PROPERTY MARKET REPORT
WHAT AWAITS US AS WE
ENTER 2025?
DEAR HOME OWNERS
First of all, we
send our best wishes to everyone for the new year.
As we approach
the end of 2024, it’s time
to evaluate the current situation:
Particularly in
the second half of 2024, the real estate market across Turkey entered a period
of stagnation.
There were two
main financial reasons for this:
The first reason is the high interest rates of the Central Bank of Turkey. The interest rate, which has been at 50% for 22 months, has only recently dropped to 47.5%. As part of the policy to reduce inflation, these high rates are expected to continue for a while.
Second is the rapid rise in the cryptocurrency market.
Let us note here that Turkey ranks 5th globally and 1st in Europe in terms of the number of cryptocurrency investors.
These two
factors have acted as a “handbrake” on the property market.
I expect this
stagnation to continue until the second half of 2025.
Kalkan Property
Market
If we look at
Kalkan specifically, this area has been partially affected by the nationwide
trends. However, Kalkan benefits from being a relatively small market and from
the fact that its buyers are not limited to Turkish nationals.
The most
defining issue over the past year has been the supply-demand balance. Whereas
1.5 to 2 years ago there were 3-4 potential buyers for every property in the
Kalkan market, today this ratio has reversed. This is particularly noticeable
for properties priced above £500,000, where the demand is even lower.
Additionally,
many properties are listed at prices significantly higher than the actual
market conditions. This often misleads sellers about the true value of their
property and creates an image of inaccessibility for buyers who are engaging
with the Kalkan property market for the first time.
Expectations for
2025
As the NEED
team, we anticipate a revival in the market starting in the second half of
2025, with even higher expectations for 2026. Of course, this anticipation assumes that economic, political,
and regional developments proceed normally.
The NEED team
continues its sales operations through six online portals and its office
display located in Kalkan Center. Moreover, it maintains established connections
with agencies in London, Moscow, Berlin, Dubai, Istanbul, and Antalya, aiming
to expand these partnerships further in 2025.
Additionally,
the team plans to attend fairs in London, Manchester, and Dubai as visitors to
establish more connections in 2025.
ERGUN DURAN
NEED COMPANY
/EXCLUSIVE PROPERTY AGENT/KALKAN