Real estate prices down but not out in Marmaris

Although there has been a significant decline in purchasing in the real estate market over the last two years, Marmaris estate offices do not think prices have dropped to the depths predicted.

Due to the global economic crisis, potential buyers were expecting huge reductions in property prices, as seen in Europe and the rest of the world. Although Turkey is feeling a knock on effect, most local agents say they have not been as badly hit as others.

An estate agent in the European market, Nilüfer İnceoğlu said, “Property owners are in a secure financial position and are refusing to drop prices. Potential buyers are demanding, but only owners who need quick cash to pay off debts, are giving large reductions.”

The majority of property owners are not desperate to sell but are prepared to ride it out. Although property prices have reduced, they remain over valued in the present economic conditions. Sharon Barret, a British-Turkish agent in the market believes prices will drop further, “But it is very important that buyers realize they are not going to see reductions of up to YTL 50,000 to YTL 100,000, except in very rare cases. There will only be a certain amount of bargains to be had and when they do come up, they will be grabbed very quickly.”

While people are wary of where they put their money at the moment, Marmaris real estate experts think in the meantime, this underlying panic is causing people to hold back. Estate agents said the overall fear of banks going under ultimately encourages people to put their money into bricks and mortar, as the safest long term option.

Source: Hürriyet

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