Hürriyet: Earthquakes in Turkey led to increased market activity and higher house prices
After powerful earthquakes in Turkey activity in the real estate market in this country, as well as house prices have increased. This information was revealed by the Turkish newspaper Hurriyet.
According to the publication, natural disasters have led to the “mobilization” of the housing market for sale. Additionally, the authors of the post noted an increase in demand for safer areas. Istanbulbecause a large number of people wanted to change their place of residence.
The number of properties for sale in Istanbul soared by 49% in February 2023, according to a study by analysts from property valuation platform Endeksa. In addition, the price per square meter of housing in the city increased by 6% in the second month of this year, and by 156% in one year. As a result, the average cost of one “square” reached 25.8 thousand lire (about 104.6 thousand rubles), and the average amount per object – 3.1 million lire (about 12.5 million rubles).
In February, the Avito Real Estate experts predictedthat the Turkish real estate market will stagnate for a while after the earthquakes. They suggested that the country’s authorities will begin to control construction more strictly, tighten norms and standards, which could increase the cost of housing. At the same time, the demand for real estate, they added, will be weak in the near future.