The housing sector is in crisis! Listings for sale exploded, prices dropped, there were no buyers left!

Radical changes are taking place in the real estate market across Turkey. While housing advertisements for sale broke records, some houses began to see price decreases of up to 30 percent. Why the advertisements for houses for sale have increased.

The housing sector in Turkey has remained a shining sector for many years. Those who could afford it were profitable by purchasing housing and earning rental income. At the same time, there was a double profit because housing prices were increasing. However, in the last two months, radical changes have occurred in this system.

HOUSING LISTINGS FOR SALE HAVE EXPLODED!

The number of homeowners who want to sell their homes in the housing market is increasing day by day. In March, the number of home advertisements for sale reached the highest figure in recent years. There was a 10 percent increase in these advertisements. Especially in Istanbul, Ankara and Izmir, where housing investment is attractive, many houses were put up for sale.

HOUSING PRICES ARE FALLING!

Adnan Yeşiltaş, Chairman of the Board of Directors of Istanbul Real Estate Consultants, who made an assessment about housing prices, said, "After the earthquake, the housing market was re-formed. For an old building that was put up for sale for 5 Million TL before the earthquake, 3.5 Million TL is now requested. We expect housing sales announcements to increase further and housing prices to decrease."

There has been an average increase of 10 percent in the number of house advertisements for sale in Turkey. However, when we look at metropolitan cities, the situation seems much clearer. Advertisements for homes for sale increased by 12.9 percent in Istanbul, 11.5 percent in Ankara and 13.1 percent in Izmir.

WHY HOME SALES ADS HAVE EXPLODED!

There are two main reasons for the explosion in housing sales advertisements. First of all, after the earthquake disaster, people prefer to convert their housing investments into cash and invest in other areas. Because of this, housing sales advertisements increased. Another factor was the 25 percent rent increase limitation and the announcements about the extension of this period. Landlords who could not increase their rental income gave up seeing housing investment as a lucrative investment area.