According to the data of Real Estate Exchange Inc. (GABORAS), house prices in the coastal cities of Turkey have increased up to 80% in the last 3 years.
According to the statement made by GABORAS, the increase in housing prices has occurred with the increase in demand during the migration and epidemic process, especially in recent years from crowded cities to quiet areas close to the beaches.
GABORAS Data Director Orhan Vatandas, who took part in the statement, stated that housing sales reached their historical peak with 1.5 million units last year and that the low-backed loan campaign launched during the epidemic had a significant impact on this record.
Stating that they have observed similar trade volumes and price increases in cities such as Istanbul, Mugla, Balikesir, Bursa, Canakkale, and Antalya since 2017, he said that prices have increased by 60-80% especially in Antalya, Mugla, Izmir, and Bursa.
Vatandas said, “With the epidemic, the changing lifestyles have caused the trend of people moving from metropolises where urbanization is intense to regions where they can be intertwined with nature. It is seen that the price increase is mostly in coastal and rural areas.”
“Izmir is at the top in land value increase with residential zoning”
Orhan Vatandas stated that they have also seen significant increases in residential land values in the last 3 years, and gave the following information:
“Those who moved away from metropolises and invested in areas such as land, vineyards, gardens, etc. preferred Izmir, Mugla, Antalya, Canakkale, and Balikesir. During the epidemic period, a 32% increase was observed in the zoned land in Izmir. This rate was 20% in Mugla, 30% in Antalya, and 5% in Canakkale. In terms of workplace values, we observe an increase of 58% in Mugla, 52% in Ankara, 43% in Izmir, 42% in Antalya, 25% in Bursa, and 24% in Istanbul.”
Source: AA / Translated by Bazaar Times Team