Young Age Housing Prices Continue to Increase in Istanbul After Earthquake

Stating that Istanbul people remember the 1999 Marmara Earthquake after the earthquake disaster which affected 10 cities on February 6, Endeksa Co-Founder and General Manager Görkem Ögut said, “İstanbulans are on the one hand seeking to move to less risky districts within the city, while on the one hand migrating out of the city is. According to the data obtained, earthquake migration in Istanbul has reached its peak in the last 20 years. While migrations continue rapidly both post-pandemic and earthquake, this pace continues to drive up housing prices as well. The earthquake has begun to bring a large wave of migration from east to west, and we anticipate that this wave will continue in the process. Not everyone's economic power can afford to move from the district where they are at once, but people at least want to move to a younger, new building in the same area. This caused the price to increase in new buildings. It is necessary to divide the housing market into two, before the earthquake and after the earthquake,” he said.

Beşiktaş’ta 0-4 yaş arası konutlarda ortalama metrekare birim kira 228,88 TL ve yıllık değer değişimi ise %92,37

According to the Endeksa data, value change in 0-4 years old housing for sale between September 2022 - April 2023 is 48% in Arnavutköy, 43% in Atasehir, 34% in Avcilar, 57% in Bağcilar and 41.27% in Bahçelievler, Öğüt emphasized that “As an Endeksa, to examine the impact of the earthquake on the Istanbul housing market We put the counties of Stanbul under the lens as buildings that are 0-4 years old and 16+ years old. For example, when we look at rental housing for 0-4 years in Besiktas district as of April 2023, we see the average rent per square meter unit is 228.88 TL and the annual rent value change is 92.37%. However, when we look at 16+ age housing values, the average rent per square meter unit is 205.36 TL, while the annual rent value change is 89.55%. In this district, the price increase created by the demand difference between old and new buildings can be observed quite clearly. To evaluate residences for sale for Besiktas; The annual value change of buildings between 0-4 years old was 80.60%, while this figure was 88% in buildings older than 16 years old, "he said.

Tuzla’da 0-4 yaş konut kiralarının yıllık değer değişimi %150

We see that the demand difference and value change between new residences and old residences is greater in the districts indicated to be risky about earthquakes. We do not see a similar trend in districts where earthquakes are listed as risk-free or less risky. For example, in Tuzla, the annual value change of housing rents 0-4 years old is observed at a fairly high level of 150%. In 16+ year old buildings in Tuzla, this situation is not much different, according to our data, this figure is 135.57%.

 

Avcılar'da  0-4 yaş arası konutlarda metrekare  19.428  TL, yıllık değer değişimi %111

When we examine other areas of Istanbul; As of April 2023 in Arnavutköy, the sale price of square meters in residences for sale for 0-4 years of age is 18,688 TL, annual value change 135%, Ataşehir 36.034 TL, annual value change 103%, Avciler 19.428 TL, annual value change 111%, Bağcıler 19.055 TL, annual value change 19,055 TL, yearly The value change occurred at 169%.

 
Arnavutköy'de 16 yaş ve üzeri konutlarda Nisan 2023 itibariyle metrekare satış fiyatı 17 bin 652 TL

As of April 2023, these figures were in residences aged 16 years and above; square meter sales price in Arnavutköy was 17.652 TL, annual value change 170%, Ataşehir 32.849 TL, annual value change 93%, Avcilar 13,490 TL, annual value change 110%, Bağcilar 13.780 TL, annual value change 145% ti.

 

Çekmeköy’de 0-4 yaş kiralık konutlarda metrekare birim kira 107,77 TL oldu 

As of April 2023, Çekmeköy is another district that attracts interest in 0-4 years old residences. As of April 2023 in Çekmeköy, rent per m2 unit in rented residences aged 0-4 years was 107.77 TL, and the annual value change was 172.22%. In Sarıyer, m2 unit rent was 259.35 TL, while the annual value change was 97.63%. As of April, when looking at rental housing over 16+ years old, it is seen that the rent per m2 unit in Çekmeköy is 88.08 TL and TL 156.86 in Sarıyer.

 

Beyoğlu was a district that attracted attention to the annual value change as of April 2023. As of April 2023 in Beyoğlu, the annual value change of 0-4 years of housing for sale was 179%, while the average sales price per square meter was 40.749 TL. In Beyoğlu, as of April, the average sales price per square meter was 46.167 TL, and the annual value change amounted to 156%.

 
Kullanıcılarımız deprem riskini öğrenerek önlem alabilir

CEO Ögüt, “Index, which makes real estate value calculation with artificial intelligence, contains many important information such as population distribution, demographic structure, real estate distribution, living spaces, commercial parameters in the region, in addition to real estate market information. By selecting a location, users can also see the risk of regional earthquake hazards here. With the awareness of being an earthquake country as an index, we always keep this issue in our studies. Earthquake hazard risk is also a service we have been offering for a long time. We try to support the work done as much as we can within the framework of our own field of expertise. We wish users to be able to contribute to taking precautions by learning the risk of earthquakes in the area they live in. In this area, we will continue to improve our platform and update it with new data.”