The demand for non-residential real estate - especially for land plots intended for development - has recently been "interrupting" the demand for apartments and houses in terms of indicators.
Judging by the data available to the Turkish Statistical Institute (TÜIK) and the General Directorate of the Land Registry and Cadastre, sales of non-residential real estate - such as land, fields and jobs - have increased sharply over the past 26 months (2 previous years plus the first 2 months of this year).
If we compare with previous years, since 2015 residential real estate has been more in demand than non-residential. However, in 2021, transactions with non-residential premises accounted for 50.6% of the total volume of transactions in the real estate segment; and in 2021, this figure reached 54.07%. Since 2022, this figure has exceeded 57%, and is steadily approaching 60%.
Especially in January-February of this year, when after the earthquake in Kahramanmarash, the preferences of potential buyers regarding housing began to change. More and more people prefer to move to more earthquake-safe cities and districts, and also give clear priority not to apartments in high-rise buildings, but to detached buildings built on their own land.
Moreover, the popularity of prefabricated houses is also growing, which, despite the fact that the characteristics are not much inferior to capital buildings, are much cheaper at a price. So instead of buying an apartment, many people prefer to buy land and build a factory house on it according to a standard project. Moreover, now you can get a subsidy from the state for this.
Often the plots are sold by the municipalities themselves; in April, a similar auction was held in Izmir.