'Record land sales and rising home values'

Turkish News Haberler NTVPara Haberleri

reported that sales of real estate outside residential areas, mainly consisting of plots of land and fields, reached a record high of 942,485 units in January-July this year. A record was set in sales of plots of land and fields. A total of 1,617,812 units were sold nationwide during January-July. Of these, 675,327 were residential units and 942,485 were properties outside residential zones, consisting mainly of land and fields.

There are 912,448 sales of properties outside residential zones in January-July 2022, 742,583 in 2021, 608,353 in 2020 and 525,740 in 2019.

Together, compared to last year, there was''A 6.6% decrease in total sales, a 17.7% decrease in residential properties and a 3.3% increase in properties outside residential zones.

The share of real estate outside residential zones in total sales reached 58.3% for the first time.

In the previous 10 years, this share ranged from 44.07% to 54.07%.

Experts said the broken record in property sales outside residential zones has recently prompted a number of comments. Gokhan Taş, chairman of MasterTürk Group, said that total real estate sales in Turkey in the first 7 months amounted to about 1.7 million units, with commercial properties, plots, fields and land accounting for about 59%. He noted that this is a historical record and recalled that the situation was the opposite a few years ago.

Tash''land and fields with the hope of making big profits. He recalled that in recent years some real estate companies have started selling marked housing based on this trend. In addition to our residential projects, we have not forgotten our land projects. As a result of rising housing prices and interest rate policies, investments have been directed to land projects in cities such as Ankara, Antalya and Afyonkarahisar. We continue to work on new projects of land plots with completed infrastructure and documents.

He added that the demand for land will continue and suggested that in the future, funds accumulated in areas such as exchange rate protected deposits, gold and currency will largely be''aimed at land plots and fields.

Real estate valuation expert Ahmet Buyukdum said there is a downward trend in residential real estate sales due to high prices and low supply.

Mustafa Altynkok, Chairman of the Board of the Emirati Property Partnership in Silivri and Trakia, who recently conducted research in Silivri and Trakia, where land and fields are mainly bought, also commented on this situation and gave some warnings.

He explained that those people who want to keep''be deceived by persons selling real estate in undeveloped areas. People planning to buy land or a field should definitely contact the local municipalities and inquire about the current status of improvised areas. In addition, it is not always possible to install prefabs or cabins on a fraction of the land parcels. This also needs to be given attention. Otherwise, you may become a victim of fraudsters. Investors need to be careful of sellers who do not know the region and who want to attract customers with appetizing illustrations and layouts. You should not buy land or field based on the layout. It is the responsibility of the buyer of a share of land or plot to do the necessary research with the local municipality of that region.".