Real Estate Sales Have Hit Record Highs In Recent Times
Along with the increasing demand for land investment in the real estate sector, prices are also rising. Especially the area of Istanbul is experiencing intense interest.
19.07.2023- 13:33
The founder of Mornvest Real Estate and Consultancy, Efe Gül, has pointed out that land prices have increased by over 200% in the last year, and highlighted that those who do not have sufficient savings to purchase a house are turning towards investing in land.
People Who Cannot Buy A House Are Turning To Investing In Land
The rise in housing prices has caused a shift in the purchasing behavior of real estate investors. With astronomical price hikes, citizens who lack sufficient savings to purchase a house have turned to alternative options. Lands, which have become prominent among investment instruments, have gained value by over 200% annually in recent times.
Share Of Non-residential Sales Has Reached Up To 60%
While the share of non-residential sales in real estate increased to 54.07% in 2022, it reached 58% in the first quarter of 2023. In the meantime, land purchases have increased, especially in the Aegean and Mediterranean regions, due to the impact of summer months. This indicates that these figures may rise up to 60%. Having such a high ratio of non-residential real estate purchases is not a very common occurrence in Turkey.
Land Is A More Accessible Target
Due to the increasing construction costs and fluctuations in the exchange rates, new housing production has become more difficult. During this period, citizens have turned towards land, which offers a more accessible investment opportunity. Compared to other cities, land prices have increased more in coastal cities. The Aegean and Mediterranean coasts have already been popular for years due to their tourism potential and being a profitable opportunity to develop holiday villages or luxury villas. The rising demand for land due to the earthquake disaster and the pandemic has peaked during this period.
Places With Low Earthquake Risk Are On High Demand
The regions with lower earthquake risks, especially in the western parts of the Central Anatolia Region, have experienced an increase in demand, leading to a natural increase in prices. Similarly, the Marmara region, especially Istanbul and its surroundings, has experienced a surge in land investment due to its economic importance and ongoing urban development projects. Land prices have increased by 83% in the last year in this region.
Things To Consider When Buying Land
Those who are not familiar with land investment may experience negative consequences. To prevent tax-related losses, one should not make a purchase without doing proper research, even if the price or project visuals seem attractive. It is necessary to ensure that the lands are zoned and to conduct a parcel inquiry from the General Directorate of Land Registry and Cadaster. Land should not be purchased from a photograph without being seen. Detailed information should be obtained by visiting the relevant municipality and land registry office.
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