Increase in Value Reached 68% in Summer Resorts
Increase in Value Reached 68% in Summer Resorts
The rising trend of ‘escaping to nature’ with the pandemic made itself evident mostly in summer resorts in Turkey. According to the data of the new generation real estate appraisal platform Endeksa. com, the increase in value in summer resorts reached 68%, while in the eyes of domestic andforeign tourists, Datça, which stands out with its natural beauties, and Bodrum and Kaş became the shining stars in terms of increase in value. So, how have prices changed in summer towns in the last 1 year? Here is our news with Endeksa’s analysis…
rom Bodrum to Çeşme, Alanya to Marmaris and Kaş, Turkey’s most popular locations of summer residences,preferred by locals and foreigners, are experiencing their most precious period with the pandemic. According to the data of Endeksa.com, a new generation real estate valuation and location analysis platform, the annual increase in value in summer areas has reached 68% due to the increase in demand for larger houses with a balcony and a garden in summer areas because of the influence of the pandemic, namely, the prolongation of the time spent at home and remote working becoming widespread.
Stating that the increase in demand has doubled the housing prices in summer resorts, Endeksa CEO Görkem Öğüt said, “the increase in demand for summer resorts has also increased the land prices. We do not expect a decrease in prices in these regions in the coming period due to the increased costs of new housing production. Housing prices will continue to increase, although not as high as in the past 1 year.” Noting that the highest increase in value among the summer resorts was realized in Datça, Bodrum and Kaş, respectively, Ögüt said, “Apart from its natural beauties, Datça was a region where housing prices were lower than its neighboring regions. With the increase in value in the last year, it has approached the median price values in the region. Bodrum and Kas are always among the popular holiday destinations for both local and foreign tourists, and housing prices are increasing in these regions due to high demand.”
Datça is at the Peak Real estate prices in Datça, Muğla, have increasedby 68% in the last 1 year; the average residential square meter sales price is 8.147 TL, the average real estate price is 830,994 TL, the return period of the real estate investment is 30 years. Real estate prices in Kaş and Bodrum have increased by 60% in the last 1 year. The average residential square metersales price in Bodrum is 11,554 TL, the average real estate price is 1,617,560 TL, the return period of the real estate investment is 32 years. In Kaş, the average residential square meter sales price is 10.230 TL, the average real estate price is 1.585.650 TL, the return period of the real estate investment is 43 years.
Average real estate price in Çeşme has exceeded 2 million TL
Among the summer resorts, the areas with the highest square meter sales price are Çeşme, Bodrum and Kaş. Real estate prices in Çeşme increased with the completion of the Istanbul-İzmir highway and with the pandemic, the average real estate price exceeded 2 million TL. Real estate prices in Çeşme have increased by 55% in the last 1 year, the average residential square meter sales price is 13,175 TL, the average real estate price is 2,121,175 TL, the return period of the real estate investment is 45 years.
Where is the return on investment period short?
Marmaris, Alanya and Kuşadası are the regions with the lowest payback period, with 26 years, among the summer resorts where the payback period is up to 45 years due to the increase in sales prices but not so much increase in rents. Real estate prices in Marmaris have increased by 39% in the last 1 year, the average residential square meter sales price is 7,107 TL, the average real estate price is 994,980 TL. Real estate prices in Alanya have increased by 49% in the last 1 year, the average residential square meter sales price is 5.033 TL, the average real estate price is 603.960 TL. In Kuşadası, real estate prices have increased by 56% in the last 1year, the average residential square meter sales price is 4,639 TL, the average real estate price is 700,489 TL
