Where,how much and how fast is the price accommodation in resorts growing by. Alanya and Izmir surroundings are discovered leaders

Housing in coastal regions is rising in price much faster than the Turkish average.

The rate of growth in housing cost on the coast is already 70% higher than in other areas, according to the analytical portal Endeksa.com. Namely: despite the fact that the increase in the cost of housing in Turkey has reached 33.84%, it is already 58% in the resorts, and even higher in some places.

The “pandemic trend” with the desire to live at sea almost all year round, studying and working remotely, is gaining momentum. It has affected the increase in the cost of housing and a decrease in free lots offered for sale.

Housing for rent in the country on average also rose in price over the past year by 13.7%, but in the coastal regions - by at least 30%.

The greatest increase in prices for residential real estate in traditional “summer” regions is still shown by the Aegean coast, in particular - the province of Muğla, where the prices of villas are already equal to European ones. Even in Marmaris, which was little known to Russian investors 7 years ago, the cost of apartments has already reached a million Turkish liras. Well, in the next six months, market experts predict the leadership of Izmir and its environs.

And now about everything in more detail.

Aylin Daylan, Chief Marketing Officer at Endeksa, confirms that among the regions for which detailed statistics were collected, the fastest growth in housing prices for sale was recorded in Fethiye, and for rent - in Bodrum. “As for the cost per square meter of residential real estate, then Çeşme turned out to be the leader, and it presumably will keep the first place in the next six months. As for the increase in the cost of rent for the next six months, we expect the largest increase in it in Foça.”

For further conclusions on statistics, let us also recall Urla - the third settlement in the province of Izmir that deserves special attention.

TURKESTATE NOTES:

Çeşme

A resort village on the Aegean coast, one of the most expensive and prestigious in Turkey. Located 80 km West of Izmir. It is also known for its beauty, clean beaches and even thermal springs. The most popular beach in Çeşme is Altinkum.

Foça

It is also located on the shores of the Aegean Sea and in the vicinity of Izmir, 69 km northwest. The bus journey from Izmir to Foça will take about an hour and a half.

Urla

The city and region of the same name in Turkey in the province of Izmir is located on the isthmus of the Urla Peninsula. The district borders on the Karaburun district in the north-west, and Çeşme– in the west).

Ayvalık

A region in the Turkish province of Balikesir (Aegean Sea).

FIGURES FOR SEPARATE LOCATIONS:

Fethiye

House prices in Fethiye have risen 58.13% over the past year, according to Endeksa.com. The average selling price per housing square meter was 6 164 Turkish Lira (TL), while the average price per housing unit reached 819 812 TL. In terms of euros, today it is 598 euros per square meter (at the official rate of the Central Bank for euros / lira) and 79.5 thousand euros per unit of real estate, respectively.

At the same time, rents in Fethiye increased by 21.53% for the year. Now it is 17.5 TL per 1 sq.m., or 1 838 TL per apartment an average.

Endeksa analysts predict that houses for sale in Fethiye will rise in price by 5.69% in the next six months alone, and the amount of rent will increase by at least 3.31%. Although, as realtors share their unofficial opinion, rental rates are growing much faster.

Bodrum

In Bodrum, over the past year, housing has “grown” in price by more than half: by 57.35% at once. The average cost per square meter of living space is 11 010 TL, the average price per housing unit is 1 519 380 TL (1 068 euros and 147 369 euros, respectively).

The cost of rent has increased over the past year by at least 23.6%, but they have skyrocketed for demanded housing. So, elite villas in Bodrum for the summer are rented for an amount equal to the purchase of house ownership in less demanded areas.

The average rent here is now 32.16 TL per 1 sq.m., for an apartment – 3 120 TL per month.

Expected growth in the selling price of residential real estate in the next 6 months is expected to be 8.13% in Bodrum, and rents will rise by at least another 5.01% in six months.

Çeşme

Çeşme, the “dark horse” of the past year, according to market players, has practically caught up with Bodrum in terms of popularity growth (price growth rate). And, perhaps, soon it will be even ahead of this “Turkish Riviera”.

Housing cost of over the past year in Çeşme has grown by 51.03%. The average selling price per square meter is 12 240 TL, per housing unit – 2 004 480 TL (1187.2 euros and 194 421 euros, respectively).

Rent for the last year increased by 32.68%, the average rent per square meter is 26.35 TL, for housing - an average of 2 451 TL per month. In Çeşme, the expected growth in the selling price over the next six months is 11.27%; rents are expected to rise by at least 3.72%.

Foça

In Foça, the region where the highest rent increases in the next 6 months are expected, house prices over the past year increased slightly less than in Çeşme: by 48.76%. Rent has risen in price by 22.28% over the year.

The average rent per square meter in Foça is now 19.92 TL, per housing unit – 1 833 TL.

The rate for 1 square meter of residential real estate is now equal to 5 864 TL, for a housing unit - 715 408 TL (568.8 euros and 69 389.7 euros, respectively).

WE PROVIDE DETAILED DATA ON THE MOST DEMANDED RESORTS IN THE PURCHASE PLAN:

As you can see, almost all of the leading residential resorts are located on the Aegean coast; the only one and well-deserved exception was Alanya (Mediterranean Sea): this resort in terms of buying real estate has been and remains the most popular, including among Russians. Therefore, it invariably falls into all the “leadership ratings” conducted by analysts in the Turkish real estate sector.

But if it is not difficult to find information about Alanya, then we will tell you a little more about the gaining popularity of the outskirts of Izmir.

Thus, in Çeşme housing prices increased significantly, and for land plots - 2.5 times for a rather short period - less than a few years. Detached houses have especially risen in price; in particular, after the earthquake of 30 October, 2020 in Izmir when people began to give a clear preference to low-rise construction. And many of those wishing to stay in the same region, without moving away from Izmir, moved to Çeşme. 

The coronavirus pandemic has added intensity to the desire to live away from the city center, in nature not only in summer but all year round. As a result, this has pushed up property prices in many areas of Izmir province.

According to Mesut Güleroğlu, head of the İzmir Real Estate Agents Chamber, the most popular areas in this sense are:

• Urla,
• Çeşme,
• Alaçatı,
• Seferihisar,
• Foça,
• Bergama,
• Aliağa,
• Kemalpaşa,
• Torbalı,
• Ayrancılar,
• Bayındır.

Thus, if the choice of real estate in the resorts mentioned in the table does not suit you for some reason, you can look for something in the areas from the list above.

Mesut Güleroğlu also said that Çeşme and Alaçatı are receiving increased attention primarily from local potential investors living in Istanbul, Bursa and Ankara. Partly due to the colossal rise in prices for residential real estate in Bodrum, the attention of buyers “spilled over” to Izmir and the surrounding area. They even seize land plots, which are practically gone in Çeşme, as well as in some districts of Istanbul. For information: the prices for land at the moment in Çeşme vary on average from 5 to 18 million Turkish liras per site. As for large land plots - just in the range of 14-18 million TL (from 1 357 904 to 1 745 877 euros at the current exchange rate), it is possible to build up to five villas at a time on them, if desired, following the now popular “family sit” format.

As for housing in apartment buildings, the price, for example, for a 1 + 1 (one-bedroom) apartment rose from 0.85 million to 1.45 million TL (or from 82 444 to 140 640 euros) in the last year alone.

According to the results of the last 12-month period, summed up in early May 2021, in Izmir and the surrounding area, housing prices increased by 117.33% over the year, that is more than doubled. Almost every month the province of Izmir is the third in the list of leaders in terms of the number of houses sold. And in April 2021, according to the Turkish Statistical Institute (TÜİK), there were 5 505 residential units in Izmir itself and the surrounding area, against 2 533 units in April 2020.

The number of mortgage transactions is fairly stable at give or take 20%.

Let us recall that foreigners purchased a total of 236 residential real estate units in Izmir in January-April 2021, 59 of which in April.