Real estate buyers urged to be more cautious

Real estate buyers urged to be more cautious

Home buyers need to have more financial discipline and willingness before buying a home as house prices rise, interest rates are rising, while real estate benefits have not been extended for the new year 2023.

House prices are expected to rise 5-10% this year in line with higher interest rates and increased construction costs. Costs are rising due to inflation, an increase in the minimum wage, fuel prices and construction materials. Also, this year, new land valuation prices will be applied, which will directly affect the costs of real estate transactions.

Home buyers are now paying higher monthly payments due to rising interest rates.

They should take into account their financial liquidity and calculate their financial capabilities before making a decision to purchase real estate.

The market is likely to be more sluggish this year, as the cancellation of benefits will hit local buyers hard.

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