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Housing Prices To Soar In 2010
With the general construction sector still feeling some after effect of the global financial crisis, prices for property in Turkey are at their lowest, yielding little profit for construction firms, but when existing stocks are depleted, prices will rise again by the second half of the coming year, Mesa Construction Group Board Chairman Erhan Boysanoglu said yesterday.
Speaking to the Anatolia news agency, Boysanoglu said that construction and real estate in Turkey are the first to be affected by economic crises and recover less quickly than other sectors.
The negative impact of the last financial crisis, which began in 2001, to affect property in Turkey lasted at most a year, he said. Housing sales fell resulting in significant drops in housing prices, Boysanoglu stated.
The prices are now at their minimum, he added. The sector cannot sustain itself with these prices, however, after depleting existing stock, prices will rise again by the second half of 2010, he asserted.
However, property in Bodrum has been virtually immune from the negative outfall of the Economic crisis. Protected, as Turkey’s favoured holiday destination amongst the indigenous population and continuing to enjoy an increasingly burgeoning international tourist industry, underpinned by preferential exchange rates, especially for the British, now is certainly an ideal time to be considering property in Bodrum.
Following the success of their 2009 seasons both Thomas Cook and TUI have announced plans to increase their services to Turkey in 2010 over and beyond the increases they both implemented during last year.
easyJet have also announced they are to launch a further five routes to Turkey during 2010.
Already Cumberland Properties have been fielding a significant increase in enquiries for both property rentals in Bodrum and property for sale in Bodrum, fuelled in part by the atrocious weather conditions currently being experienced in Western Europe but also the realisation by many prospective investors, whether they are families looking to secure a good deal on a holiday home or individuals wishing to add value to their international property portfolios, that 2010 represents perfect timing for property investment in Turkey.
Building on the success of 2009 where they sold ten times the properties they did during 2008, Cumberland Properties have already sold two properties from their popular Woodland Regency project and taken a number of reservations for the exquisite Seaview Regency Prestige and we’re not out of the first week of January yet!
For further information visit: Cumberland Properties
Source: ANSAmed
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