FORECASTS FOR 2022

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The result of skyrocketing spending in the construction sector – one of the hardest hit by the coronavirus pandemic – could see housing prices rise by up to 60% next year. This was announced by the President of the Association KONUTDER Altan Elmas.

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Construction costs have risen by almost 100%. Metal has risen in price from 6700 to 8300 Turkish liras (TL) in two months. As a result, taking into account the 36-month installment plan provided to buyers, contractors end up earning practically nothing.

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Stressing that the volume of free supply on the market is very low, and the search for housing is a problem for the consumer, Altan Elmas recommended that potential buyers take a closer look at projects that are under construction or close to completion: there are more of them. Because right now is the right time to purchase real estate: after all, in the future, rising costs will inevitably affect its value. “From now on, house prices will grow by 5% every month,” the expert predicts.

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Noting that 2022 will certainly be a year of large-scale construction for Turkey, Altan Elmas said that there will be more choices. “Next year, we may not be able to see the launch of new projects on a daily basis, as we were in 2016-2017, but in terms of supply it will be a much more balanced period than in 2021.”