People 'should take advantage of bargain property in Turkey'

Thursday February 5th , 2009

Vice chairman of Istanbul Chamber of Real Estate Commission Agents, Nizamettin Asa, is urging people to take advantage of bargain property in Turkey.

According to Mr Asa, the recent property market slowdown in the nation means people can pick up property quite cheaply at the moment, however, he warns that this may not be the case for long if interest rates continue to fall.

"There is a general expectation that prices and interest rates will be going even lower. Let's assume that interest rates go lower; you won't be able to find apartments with today's low prices. When interest rates drop, prices go up. This is the way the market works," he states.

Mr Asa adds that are some good property investment opportunities available in the nation, suggesting that people take a chance as they do not know what will happen in the coming months if the Turkish economy recovers.

People considering buying property in Turkey may also be boosted by news that increasing number of visitors is set to aid the nation's housing market.

Tourism minister Ertugrul Gunay has stated that were 26 million visitors in 2008 compared with 23.5 million the previous year, a number set to increase further when Istanbul becomes the European Capital of Culture in 2010. ADNFCR-1210-ID-19011134-ADNFCR