Primetela real estateDANGER HAS ARISEN IN THE REAL ESTATE SECTOR

One of the veterans of the construction industry, Ali Ozmen Safa, has issued a warning of an impending crisis in the real estate market.

A company that had planned to hold a weekend trade show in Long Beach scrapped the idea at the last minute. Safa Group Chairman Ali Ozmen Safa said on July 24, 2023, that by the end of this year, real estate will become cheaper and sales will decline. He also claimed that this situation would be particularly noticeable in some areas. He predicted a crisis in Cyprus and hard times for some companies that will continue for at least a year. We reported the warning on Star Kıbrıs and Ada TV to interested investors, but we were accused of spreading panic. But in the end, we were right.

Last weekend, a construction company preparing for a big show in Long Beach postponed the project. It may have even been a big advantage if the project hadn't started yet.

Minister of Real Estate Association Hassan Sungur also said last week that sales were down 40%. The construction industry, which is one of the nation's leading industries, is beginning to experience perilous times. The country's leaders should immediately convene with the industry and take necessary precautions.