How Will Covid-19 Affect Istanbul Real Estate Market

How Will Covid-19 Affect Istanbul Real Estate Market

The new type of coronavirus, Covid-19 has been appeared in Wuhan, China in December 2019 and affected all the world within a short time. It has been defined as the biggest incident of the last years by many leaders in the world. It is clear that this pandemic changed and will change many things in our lives.

One of first things that will alter after Covid-19 pandemic is the housing preferences. In Turkey, people have been staying their homes since the first case is appeared (March 11th 2020). In this time, they had enough time to think of how their ideal living space should be? We believe this thinking will shape the real estate market in Turkey all over again.

Covid-19 Affect Istanbul Real Estate Gardens and Balconies

During the quarantine the first thing that people see necessary is an access to open air as in balcony, terrace or a garden. The demand to the homes with gardens already started to increase. Based on the news in the price of the properties with gardens already increased %25 in Istanbul. It can be expected that this increase will continue.

For the people who finds to move into a villa is a radical decision, homes with balconies will be an alternative. For both people to buy home or rent home, balcony will be a very important element.

Lands Nearby Central Istanbul

For people who do not want to change their homes in Central Istanbul, lands in suburb areas such as Silivri, Arnavutkoy, Catalca become very attractive. Owning a land to build a small house or prefabricated house will be the new trend in Istanbul real estate market. Owning a small getaway house with a garden not far from the city is a dream for all the people in Istanbul who spend the quarantine in their apartments.

Floor Balconies

Even though homes with gardens and balconies are expected to be on demand after the pandemic, Istanbul city center still will be the foremost area.  Since the apartments in central Istanbul has smaller sizes, it is not easy to find a balcony in every apartment. That’s why for the new real estate projects in central Istanbul, common balconies which is called floor balconies will be more findable.

Reachable Prices

In order to follow this change in the preferences the most important thing is the price. It has to be reachable. In central Istanbul m2 prices are very expensive. It can cost over a million dollar to buy a villa in central Istanbul. That’s why people will go towards to outer Istanbul to meet their demands. You can find more information about in which areas large and villa type of properties must be preferred in our previous blog entry