Pandemic Increases House Sales

Pandemic Increases House Sales

Coronavirus pandemic has increased the prices of houses by up to five times the norm

Due to the current pandemic, house and land prices have soared across Turkey by up to %10. New data suggests people are starting to migrate towards the Aegean and Mediterranean areas of Turkey. Land investments and detached houses seem to be the most popular and desirable options and this new data suggests that consumers prefer the warmer climate of the western and southern side of Turkey.

Why are our lifestyles changing?

During the pandemic process, preferences in our living spaces began to change. Buyers have gravitated towards larger buildings with balconies or gardens where they can be comfortably isolated. Most people have moved to a  'work from home' lifestyle, location has become unimportant, and most homeowners have moved away from the city and settled in their summer house, despite the winter months. Therefore, the prices of detached houses and land for sale in the Aegean and Mediterranean have increased %10. Before the pandemic, a property in Bodrum with a garden would cost on average 250.000 thousand Euros however the same property is now around 275.000. Demand for these isolated properties has risen faster than the construction industry can build them. The pandemic has highlighted how important having private homes and gardens are and many people are rushing to alter their life for the better.

Legal and Illegal Construction 

Contractors operating in metropolitan cities such as Istanbul have adjusted their companies to other regions around Turkey due to the high demand for summer residence areas. This means land prices are continuing to rise in the Mediterranean and Aegean areas. However, illegal constructions such as trailers and metal container homes are causing more problems due to their loss in tax payments and other more visual problems such as pollution. Some cities have now banned these types of buildings in order to preserve land for farming or only allowing large companies to build many apartments or homes in order to maximise potential.