Real Estate

Housing and land prices increased 2.5 times in Cesme

Stating that the zoned lands in some districts of Izmir have gained great value in the last year due to the earthquake and pandemic, Izmir Real Estate Brokers Chamber President Mesut Guleroglu said, “People want to get rid of masks. For this reason, regions far from the city center started to be in demand. As such, prices increased. While the prices of the lands opened for auction in Cesme started from ₺2 million, today they are sold for $5 – ₺5.5 million.”

Mesut Guleroglu, Head of the Chamber of Real Estate Agents in Izmir, stated that after the devastating earthquake that took place in Izmir on October 30, the tendency of the people to private houses with gardens and zoned lands increased.

Guleroglu, who stated that with the effect of the pandemic, tended towards the city center, summer places and living in nature, explained that in addition to Urla, Cesme, Alacati, Seferihisar, Foca, Bergama and Aliaga, Kemalpasa, Torbali, Ayrancilar and Bayindir have become more preferred. Noting that the society misses a comfortable life due to pandemic conditions, Guleroglu said, “People choose a more comfortable life as they get older. We all want to get rid of masks, we do not want to be stuck in small houses. For this reason, regions far from the city center started to be in demand.”

‘PRICES INCREASED BY 70-110%’

Noting that the decrease in housing loans also affected the rise in prices, Guleroglu stated that the increases reached the level of 70-100% in some places and 2-3 times in some places.

“Last June, loans were given at a rate of 0.64 for new houses and 0.74 for second-hand houses. That is, interest rates had suddenly halved from 1.50. While the investor was going to pay ₺4 thousand, he started to pay ₺2 thousand in installments. People turned to buy and invest in real estate. This time, prices increased. According to our calculation, prices have increased by around 70-110% since last year. This isn’t true everywhere, but that’s usually the way it is. Prices are considered stable for the time being. However, mortgage loan interest rates go down and if there is a demand in this regard, prices will increase. When housing loans go down, prices go up.”

‘THE RATIOS ARE CHANGING IN EVERY REGION, YOU SHOULD BE AWARE’

Stating that Cesme and Alacati, which are considered to be the center of tourism in Izmir, are preferred by those living in Istanbul, Bursa, Ankara and other provinces, Mesut Guleroglu, Head of the Chamber of Real Estate Agents in Izmir, said that the interest has shifted from Bodrum to Cesme. Stating that there is almost no land left in Cesme, Guleroglu said, “Since the land is not produced, the prices go up automatically. While the prices of the lands opened to tender through the Housing Development Administration (TOKI) started from ₺2 million before, today they have become sold for ₺5 -5.5 million. While its value was normally ₺2 million, it suddenly increased to ₺5 million, that is, 2-3 times. From now on, the prices of the lands will be balanced accordingly. A free-market economy, but the position where the numbers cannot meet the demand are also rising. It is necessary to pay attention to this. The rates in each region are changing. But unfortunately, the numbers in Cesme are like this. We were selling 1+1 flats for ₺850 thousand, now we are selling it for ₺1 million 450 thousand.”

‘THERE IS A LAND FOR ₺5 MILLION AND ₺18 MILLION’

Explaining that the land prices in Cesme vary from time to time, Guleroglu continued as follows:

“The prices I give in Cesme are valid for land where you can build one or two villas. There is a land for sale in Cesme for ₺5 million, there are also for ₺14-18 million. You can build 5 villas in the land that is currently sold for ₺18 million. These prices are determined according to the land prices, construction costs and contractor profits. That’s why the numbers increase.”

Source: NTV / Translated by Irem Yildiz

Leave a Reply

Your email address will not be published.

Back to top button