Working couples opt for smaller apartments
Güncelleme Tarihi:
by Emre Öztürk - Vatan
Oluşturulma Tarihi: Ocak 23, 2009 00:00
ISTANBUL - The global economic crisis has had its expected impact on the real estate market in Turkey. Marketers say people prefer smaller houses due to high natural gas prices. White-collar couples prefer smaller units with a family room and a bedroom.
Professionals in real estate business say families living in big houses are moving into smaller ones, or even into studio flats in order to save on regular expenditures, such as heating and maintenance fees. In particular, 70-80 square meter flats with a combi heating system instead of a central heating system are now popular.
Marketers say people prefer smaller houses due to skyrocketing natural gas prices. Price cuts in properties and low demand are pulling rents down.
In the meantime, real estate agents say house owners trying to sell their houses have trouble finding buyers, even after cutting prices several times. White-collar couples prefer smaller units with a family room and a bedroom. "This is a saving measure," say brokers, "It is easy to heat a smaller house. They are planning to live in smaller units for a while." Real estate agents also add that bachelors who are living alone are now returning home to live with their parents again.
’Heating just for an hour’
İsmail Demir (Şakiroğlu Real Estate’s owner - 38) : People want to move into small flats with individual combi heating system. A lady stopping by yesterday told me that she pays 700 Turkish Liras monthly for maintenance and wants to sell her 120 square meter house. She found an about 80 square meter flat around Beylikdüzü district for 200 liras a month. So she is planning to move into this smaller house. Right now, 70-80 square meter units are popular. Most people are looking for houses for 1,000 liras in rent. People do not know what to do. House-owners are especially confused. And buyers are asking house prices but not buying any. I remember I sold a 300,000 lira house for 90,000 in the 2001 economic crisis in Turkey. Things are getting worse. Even I paid 480 liras for gas bills this month. With the onset of winter, gas bills may go up to 1,000 liras. Some of our customers living alone have moved into 70-80 square meter studios and turning on the heating system just for an hour in the night.
Kürşat Aksu (Aksu Real Estate’s owner - 44): People are interested in smaller flats. Rent, maintenance fee and heating expenditures in big houses are quite high. Overall tendency is to move from big districts having expensive houses into mass housing regions. Rents have dropped 30-40 percent and house owners avoid asking yearly increases. We are in such a period that landlords are lucky if they are paid rents.
Nezir Aydın (Şişli DSM Real Estate’ Consultant - 58): The real estate sector has blown like a balloon recently. People are trying to save some money now. They are moving in with their families for a while in order to save on housing expenditures. In popular districts such as Etiler, Ulus and Fulya, rents are going down up to 40 percent. Rents around the Mediciyeköy district are dropping about 30 percent. Landlords are aware of the situation so avoid asking yearly increases. They make no change in leasing contracts; some are even going for discounts in rent. The real estate sector is facing breaking point.
With the economic crisis, rental houses in American dollars and euros are losing popularity. Recession is pulling property prices down. So real estate brokers who have a special formula for rentals are now cutting rental prices as well. Tenants about to renew leasing contracts are asking landlords not to expect any yearly increases in 2009.
Most house owners comply with such requests since they do not want to keep their houses empty.
Marketers say people prefer smaller houses due to skyrocketing natural gas prices. Price cuts in properties and low demand are pulling rents down.
In the meantime, real estate agents say house owners trying to sell their houses have trouble finding buyers, even after cutting prices several times. White-collar couples prefer smaller units with a family room and a bedroom. "This is a saving measure," say brokers, "It is easy to heat a smaller house. They are planning to live in smaller units for a while." Real estate agents also add that bachelors who are living alone are now returning home to live with their parents again.
’Heating just for an hour’
İsmail Demir (Şakiroğlu Real Estate’s owner - 38) : People want to move into small flats with individual combi heating system. A lady stopping by yesterday told me that she pays 700 Turkish Liras monthly for maintenance and wants to sell her 120 square meter house. She found an about 80 square meter flat around Beylikdüzü district for 200 liras a month. So she is planning to move into this smaller house. Right now, 70-80 square meter units are popular. Most people are looking for houses for 1,000 liras in rent. People do not know what to do. House-owners are especially confused. And buyers are asking house prices but not buying any. I remember I sold a 300,000 lira house for 90,000 in the 2001 economic crisis in Turkey. Things are getting worse. Even I paid 480 liras for gas bills this month. With the onset of winter, gas bills may go up to 1,000 liras. Some of our customers living alone have moved into 70-80 square meter studios and turning on the heating system just for an hour in the night.
Kürşat Aksu (Aksu Real Estate’s owner - 44): People are interested in smaller flats. Rent, maintenance fee and heating expenditures in big houses are quite high. Overall tendency is to move from big districts having expensive houses into mass housing regions. Rents have dropped 30-40 percent and house owners avoid asking yearly increases. We are in such a period that landlords are lucky if they are paid rents.
Nezir Aydın (Şişli DSM Real Estate’ Consultant - 58): The real estate sector has blown like a balloon recently. People are trying to save some money now. They are moving in with their families for a while in order to save on housing expenditures. In popular districts such as Etiler, Ulus and Fulya, rents are going down up to 40 percent. Rents around the Mediciyeköy district are dropping about 30 percent. Landlords are aware of the situation so avoid asking yearly increases. They make no change in leasing contracts; some are even going for discounts in rent. The real estate sector is facing breaking point.
With the economic crisis, rental houses in American dollars and euros are losing popularity. Recession is pulling property prices down. So real estate brokers who have a special formula for rentals are now cutting rental prices as well. Tenants about to renew leasing contracts are asking landlords not to expect any yearly increases in 2009.
Most house owners comply with such requests since they do not want to keep their houses empty.