Prices will not fall in 2021

Endesa.com Founding Partner and General Manager Görkem Öğüt answered the questions of Luxury Housing Specialist and Coldwell Banker Baras Office Broker Sühran Aras, the criteria and description of luxury housing such as price, square meter “In ancient times, things that were rare, inaccessible were called luxury. Luxury in today's conditions is now the whole way of life. We are changing, and the concept of luxury for every period of our lives is changing.

Sühran Aras added that along with the pandemic, villas with large gardens, garden duplex and large square meters of residence apartments are preferred again, Sühran Aras said, “The concept of luxury housing according to the need changed. The things that do not change in the concept of luxury housing are personalized, original and timeless.

Sühran Aras, who also evaluated the effects of the pandemic on the real estate sector, said, “2020 was a very difficult year. The real estate sector was initially very negatively affected, negative effects still persist in many regions around the world. There's a 40% contraction in offices in New York. They're making plans to turn offices in Manhattan into housing.

In Turkey; In June, the housing loan interest reduction was launched, which specifically moved up to 5 million properties. Residences in the range of 3.5 million — 4 million figures are very fast on sale passed. The reason is that the pandemic has now brought a new standard of living. People no longer want to be in the center and in the crowd. A little more outside the city, they wanted to live in villas with large gardens and houses with large square meters. Those who wanted 2+1 housing began to ask for 3+1, 3+1, 4+1. Because we started working from our house. Demand for summer areas in the Aegean and Mediterranean regions also increased very much. In those regions, transactions were also carried out on the side of rental and sale in the villa style. However, due to the rise of interest rates, there is a slowdown again in November.

Referring to the expectation of the real estate sector for 2021, Aras expressed the view that the market will be stationary in the new year and prices will not fall. Aras “is an important factor in the melting of stocks and the inability to make new ones. Prices will also be high due to the very rise in construction costs in newly made real estate. Contractors do not seem to be able to produce such real estate at these prices again.”

Aras stated that with the pandemic, loyalty to the family has also increased, “The demand for large plots outside the city has multiplied, on these plots 5-6 villas were asked to make the property where large families will live. 2021 year I think this kind of purchases will increase as the pandemic will still be a year to continue,” he said.