In January 2024, the Bodrum market saw a decline of -25.23% compared to 2023, while Turkey experienced a decrease of -17.81%, and Muğla had an overall decrease of -19.47%. However, compared to the previous month, Turkey saw a growth of -42.05%, Muğla experienced a growth of -44.64%, and Bodrum had a growth of -44.59%.
Despite the ongoing pandemic, Turkey remains at the forefront of global housing price increases. The housing sector, which ended 2023 with a decline, is now experiencing a contraction close to a record in January 2024. The Central Bank of the Republic of Turkey’s Monetary Policy Committee (MPC) maintained the policy interest rate unchanged in its second meeting of 2024.
Bank-credit sales have reached historic lows due to high-interest rates, leading to limited access to credit and a shortage of demand among consumers. Mortgage-backed home sales have also decreased due to sellers indexing prices to foreign exchange and difficulties in accessing credit.
Although there is an increase in second-hand housing stock, prices have not yet decreased as expected due to higher-than-anticipated production costs. In today’s “Buyer’s Market,” property owners should ensure that their properties are priced right and maintained properly to attract buyers.
In our Regional Directorate, the price difference between exit and closing figures in January transactions has been around 22%. Real estate continues to be a secure asset in the long run for those who find the country’s monetary policies insecure and prefer low-risk investments.
Despite market fluctuations, Bodrum remains attractive to buyers due to its social and financial advantages. With deposit interest rates unable to keep up with inflation, real estate investments remain a popular choice for those seeking to protect their assets.
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