New Record on Non-Residential Real Estate Sales in Türkiye

Fri, Dec 9, 2022 12:00 AM

A new record has been set on non-residential real estate sales including land, office and stores in last month. It is presumed that with the rising prices in residential real estates, people who are searching for an alternative investment has agreed on non-residential real estate sales breaking a new record with non 153 thousand 587 non-residential real estates surpassing real estate sales which was recorded as 102 thousand 606.

While real estates have been seen as a safe haven for a long time, with the increasing prices the people are diverting to the alternate, cheaper options such as land, offices and stores. Following the previous month non-real estate sales reached a new record high.

Advice to the Investors

Experts have said that if you are in the market for there are some important points to look out for. Firstly, when buying land, the transportation to the land should be checked and the lands which are closer to the central locations should be preferred. Secondly, the land must be seen before the purchase and lands with high inclinations which are not suitable for residential permits should be avoided. Lastly, if the land is not permissible for the residential development such as protected zones, private forests or archeological areas, then they should be avoided as well.

Social Residencies

As a part of the social residencies project led by the government in 81 provinces 1 million lands were presented to the public. The applications were completed in 15th of November and there was approximately 1 million 170 thousand demands for it. The lands which will be provided the government effected the market with its favorable price and the financial aid without interest in 10 years. Experts indicated that even though the prices keep rising the acceleration has slowed down with this occasion. With the people wanting to try their luck on the draw, sales in October were behind the previous months.

In the first 10 month of the year, non-residential real estate sales seem to surpass the residential real estate sales approximately with 1 million and 160 thousand sales versus 1 million 392 thousand according to the data from TÜİK. 

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