Turkey fishing for property buyers Home-seekers not biting

The number of real estate ads that leap out at you from Turkey’s weekend press testifies to the large supply of quality housing available in Istanbul these days. However, while real estate developers are looking for would-be consumers to take the bait, home-seekers are reluctant to bite. Housing developers and construction companies point to a slowdown in the market. “Last year was an exceptional period, with a boom in housing sales,” said Teoman Metehan, CEO of Teknik Yapi, a leading construction and residential development company. “This year, there is difficulty in financing projects. In 2005, demand outstripped supply in up-market housing. Now, Turkey’s home-seekers are more sensitive to the price of real estate and weighing their options more carefully. A proliferation of housing development in Istanbul is providing greater choice for would-be home-owners.” The housing market also felt the brunt of the spike in interest rates in May and June,