With urban transformation in Istanbul, prices have fallen in regions where stocks have increased and luxury homes. Housing sales and rental rates in Anatolia have fallen in excess of 20 percent. The areas where the market is live last year are empty houses waiting for buyers today. According to experts, the supply-demand balance in housing has deteriorated.
In İSTANBUL, especially in the places where intensive construction work is done with the effect of urban transformation, housing sales and rent prices decrease in luxury residential areas, and prices decrease passed. When the number of houses is above the demand, the prices have fallen in excess of 20 percent. In places where rented houses can not be found a few years ago, now houses are empty. Experts attributed the fall in prices to 2 factors.
First; As the urban transformation started, the people left permanently their homes and called the temporary home. Prices were climbed as a result of arising more demand, less supply. The temporary houses were empty when the house became a citizen’s house. Houses falling into contractors’ contracts went to the market. Hundreds of projects have been overtaken by the supply demand this time.
Artificial increases are also shown as the second reason for price decline. In other words, the projects that are trying to make pricing mistakes and are trying to be expensive are now taken at reasonable levels. Medium and small-scale firms suffering from financing problems are trying to lower prices and are trying to open discounts and long delays in companies that produce branded housing projects.