An important warning came about house and car prices, one of the most talked about topics of the last period. Due to the epidemic, first car prices and then house prices increased exponentially. In the automobile sector, which is struggling with supply shortage and chip crisis, prices have increased almost every month due to the Russia-Ukraine war. A similar situation occurs in the housing sector. Due to the increase in raw material prices and the low housing stock, exorbitant increases were experienced in house prices. Finance expert Islam Memiş, whose gold and dollar comments are followed closely, made statements that are closely related to home and car buyers this time.
“EVERYONE WILL SHIP TO CASH”
Warning house buyers, Islam Memiş said, “Prices of second-hand houses and cars will be lowered. If there are people who are considering buying a house over 1 million, don’t get too excited. Everyone will go for cash. Apartments will remain in the hands of those who seek rent. This time they will lower the prices. That foam will burst. Because he’s going to want to cash in, too. This thesis is valid for rent economy. A house up to 1 million liras can be bought for housing needs. You should even get it right away. My personal prediction is that housing loans will not decrease. On the contrary, the possibility of the Central Bank to increase interest rates until the end of the year is very strong. That’s why you need to follow this process closely. “He said.
“I CAN’T EAT MYSELF TO BUY A CAR AT THESE PRICES”
Memiş, who warns those who are considering buying a second-hand car, said, “So, should I buy a car? Yes, you can buy a car. If there is a price that makes sense, you can get it, if there is an unexploited price, you can get it. But personally, I can never, ever afford to buy a used car at these prices. Why did these prices go up so high? One car corresponds to the price of an apartment. If you rent the house, there is a rental income of at least two thousand liras. The car, on the other hand, had an expense of two thousand liras in the past. Now there is an expense of three thousand lira. Insurance, car insurance, diesel etc. Costs are increasing a lot and we have ridiculous prices. If you are thinking of buying a car, I think you should think again and then decide.”
“IT CAN BE Spent 2-3 MONTHS BY RENTING A CAR”
Underlining that the prices of second-hand cars will slow down, İslam Memiş said:
I personally consider it. I could spend two or three months renting a car during this process. But I would not buy a 100-lira product for 200 lira. I wouldn’t buy a 200 lira item for 400. I wouldn’t do this to myself, I’d rather wait. The chip crisis will also be resolved. We will see new vehicles coming in the showcases in the galleries. Used car prices will crash after that. In February, I already said that these prices are foam. There was a 20 percent decline here. But for the last four months, from January until today, no cars have been sold. Maybe you stumbled upon it on TV. Cars are not sold, car prices have stopped, etc. Of course, there will be a logic to the price. You have to decide accordingly.
“I BUY 1+1 FLAT”
Should I buy a house to have rental income for investment purposes? Yes you should. But there must be some logic to that too. If the purpose here is rental income, instead of buying a brand new flat, I would rather buy a 1+1 old flat than a 2+1, 3+1, duplex flat. I’ll pay 30-40 liras for repairs and rent it out. Instead of buying 2+1 or 3+1 flats, I buy two 1+1 flats. I have two rental income.
I am already telling you about the issues that all the media will talk about in June and July. In June and July, the stagnation in the automotive market will be discussed in real estate prices. No one will sell real estate. Even big real estate companies will explode. Everyone will take a cash position. The property will be worthless. Cash will be valuable. Take your guard accordingly.