The recent earthquake measuring 6.2 on the Richter scale that shook Istanbul, leaving more than 150 injured, has triggered a surge in demand for ‘safe homes’ located at lower altitudes or in areas with lower seismic risk, as well as for housing and land away from the city centre.
According to the Turkish newspaper Milliyet, the earthquake that spread panic in Istanbul and forced more than 100,000 people to sleep outside their homes for fear of continued aftershocks has triggered a surge in demand for low-rise single-family homes and real estate purchases in areas away from the Sea of Marmara, where the epicentre of the earthquakes was located. Those who can afford it are choosing to sell their homes in high-rise flats and skyscrapers and looking for alternatives in less densely populated areas on the outskirts of the Turkish metropolis, where they can buy low-rise flats and single-storey houses, as well as some land.
Mustafa Hakan Özelmacıklı, a real estate expert, confirmed that there has been an increase in demand for land on the outskirts of Istanbul, which many residents are seeking as a ‘plan B’ for living; prices in these areas far from the city range from 3,000 to 4,000 liras (70-90 euros) per square metre, depending on their location and access to roads, although they can reach up to 5,000 liras (115 euros) if they are officially within the city limits.
Prices skyrocket, however, if you are looking for building land where you can build edifications; in this case, the cost ranges from 10,000 liras (€230) per square metre for the cheapest to 15,000 liras (345 euros) per square metre, to which must be added the permits, costs and taxes for building a house, which can be up to two storeys high. Precisely, container houses and prefabricated homes are also gaining popularity to reduce these costs; however, authorities remind that this type of construction cannot be placed on land without the appropriate permits.
Another ‘safe’ housing option that has gained popularity after the latest earthquake in Istanbul are caravans, which many buyers are looking for as an alternative option to move to in the event of an emergency or earthquake, or even as an alternative lifestyle to city life; in this case, prices in Turkey range from 160,000 000 liras (3,600 euros) to 15 million liras (340,000 euros), depending on size, options and amenities.
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Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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