The housing market in Bodrum, Turkey, experienced notable fluctuations in December 2023, reflecting broader national economic trends. Analyzing sales data reveals a significant decline compared to the previous year, with sales figures dropping by 37.20% in Bodrum, -35.53% in the general Muğla region, and -33.36% nationwide.
In December 2022, Turkey recorded 207,963 property sales, with 3,082 in Muğla and 707 in Bodrum. However, by December 2023, these figures dropped to 138,577, 1,987, and 444, respectively. This represents a considerable decrease in sales activity across all levels.
Conversely, compared to the previous month, there was a notable surge in sales, with Turkey experiencing a 48.19% increase, Muğla seeing a 57.45% rise, and Bodrum recording a 42.77% growth rate. Despite this temporary uptick, the overall trend for 2023 indicated a contraction in sales, with only January showing positive figures.
The decline in sales can be attributed to various factors, including uncertainty leading up to elections, high inflation rates, and restrictive monetary policies. The Central Bank of the Republic of Turkey's decision to increase the policy interest rate to 45% in 2024 further impacted buyer confidence and contributed to decreased demand.
Furthermore, access issues to loans and credit restrictions deterred potential buyers, leading to decreased consumer demand. As a result, the housing market shifted towards a "Buyer's Market," characterized by increased inventory levels and competitive pricing.
Property owners looking to sell in this market are advised to set competitive prices and ensure their properties meet legal standards and maintenance requirements. Failure to do so may result in prolonged listing times.
Despite the challenging economic conditions, real estate in Bodrum remains a secure long-term investment. The region's attractiveness, combined with its social and financial advantages, continues to appeal to buyers seeking stability amidst economic uncertainties.
Ultimately, while the housing market in Bodrum reflects broader economic shifts in Turkey, the resilience of real estate as a tangible asset underscores its enduring appeal to investors seeking to safeguard their wealth against inflation.
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