Bursa Chamber of Commerce and Industry (BTSO) Real Estate Agencies and Similar Activities 54. Committee Chairman Özkan Aydemir said that approximately 1 million independent sections used as residences were destroyed due to the earthquakes on 6 February that affected 11 provinces.

Emphasizing that the earthquake reminded us of urban transformation once again, Aydemir said, “The earthquake has shown that this work needs to be accelerated and transformed immediately. Unfortunately, the annual housing need has increased from 600-700 thousand to over 1 million. In the last 4 years, our country has not been able to achieve the supply-demand balance. We observed an upward price increase in rental housing and real estate prices.

Stating that newcomers to real estate business cannot make accurate pricing and appraisal, Aydemir stated that they saw that the top floor of an apartment with a price of 3 million TL in the same apartment increased to 5 million TL.

Expressing that some real estate owners in the vicinity increased the price of their flat when they saw the 5 million lira advertisement, Aydemir drew attention to the fact that this led to large-scale fluctuations in the market.

Pointing out that the demands of those who are looking for a home have changed after the earthquakes, Aydemir used the following statements:

“People were looking for residence life, security, social life, pool and children’s playgrounds before, but this situation has changed with the earthquake. Now people are looking for whether it is suitable for an earthquake, whether it is zero, is there a raft foundation, is there a bored pile… First of all, they started to prefer buildings that are safe in terms of earthquakes. Citizens have now put social life in the background. No one looks at high-rise apartments and apartments above 6-7 floors because of the fear of earthquakes. Generally, everyone looks at low-rise places. Also, the building is earthquake-proof “I recommend that property buyers go to the municipalities to look at the static project of the flat and the use of the building. They can easily learn the construction year of the building from the municipalities. In other words, if they want, they can get that static project from their municipality up to all their information.”

The owners of the apartments on the ground and first floors are in a hurry to sell their houses

Göksel Birsen, President of the All Entrepreneurial Real Estate Consultants Association, stated that there have been serious increases in flat sales prices for several years due to the supply-demand imbalance, and that the existing building stocks do not meet the demand.

Pointing out that the demand increased due to the earthquakes, Birsen said that the earthquake victims had to migrate to regions such as Central Anatolia, Marmara and Aegean, especially to the surrounding cities, which created a new wave of demand and increased prices.

Referring to the changes in the preferences of those who want to buy a house, Birsen continued as follows:

“Citizens living in old buildings are in demand for new residences because they want to live in a safer structure. Those living in the complex are looking for a detached house. Those living in the old flats say, ‘Can we move to houses built after the earthquake regulation?’ “In this context, it is possible to say that the rents have increased due to demand. Now, the earthquake resistance of the building is given importance before the features such as the size of the house and its proximity to the metro. In short, with the earthquake, the preferences and priorities have changed towards the robustness and safety of the building. Of course, they reflect this on the prices on the internet. The house buyers will buy high-rise buildings.” “It stays away from buildings. Also, they are not currently requesting ground and first floor apartments. Those who live there are also busy trying to sell their ground and first floors.”

Birsen suggested creating value maps of neighborhoods or districts and determining flat prices according to upper limits.

Birsen, who stated that such arrangements to be made on a temporary basis would enable to control prices until the supply-demand balance is achieved, said, “Citizens do not react to increases caused by inflation and costs, but to increases that have no economic justification. A decrease in housing loan rates or an earthquake will increase the price of a house. Social housing should continue to be built to meet the need for shelter,” he said.

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