Real Estate

Turkey: Demand for urban transformation projects increased, sales increased in Istanbul

Demand for urban transformation projects increased in Istanbul. After the normalization, urban transformation projects also accelerated. It is stated that citizens show interest due to the rapid completion of urban transformation projects.

Housing sales increased by 14.9% in October compared to the same month of the previous year and became 137 thousand 401.

With the normalization after the pandemic was intense, urban transformation projects also accelerated.

Realtors state that citizens concentrate more on projects in urban transformation.

“FLATS THAT ARE GOING THROUGH URBAN TRANSFORMATION ARE PREFERRED”

Realtor Hakan Sarikaya said that there were many buildings in the past, but there were few customers, and that the opposite is happening now.

Sarikaya said, “The customer’s demand is very high, but we do not have available apartments. We cannot respond to the demands of those who are looking for apartments.

Last year, 2+1 apartments in old buildings could not find buyers for ₺300-400 thousand. People used to be afraid of buying a house from urban renewal. At the moment, things have changed. When buying flats, citizens especially prefer flats that will undergo urban transformation. At the moment, we cannot find a house worth ₺500-600 thousand. 3+1 old apartments have reached the level of ₺700-800 thousand. In new buildings, this price is even higher. Sales are very good, but there are no houses.”

“I WAITED IN LINE FOR 15 DAYS”

Sarikaya said, “With Turkey’s involvement in urban transformation, the process accelerated. During the pandemic period, the projects were coming out late. Currently, this process is progressing faster. People are no longer afraid when they give their houses to the contractor. Buildings are now built in 7 or 8 months. Before, people were afraid. When we look at today, citizens especially seek to buy a house from urban transformation.

Foreign investors buy houses especially in Esenyurt and Beylikduzu regions. There is a serious sales boom in the Esenyurt region. The title deed offices are full, I know that I have to wait in line for 15 days to process. Foreign investors have a great interest in residences and new buildings.

Foreign investors of Arab origin mostly prefer Turkey. Citizens of Libya, Iraq and especially Kirkuk have a great interest. With the effect of the pandemic, the appointment of civil servants and the opening of schools increased the prices of rental houses.

The apartment for rent is currently not available. The old apartments in Bahcelievler, which we gave for ₺1,500-2 thousand last year, are now ₺3-4 thousand. In new buildings, it is between ₺5-6 thousand at least.”

Realtor Mehmet Ata Baytur stated that most of the time the citizens cannot find the house they want, he said, “House prices vary according to the districts. An average flat in Bahcelievler varies between ₺500-600 thousand.”

Another real estate agent, Aziz Baydeniz, said that new houses should be built and said, “Apartments in old buildings are sold at an average of ₺500-600 thousand. New apartments start at an average of ₺800 thousand. I think that new constructions should be made.”

Source: NTV / Translated by Irem Yildiz

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