Crisis presents opportunities for real estate investors
Posted by meb at October 29th, 2008
The crisis that started in the United States and has spread globally has started to affect Turkey as well. In these difficult times, shopkeepers and tradesmen are looking to stay afloat, which may mean letting go of some of their real estate holdings.
These conditions provide opportunities for both investors and people who need real estate, commented Retürk Real Estate Board President Aşkın Çınar. “There are a lot of people who sell during a crisis. Anyone who is about to hit bottom sells,” said Çınar.
Çınar, using the expression “crisis equals opportunity,” said now is a good investment time for people looking for real estate because the biggest opportunities take place during a crisis. Real estate prices drop when there is a crisis and there is room for prices in Istanbul to drop even lower, said Çınar. You might never find opportunities like this again.
In real estate, it is easy to sell even when there is not a crisis, as long as the price is below the market value. During a crisis more people are willing to sell at below market value and therefore there will be people looking to buy. In the end this is an opportunity for investors, said Çınar.
source: Turkish daily news
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