Rising Demand For Detached Houses In Outbreak Has Increased Villa Prices By Nearly 50
Rising demand for detached houses in the outbreak has increased villa prices by nearly 50 percent in Istanbul's Islands, Şile, Büyükçekmece, Sariyer and Eyüpsultan. In Sisli, where foreigners showed interest, the real estate in Istanbul price increase exceeded 30 percent.
The demand for detached homes, which has risen along with the need to be isolated from other people in the epidemic, has blown villa prices in some districts in Istanbul. As of July, house prices in districts where the number of detached houses was high in the last year increased by almost 50 percent. In the price increase, the islands came first with 49 percent, followed by Chile with 46 percent, Buyukcekmece with 38 percent, Sariyer with 37 percent, Eyupsultan with 35 percent.
INCREASE OVER 30% IN ŞIŞLI
In the last year in Istanbul house prices have increased by an average of 20-25 percent, noting that “the average unit price of a square meter of houses for sale is about 5,600 TL at the end of June. But these figures can be lower or much higher on the basis of districts and neighborhoods. For example, prices have risen more than 30 percent in some neighborhoods where foreigners have shown great interest. For example, the average price of a square meter in Şişli is 6,500 TL, while Fulya is 8,500 TL,” he said.
The depreciation period of houses for sale in Istanbul is about 22 years, said: “This was about 15 years before. Unfortunately it's not very reasonable in terms of investment at the moment. This is another example of how uncontrolled prices are rising,” he said.
IRANIANS TAKE THE LEAD
In the last 10 years, Arabs who have been prominent in the purchase of property have started to be replaced by Iranians.
“In the first 6 months of the year, a total of 10,108 houses were sold to foreigners in Istanbul. The number of sales made in the first 6 months of last year was 6,902. We believe that the 46.4 percent increase in 2 years is one of the effects of the pandemic. As life slowly begins to return to normal, and as we look at these figures, it would not be surprising to expect that demand for real estate will increase further on the part of both domestic and foreign buyers.”
HIGH INFLATION HAS DRIVEN SAVINGS INTO FOREIGN EXCHANGE AND REAL ESTATE
Turkish iClassified expert, "The depreciation of the TL against the dollar has reached 41 percent in the last 16 months, stating that “the belief that monetary policy is far from bringing inflation to the target level has settled. Expectations that inflation would increase led to the preference of assets such as foreign currency, gold, cryptocurrency, real estate, while moving savings away from the TL,” he said. Low-interest loans also increased demand, said: "quarantined apartments for those stuck in the garden houses, summer houses for those who work from home has become attractive. In this environment, accompanied by swelling prices of securities and other assets, housing demand rose, while prices rose. April 2020 to April 2021, the monthly increase in square meter prices was 2.5 percent.” was said.