Housing Prices Skyrocketed in AntalyaWed, Nov 9, 2022 12:00 AM
Antalya is the most preferred city in Turkey by civilians, who came to live in Turkey after the Russian and Ukrainian war. As a result of increasing demand, rental prices for luxury apartments by the sea exceeded ₺100,000 (roughly $5,000).
The rental prices also vary depending on the different districts in the city. For example, 4 + 1 luxury apartments (houses are marketed in room plus living room format in Turkey, 4 + 1 states 4 rooms and 1 living room) in Lara are listed for ₺130,000 while 3+1 apartments in Konyaalti listed for ₺125,000.
The upwards trend in the real estate market in Turkey seems to continue as the war will keep going on.
Antalya is Preferred by Both Peaceful Ukrainians and Russians
The majority of both Ukrainians and Russians, who oppose to war, which started in February, preferred to live in Turkey. Most of them settled in Antalya, which they often visit for holiday purposes. While some of them rented houses, families with high incomes purchased their own real estate.
As a result, the supply in the real estate market decreased while the demand is increasing. Eventually, this affected the overall Turkish real estate market, especially in Antalya in a positive way.
Rents in the city used to be around ₺3,000 before the war but with the arrival of the first Ukrainians, who paid a year in advance, the prices increased to ₺30,000 on average.
After Russian President Putin's mobilization decision, a great number of Russians also preferred Antalya together with their families. Antalya is the first choice of both nationals affected significantly by these preferences.
Prices Are at Astronomical Level
President of Antalya Chamber of Realtors, Auto Galleries, and Business Followers Ismail Caglar noted that the prices in sales and rentals have increased by 200 percent in the last year. On the other hand, the real estate market in Turkey became the most profitable market for investors.
Many foreigners invest in real estate to get Turkish citizenship. However, most of them also invest in additional properties to trade in the future. Today, investors are enjoying more than a 10% increase in their investments each month.