An all-time January-October period record was broken in land, field and commercial real estate sales across Turkiye with 1 million 426 thousand 146 units in 10 months of the year.
According to the information compiled by the AA correspondent, 2 million 419 thousand 981 real estate properties changed hands across the country in the January-October period. 993 thousand 835 of these sales were residences. Housing sales decreased by 14.3% in 10 months compared to the same period last year.
Land, field and commercial real estate sales reached the highest January-October period of all time with 1 million 426 thousand 146 units in 10 months. In the same period last year, this figure was 1 million 391 thousand 787. The increase rate was 2.5%. Despite the decrease in housing, the increase in other real estate types attracted attention.
Based on the January-October periods, the number of sales of land, field and commercial real estate was 1 million 176 thousand in 2021, 1 million 17 thousand in 2020, 828 thousand in 2019 and 1 million 14 thousand in 2018.
While the share of non-residential real estate in total sales reached 58.9% for the first time, this rate broke a record and reached 62.2% in October. The share of non-residential sales in the January-October period was between 44.3% and 54.5% in the previous 5 years.
“Interest in commercial real estate has increased”
Bilgicler Yapi Board Member Ali Emre Bilgic said in his statement to AA correspondent that there has been a visible increase in the construction of commercial real estate projects in Istanbul, where the heart of the Turkish economy beats, recently, he said that the projects planned to meet the increasing demand were designed to meet the needs of the new commercial understanding.
Noting that mass business centers are now attracting more attention in the megacity, Bilgic explained that this is why they have implemented smart trade and business center projects.
Stating that there is a high demand for smart business centers that have parking lots, are earthquake resistant, can easily dock with large trucks, and are energy efficient, Bilgic stated that the diversity and change in the retail sector is effective in increasing this demand.
Talking about the advantages that commercial real estate offers to its users, Bilgic said, “Commercial real estate investments continue to attract the attention of investors with the many advantages they provide. These advantages include not only short-term but also long-term and sustainable gains. Commercial real estate, which provides financial stability to its investors with high rental income, has become a solid source of income with its location advantage.”
“Be sure to learn the current prices when investing”
Ali Emre Bilgic advised investors to make their investments in projects that are located in the right location, have parking lots, have high energy efficiency, have pedestrian traffic and public transportation, and emphasized that the region should be researched well and current prices should be learned.
Bilgic said, “The commercial real estate market in Istanbul has a dynamic and diverse structure. In recent years, we see that many branded housing producers have turned to commercial real estate projects. I think the reason for this is the transformation in consumer demands. While dynamic market conditions provide advantages in commercial real estate, there is a slowdown in housing sales figures, as statistics show us.”
“The high increase in land and field sales brought a record”
Istanbul Appraisal Managing Partner and real estate appraiser Celal Erdogdu said that the highest 10-month non-residential real estate sales figure of all time was reached with sales exceeding 1 million 426 thousand units in the January-October period.
Erdogdu noted that the majority of non-residential real estate sales are made up of land and fields and that these two sales items set the record, and explained that commercial real estate, led by offices and shops, covers a wide range from factories to hospitals.
Erdogdu made the following statements regarding the increase in land and field sales:
“The most important reasons here include the increasing interest in fields after Covid-19 and earthquakes. The rise in housing prices and interest rates also directs investors to land and fields suitable for their budget. Because citizens who cannot buy housing want to invest in affordable land and fields, especially to protect themselves from inflation. Recently, the regions in the west of Thrace have been among the places of interest. In addition, our citizens think that they can buy land or fields from such places and put a container, prefabricated or tiny house in it if necessary in the future. This increases interest. Recently, we have seen an increase in sales announcements and investments on social media. “Our citizens should be careful about this.”
Source: AA / Prepared by Irem Yildiz