Turkey | Slight decrease in the rate of land price increases

Imtilak Real Estate monitors for you some real estate reports that discuss a relative decline in the prices of land prepared for construction across all Turkish provinces.

Slowing Pace of Increase in Construction Land Prices

In recent years, construction lands have seen a significant increase in demand, especially over the past two years, which has led to a continuous rise in the prices of these lands, exceeding 100% across Turkey, and even higher in major provinces and areas of particular strategic importance.

One of the main factors that played a key role in the increased demand was the significant rise in house prices in Turkey, which made investing in construction lands a less costly option. In addition, the changes imposed by the spread of the coronavirus in recent years made standalone homes built to suitable health standards one of the main trends in residential real estate investment.

The General Annual Increase Rate Reached 92%

Recent statistical data indicates a relative slowdown in the rate of increase in prices of land licensed for construction throughout Turkey. According to a statistical report by the Endeksa real estate platform, the annual increase in construction land prices in Turkey reached 92% during the year preceding the start of the tenth month of this year.

The average price per square meter of construction land across Turkey reached 1,574 Turkish lira, and the average price of a construction land plot in Turkey was approximately 887,736 Turkish lira.

The report noted that the increase rate indicates a slowdown in the pace of land price increases compared to the rise across Turkey over the past four years, which reached 239%.

Antalya Leads the Five Major Provinces

In details related to the annual increase in construction land prices in Turkey's major provinces, statistical figures in the Endeksa report showed that Antalya topped the five largest provinces, with an increase rate of 202% during the year preceding the start of the tenth month of this year, and 648% over the past four years. The average price per square meter of construction land in Antalya reached 3,068 Turkish lira, while the average price of construction land in Antalya province was 1,675,128 Turkish lira.

Ankara Second and Istanbul Third

The second place among Turkish provinces that saw the highest annual increase in construction land prices was taken by the Turkish capital Ankara, where the annual increase rate reached 132%. The average price per square meter of construction land there reached 1,095 Turkish lira, and the average price of construction land was 657,000 Turkish lira. The increase rate in construction land prices in Ankara reached 202% over the past four years.

Istanbul came in third place, with an annual increase rate in construction land prices of 125% during the year preceding the tenth month of the current year. The price per square meter of construction land in Istanbul reached 3,962 Turkish lira, and the average price of construction land in Istanbul was 1,961,190 Turkish lira. The increase in construction land prices in Istanbul over the past four years reached 239%.

The increase rates in construction land prices in the five major provinces were as follows:

Editing: Imtilak Real Estate©

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