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The Property Market in Turkey
Expat Focus interviews Rob Thomas, Ozsubasi Homes
My office only covers the Didim area but we also have offices in the regional city of Aydin.
What has the property market been like this year?
It depends on which perspective you look at it from. Our core business is with Turkish people, and demand has been constant as the Turkish economy has been doing well compared to many others. But certainly from the point of view of business from the UK, it has dropped considerably and there have been more sellers than buyers. The main reasons are that for those who have holiday homes here, some have found that with the uncertainties in the UK they wanted or needed to cash their properties in, and for others who bought here when interest rates were around 30% and they relied on that for their lifestyle, now that they have dropped to around 8% they can no longer afford to stay. This in turn has led to a depression in resale prices as some have sold cheaply. Prices for new builds have risen but mainly in line with increased costs...
Interview continues here.
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