As we welcome the new year, the real estate market is one of the topics that citizens are most curious about. Citizens who have saved their investments for 2024 have already started researching. This year housing Will prices go up or down? Although investment in land exceeded housing last year, what are the expectations this year? Experts explained.
FROM THE SECOND HALF…
Lawyer Sinan Keskin, specialist in real estate law and finance, “What will housing prices be in 2024?” He answers the question with these words:
“Due to the economic crisis in the world and in our country caused by the pandemic process, the rising interest rates for housing loans are suppressing investment in housing and we can talk about a dollar decline, especially in the area of housing. However, starting from the second half of 2024 and until 2025, “We have to consider the possibility that this balance may shift in favor of the property investment sector.”
Pointing out that the growing population due to immigration, the early onset of urban transformation processes related to risky buildings, the lack of balance between housing supply and demand and construction costs have strengthened the tendency for housing prices to rise, Keskin said, “Especially in view of the recent central bank statement, steps to tighten monetary policy will be completed as soon as possible.” We can interpret this statement as a sign that interest rate hikes are coming to an end.
Therefore, we expect that interest rates may decrease from the second half of 2024. In this context, interest rates are expected to fall “It is expected to boost housing purchases and increase housing investment,” he said.
WHAT SHOULD INVESTORS DO?
“What should citizens invest in this year?” Keskin answered the question: “The biggest obstacle in the Turkish stock market at the moment is deposit interest rates.
Investors do not want to risk high interest rates. On the other hand, it was noted that at the last FED meeting it was decided that the interest rate would remain constant. So it can be seen that the interest rate has moved from an up cycle to a down cycle.
This situation will certainly have an impact on the Turkish economy. “It is highly likely that the stock market will be particularly affected and investors’ appetite for risk will increase,” he said.
Keskin concluded his assessment with the following words:
“Improving interest rates and also Foreign investors will be attracted to Turkish stock markets with an orthodox economic model and practices. If these principles are applied appropriately and comfortably, one can even talk about the possibility of assembly.
My opinion this year is that the euro will gain in value. 1.15 euros. I can say it can attack level 1.20. So the dollar? Euro? My answer to the question will be “euro”. As for Euro-Sterling, I think Sterling is a better investment vehicle.
“WILL CONTINUE HORIZONTAL MOVEMENT”
Nizamettin Aşa, president of the Istanbul Chamber of Realtors, said that real estate investments will not cause losses in the medium and long term. “I think the market will move horizontally for the first 6 months. If citizens find a house that fits their budget, they should buy it.” he said. Asa noted that it is necessary to speak according to the market situation from the 6th month and said that the markets will show a similar trend at the beginning of the year as in 2023.
Source: Web Special