BUY VILLA IN ISTANBUL:
The increased demand for detached homes brought on by the outbreak has increased the cost of villas by close to 50% in Istanbul’s Islands, including ile, Büyükçekmece, Sariyer, and Eyüpsultan. Foreigners expressed interest in Sisli’s real estate, where prices increased by more than 30%.
Due to the need to maintain privacy during the epidemic, detached homes are in higher demand, which has increased the cost of villas in some Istanbul neighborhoods. As of July, home prices had increased by almost 50% in areas where the proportion of detached homes was high compared to the prior year. The price increase for the islands was the highest (49%) compared to Chile (46%) and Chilean rivals Sariyer (37%), Buyukcekmece (38%) and Eyupsultan (35%).
THE LEAD IS TAKEN BY IRANIANS
Iranians have begun to replace Arabs, who previously dominated the real estate market, in the last ten years. “In Istanbul, a total of 10,108 homes were sold to foreigners in the first half of the year. 6,902 sales were completed in the first half of last year. We think that one of the pandemic’s effects is the 46.4 percent increase in just two years. It would not be surprising to expect that demand for real estate will rise further on the part of both domestic and foreign buyers as life gradually returns to normal and as we look at these statistics.
HIGH INFLATION HAS DRIVEN SAVINGS INTO FOREIGN EXCHANGE AND REAL ESTATE
“The TL has lost 41 percent of its value against the US dollar over the past 16 months, which indicates that “the belief that monetary policy is far from bringing inflation to the target level has settled.” “Savings were moved away from the TL as a result of expectations that inflation would rise, favoring assets like foreign currency, gold, cryptocurrencies, and real estate instead,” he said. Low interest loans also boosted demand, according to “Apartments in quarantine for those confined to the garden homes, vacation homes for those who work from home has become alluring. Housing demand increased and prices increased in this environment, which was also accompanied by rising prices for securities and other assets. Prices per square meter increased 2.5% per month from April 2020 to April 2021.” was said.
