Record rise in demand for land purchase in Turkey

Record rise in demand for land purchase in Turkey

During the past year, the real estate sector in Turkey witnessed a great demand for investment in lands of all kinds, as land sales during the mentioned period reached 1.5 million sales, achieving an unprecedented record.

According to the statements of real estate experts, the reason for this great demand, which Istanbul has acquired the largest proportion of, is due to many reasons and factors, including the emergence of investment in the land as a less expensive investment option in light of the significant rise in house prices, in addition to the change in real estate investment destinations towards independent homes and far from the hustle and bustle of the city imposed by the repercussions of the spread of the Coronavirus epidemic around the world.

What are the reasons for the increased demand for land?

The Turkish real estate appraisal expert, Mr. Ozan Kolcuoglu, addressed, during a media interview, the issue of the increase in the demand for land purchases in Turkey, where he stressed that "Given the figures related to real estate investment, we find that investment in land has witnessed a great demand in the recent period due to the large increase in prices of land." In addition to the lack of weak supply against demand, the land was an alternative option for real estate investment, considering its reasonable prices compared to homes, especially since the coming days portend a further rise in their prices, and the spread of the Coronavirus and its imposition of warnings drew the attention of real estate investors to places with low population density and far from city centers

Mr. Kolcuoglu added, "According to the reasons we mentioned and others, real estate investors started to buy empty land and build a house or housing project on it that meets health and other standards, and the outskirts of cities and coastal areas were the most preferred areas by investors to build their own projects."

Istanbul has its own reasons

In a related context, Mr. Kolcuoglu stressed that the trend towards investment in land was not only due to the desire to establish healthy homes, explaining that the huge projects such as Istanbul Airport and its awaited canal and the North Marmara Road had a significant impact on the trend towards investment in land in the areas surrounding these projects.

In this regard, he said, "The major projects in Istanbul drew the attention of investors to the land in them even before their construction. Many rural areas in Istanbul have witnessed a great movement in the purchase of land, including the areas of Taya Kaden, Yenikoy, Poyrazkoy, and Dorso.

These projects also had a significant impact on the urban movement and strategic importance in many residential areas near the airport and the North Marmara Road, such as Silivri, Arnavutkoy, Çatalca, Gebze, and Çekmekoy, which witnessed the establishment of many luxury residential projects in them.

Lands in some areas of Turkey have witnessed tens and hundreds of times increases in their prices

In the same context, real estate appraisal expert Mr. Kolcuoglu confirmed that many of the summer areas also witnessed a great demand for land purchases, which increased their prices by 200% and 300% in some lands in the summer areas in Izmir during the past years.

He also stated that land prices in the areas of the Çanakkale Bridge, which opened in the third month of this year, have witnessed an increase in their prices, reaching 1,400% since 2013 until now.

It is noteworthy that the foreign investor has the right to own land in Turkey, and can invest in real estate by establishing housing projects on it or even reselling it, and purchasing land property in Turkey qualifies the foreign investor to obtain Turkish citizenship if this land or group of land is worth $250,000.

Edited by Imtilak Real Estate©

Reference: Emlak Kulesi

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