Expert explains: Is there a decline in housing prices?

While housing prices remain a key topic on the agenda, Ahmet Büyükduman, Managing Partner of Istanbul Real Estate Valuation and Consulting, evaluated the latest developments in the housing market during a broadcast on Bloomberg HT.

Büyükduman stated that while a real decline was expected in the housing sector, a nominal decline has also been observed over the last two months. He noted that this situation may continue for some time.

Büyükduman stated that housing prices have lost 15 percent of their value in foreign currency terms compared to last year, and that if the current interest rate policy continues, housing prices will remain in negative territory.

Furthermore, he emphasized that the stable relationship between households and housing sales has deteriorated, and that the housing market is currently 20 percent below the volume it should be in proportion to the existing population structure.

Pointing out that the real decline in housing prices in July has prompted investors to take action, Büyükduman stated that the influence of expatriates also played a role in this development.