Chamber of Commerce says Izmir sees highest numbers in increase of house prices

According to the report of Izmir Chamber of Commerce, there are 85 thousand housing stocks in the city. President of the Izmir Contractors Association said that housing prices in the city had increased due to land and material costs adding “For example, iron has increased by 150 percent.”

Izmir’s housing market has been growing consistently above Turkey’s average in recent years and ranks first among the three major cities. According to the report titled “Rising Trend in Izmir: Housing market” and prepared by the Izmir Chamber of Commerce Business Development Directorate, Izmir is observed to rank third after Istanbul and Ankara with 85 thousand houses according to the number of houses waiting to be sold. In addition, Izmir has experienced more price growth than Istanbul and Ankara with 30.2 percent.

Assessing the increase in housing revealed by the report, Izmir Contractors Association President Kahraman stressed that excess housing stock produced before construction costs increased gives the buyer a great advantage.  He said, Izmir’s house prices were not settled due to the transition process adding “we have a serious housing stock, a very big advantage in terms of buyers. Housing at hand is housing completed before material prices rise. The transition process is an attractive opportunity. In addition to the 150 percent increase in iron prices, there were serious increases in concrete, cement, furniture, electricity group and all material groups. Therefore, housing in stock today will be taken at the price of the cost of newly built housing. Therefore, housing stock is an important opportunity for those who expect to buy housing, it should be evaluated before it is too late.”