Demand for land skyrockets: Antalya, Izmir and Mugla hit the peak

With the rise in house prices, the demand for land increased by 29.6 percent compared to the previous year. Interest in land plots also caused prices to rise. Due to the pandemic conditions, as well as the fact that the land is more accessible in the face of rising house prices and is considered a protection against inflation, the demand for land that has become an investment vehicle has reached its highest level since 2021.

According to the data of the TURKSTAT and the Dec Directorate of Land Registry and Cadastre, the demand for land increased by 29.6 percent compared to the previous year and reached the band of 1 million 528 thousand. Of these sales, 722 thousand units were land, 480 thousand were land plots, while other sales were workplace, factory, office, warehouse, industrial site.

The number of houses sold in Turkey during the same period decreased by 0.5 percent and was recorded as 1 million 491 thousand 856. High demand has also pushed up prices. Land and plot (parcel) prices, which change in from six months to a year, have now started to change on a monthly basis.

HIGHEST INCREASE IN ANTALYA AND MUGLA

According to the data of the real estate valuation Index, prices on residential zoned land plots increased the most in Antalya. The price of land plots in Antalya increased by 131 percent year-on-year, square meter prices increased to 1923 TL, while in Izmir they increased by 103 percent to 2 thousand 228 TL. Mugla became the third city with an increase of 98 percent and a square meter price of 1847 TL. The average square meter prices in Istanbul increased by 76 percent to 2 thousand 844 TL and became the fourth in the list.