but not necessarily the best option for Turkey, noted Akgün.