The People Who Couldn’t Buy A House Turned To Land! Prices Have Risen By 200% In One Year!
With the rising demand for land investment in the real estate sector, prices are also increasing. Efe Gül, the founder of Mornvest Real Estate and Consulting, stated that land prices have increased by over 200% in the last year and that those who cannot buy a house are turning towards investing in land. The rise in housing prices, which has been on the agenda recently, has also caused some changes in the buying habits of real estate investors.
Mornvest Real Estate and Consulting founder Efe Gül stated in a statement that land prices have increased by over 200% in the last year and that those who cannot afford to buy a house are turning towards investing in land.
The recent increases in housing prices, which have frequently been on the agenda, have also caused some changes in the purchasing habits of real estate investors.
According to the details shared regarding the matter, citizens who do not have enough savings to purchase a house after the astronomical increases in prices have turned towards different alternatives. Based on the details shared, lands have emerged as a prominent investment asset, appreciating by over 200% annually in recent times.
The Share Of Non-residential Sales Has Reached Up To 60%.
According to the details provided, the share of non-residential sales in real estate increased from 54.07% in 2022 to 58% in the first quarter of 2023. Additionally, in the recent period, land purchases increased, particularly in the Aegean and Mediterranean regions, due to the influence of the summer months. This situation indicates that these figures may reach up to 60%.
Furthermore, having such a high share of non-residential sales in real estate is not very common in Turkey.
Land Becomes A More Accessible Target
According to the details shared, due to the increasing construction costs and fluctuations in foreign exchange rates, the production of new housing has become more difficult. Therefore, citizens have turned towards land investments that are more attainable during this period. Compared to other cities, land prices in coastal cities have shown more significant increases in price.
Mornvest Real Estate and Consulting founder Efe Gül, who stated in his statement that the Aegean and Mediterranean coasts have been popular places for years due to their tourism potential and being a profitable opportunity to develop holiday resorts or luxury villas, said, the increasing demand for land due to the earthquake disaster and the pandemic has peaked during this period.”
Places With Lower Earthquake Risk Are In High Demand
Mornvest Real Estate and Consulting founder Efe Gül, who stated in his statement that there is an increase in demand and naturally a rise in prices in areas with lower earthquake risk, particularly in the western part of the Central Anatolia region, similarly noted that 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. Efe Gül stated, “Land prices have increased by 83% in the last year in this region.”
Caution When Buying Land
Efe Gül, the founder of Mornvest Real Estate and Consulting, warned that those who are not familiar with land investment may face difficulties, and he advised against making impulsive purchases solely based on attractive prices or project visuals to avoid any tax-related grievances.
Efe Gül emphasized that 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 and stated that “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.”