Prices of New Homes Have Risen by 50 Percent

Tamer Özyurt, the Chairman of Özyurtlar Group
Tamer Özyurt, the Chairman of Özyurtlar Group

Tamer Özyurt, the Chairman of the Özyurtlar Group of Companies, said, “Prices in the new homes market have risen by 50 percent. Second hand prices are much more suitable.”

Stating that the rise in prices is due to the increase in the costs of construction in the last year, Tamer Özyurt said, “Prices are much more affordable in the second hand market as there are no such cost calculations.”

Use of Loans is High

The Use of Loans When Purchasing Real EstateÖzyurt continued as follows: “According to the Statistics Authority, half of the 40 percent increase in home sales in April had come from second hand homes. We can see this from the use of bank loans.

As companies also finance the sales of new homes the amount of loans used is less, but as prices are paid in full, in advance for second hand homes, the use of loans is higher.”

We were late in opening out

Özyurt, who emphasized that developed countries attract investors with real estate, said, “While the square meter prices of homes in the largest metropolises such as London, Paris and Moscow is 10 thousand dollars, in Istanbul it is 2 thousand dollars. Homes in Istanbul are extremely cheap for foreigners. We have been left behind until today because we did not open out to the world and only supplied homes to the domestic market.”

7 Projects are continuing

Profitable Real Estate InvestmentHaving recorded that they had so far completed more than 20 housing projects in Esenyurt, and that they had 7 projects which were currently continuing, Tamer Özyurt said, “We are building 350 thousand meters of homes every year. Three of our projects will finish this year. As we know the region well, we respond to expectations when developing projects, and are tailoring them to the existing requirements. And, as a result, we never experience any difficulties with our sales. Those who buy homes from us will make at least 50 percent profit.”

Tamer Özyurt, who stated that Esenyurt was increasing in value with every passing day, said, “The square meter prices of homes in the region 5 years ago was 800 Liras. Now it is over 3 thousand Liras. The place which has made the most profit on the European side is here, while on the Anatolian side it is Tuzla. Istanbul is moving towards here on a serious scale. Anyone who buys a home here will profit.”

Transport is very important

Özyurt, who stated that the biggest problem in Istanbul is transport, advised those wishing to buy homes to select areas where the transport network is strong. Özyurt said, “Those buying homes should choose projects in regions where the metro and metrobus investments are going to come to, around the planned transport networks.”

Tamer Özyurt said that since May 2012, when the Reciprocity Legislation was passed, Istanbul had broken out of its shell, and that the demand for the city had been rising continuously. Özyurt said, “Home prices will rise to 10 thousand dollars in 10 years time. Anyone buying a home in Istanbul will profit. When selling real estate to a foreigner you are not just selling a home, but attracting guaranteed tourists as well. That tourist is spending his savings in your country for years. That is the largest gain.”

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