Real Estate

The Covid-19 epidemic couldn’t stop the real estate sales in Istanbul

According to the research prepared with the data of Turkish Statistical Institute by Coldwell Banker, titled ‘’Istanbul’s Corona-repelling Districts’’, the epidemic has an impact on the estate sales.

In the first 5 months of the year 2020, there was 434 thousand 757 estate sales happened in Turkey; yet, compared to first five months of 2019, sales are decreased by 2,2 percent.

It is surprising that Turkey’s total decrease rate is doubled in İstanbul, sales are decreased by 4,9 compared to 2019 in 22 districts; yet there is an increase in 14 districts. Ümraniye is the first one with 28,66 percent, Sultangazi is second with 15,54 percent and then Beylikdüzü is the third one to increase with 13,41 percent. Following them, comes Gaziosmanpaşa with 11,84 percent and Bayrampaşa with 11,81 percent and there is also a considerable amount of increase in the remaining districts; Küçükçekmece  (9,69 percent), Çekmeköy (8,29 percent), Bahçelievler (6,9 percent), Bağcılar (4,8 percent), Maltepe (2,69 percent), Kağıthane (1,7 percent), Beyoğlu (0,96 percent), Beykoz (0,79 percent), Eyüpsultan (0,63 parcent).

The most decrease happened in Zeytinburnu, Şişli and Sariyer

Comparing first 5 months of 2019 and 2020, the most decrease is happened in Zeytinburnu by 46,77 percent and the decrease is followed by Şişli with 27,98 percent, Sarıyer with 25,16 percent, Tuzla with19,32 percent, Büyükçekmece with 18,34 percent and Silivri with 17,64 percent.

Decimal number of decrease percentages are also in remaining districts; Pendik ( 12,82 percent), Bakırköy (12,63 percent), Ataşehir (12,62 percent), Fatih (11,63 percent), Esenyurt (10,04) and Sancaktepe (10,01 percent); and the least percent of decreases are happened in; Beşiktaş 9,57 percent), Kartal (8,32 percent), Üsküdar (5,32 percent), Esenler (5,2 percent), Başakşehir (5,09 percent), Avcılar (4,7 percent), Sultanbeyli (2,58 percent), Arnavutköy  (1,13 percent) and Güngören (0,27 percent).

Quake-safe and green zone estates are in demand

Gokhan Tas, the Director of Coldwell Banker of Turkey said:

 ‘’Just like in every other industry the virus substantially affected the demand and expectations of clients in real estate .’’

Emphasizing the increase of the sales in outskirts of the city in this period, Tas said that the decrease in Zeytinburnu, Şişli and Bakırköy, where population and building density is high,  is way bigger than the average sales. He continued:

‘’We see the demand towards Ümraniye-Çekmeköy line is increased lately, it can be seen on statistics. There is a special demand towards Çekmeköy which is newly-structured and we can already see the 10 percent of increase in Çekmeköy.’’

Downtown sales decreased

There is increase in the districts that are distant to city center like Beylikdüzü and Sultangazi, Toros Cumhur, the Era Director of Turkey said:

‘’In the districts that are located in the city-center and dwelled by fairly middle or high income people, the estate sales are greatly decreased. We see that individual way of living trend affects the estate industry more and more worldwide. We wait for this trend to grow more.’’

He added that they observed a total increase of sale prices by 8-10 percent and 5-7 percent in renting prices in İstanbul in the last year.

source: AA / translated by Bazaar Team

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