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Summer house prices increased, hotels turned into homes

After the coronavirus, those who want to stay away from the crowds of metropolitan cities settled in their summer houses, while prices have taken flight in the last year with the demand of those who want to buy a summer house. There has been an increase in summer prices by up to 100%. With the arrival of the summer months, the demand for rental houses increased, and seasonal rental prices reached millions of liras. When it became difficult to find a house in the region, a new trend began for investors. Old, small hotels, apartments and hostels that lost their function were demolished and turned into luxury residences.

BARGAINING CONTINUES

Sevil Ece Gumus Kapar, Head of the Bodrum Representative Office of the All Entrepreneurial Real Estate Agents Association, said that old hotels in the region have turned into luxury residences due to the high demand from the citizens. Kapar informed that several hotels have been turned into residences in this way, especially in Asarlik Bay, which is located between Bodrum Bitez and Gumbet. Stating that a boutique hotel is currently in the negotiation phase, Kapar said, “There were people who turned the hotels into homes in Ortakent and Marina. Recently, 7-8 of them have changed in this way. Since the demand for rental houses is high, small projects in the form of apartments and residences were made instead of villas.” Noting that the prices in the projects converted from hotels start from 550-600 thousand euros, Kapar shared the information that a luxury housing project, where life started in the region, has also turned into a hotel.

PENSIONS BECOME SUMMER HOUSES

As the demand for Kas and Kalkan, which are holiday regions of Antalya, increased, many constructions started in the region. The transformation of dysfunctional hotels is also seen in this region. Ozcan Yilmaz, a real estate agent in the region, said: “There has been an explosion in demand for luxury villas around Kas and Kalkan. The weekly rent of luxury villas has come to between ₺15 thousand and ₺50 thousand. Former hostel owners have started to transform these places into villas.”

THEY WENT INTO RENOVATION

Zulfikar Soyvural, President of MARMARIS Real Estate Agents Association, said, “As three sides of Marmaris are forests and one side is the sea, and new land cannot be produced, the high demands have increased the prices. Small-scale accommodation services, which could not do business with the pandemic and could not afford the expenses, also turned to respond to the newly formed demand and started to turn into apartments and luxury residences. In fact, some small hotels have undergone renovations in their existing structures and turned to monthly rental housing. Nearly 300 small apartments and half of the hotel became luxury apartments. Today, 1+1 apartments converted from apart-hotels vary between ₺1 million and ₺1 million 750 thousand depending on ₺500 thousand, 2+1 and 3+1 properties.

APARTMENT RECOMMENDATION FOR CITY HOTELS

Ismail Ozcan, President of the Real Estate Marketing and Sales Professionals Association (GAPAS), made a different suggestion for city hotels and offices. Explaining that city hotels are experiencing a significant shortage of customers these days, Ozcan stated that such buildings can be converted into ‘serviced apartments’ or ‘extended stay’ styles, which are quite common abroad, and can be opened to tenants for periods ranging from 3 to 12 months. Ozcan added that ‘apartment with service’ type hotels can be a good alternative for prospective tenants who cannot and do not want to enter the cost of buying a house in a period when housing prices are increasing above inflation.

Source: Sabah / Translated by Irem Yildiz

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