Due to the increase in construction materials, new property prices continue to rise as well. The property prices increased by 20% across Turkey.
New housing projects started to slow down as the prices increased due to the rise in the price of building materials.
The cement, iron and imported building materials prices are raised due to the rise in the exchange rate.
According to the news of Esra Ulus from Haberinnabzi; public banks made discounts on real estate loan rates, but the expected recovery in the real estate sector could not be achieved when property prices increased by 10-20% due to currency attacks and increasing costs.
With the decision of the Central Bank to cut interest rates by 300 basis points, the foreign exchange continues to rise.
This increase negatively affects the construction sector, which has been in crisis since 2018, as it does all sectors dependent on foreign raw materials.
The price of iron, which was 6 thousand 930 Turkish Liras on the day of the announcement of the Central Bank's decision to cut interest rates by 100 basis points on September 23, became 8 thousand 550 Turkish Liras in one month.
Cement increased by 10% due to the increase in energy costs and this rise is expected to continue.
Industry representatives expect a rapid increase in housing prices due to the supply shortage and increasing construction costs, even if the interest rates on consumer loans decrease. Increases in property prices have now increased by 10-20%.
Real estate consultants stated that the price increase in the Turkey real estate sector will continue.