Land sales in Turkey have grown thirty-fold during the coronavirus pandemic. These figures are given by Emlak Kulisi, the construction and real estate newspaper in Turkey. Those who, before the covid outbreak, were planning to invest in apartments, reoriented to buying land, which can be used for construction (it is profitable to resell it to developers), for farming and gardening and wine growing.
Land plots in Turkey are considerably rising in price due to demand and investment in housing has recently been limited by a shortage of new apartments available for sale. According to Ridvan Akgyun, chairman of the board of directors of the Izmir real estate club, the lack of apartments in Turkey today is already 4.5 million objects. Therefore, investors are increasingly buying land within the boundaries of future urban developments in order to re-sell it to construction companies in the future.
Ridvan Akgun:"Investor interest in land has grown since the pandemic. Now people tend to settle separately, away from their neighbors, so those who until recently considered an apartment to be a bargain are choosing their own vineyard. Before the coronavirus there were no more than a hundred people who wanted to buy a vineyard throughout Turkey while today their number is more than three thousand people! New preferences of property buyers in Turkey have resulted in land prices rising by 50-60 percent over the past six months. The demand for two-story holiday homes has also skyrocketed. While before the pandemic a country house in Turkey could be bought for 300,000 TL, today a similar house can hardly be bought for 500,000 TL. People also began to buy up apartments on the ground floor with access to the garden: the same apartments that were hard to sell before the coronavirus because of the smell and the mice problem."