The recent uptick in the real estate market over the past two months and the reduction of interest rates on housing loans by banks have mobilized opportunists. The price of one apartment increased by 700,000 TL in a single day, with the homeowner defending himself by saying, “The price of the house I’m going to buy also went up.”
The housing sector has been struggling for the past two years in both production and sales. The slowdown in the market has been influenced by issues in accessing financing and the exorbitant increases in property prices.
However, in July, the market gained momentum and achieved the highest sales figures of the year. This upward trend continued in August as well.
BANKS LOWERED INTEREST RATES, OPPORTUNISTS SPRANG INTO ACTION
As some banks reduced interest rates on housing loans, opportunists quickly took advantage. Property prices listed on sales sites saw an increase of 10-15% within a month.
In one case, the price of an apartment in Istanbul rose by 700,000 TL in just one day. The Ministry of Trade responded to this situation by announcing that it would impose heavy fines on those engaging in such opportunistic behavior.
In a negotiation with a homeowner selling an apartment in Istanbul, the sudden price increase was discussed. According to a report by Türkiye Gazetesi (newspaper), when asked why the price of an apartment listed at 6.499 million TL on August 26 had risen to 7.2 million TL a month later, the homeowner defended the increase by saying, “Since the banks reduced the interest rates, I’ve had more inquiries. And we raised the price to 7.2 million because the price of the house I’m going to buy also went up.”
