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Influence of Arabs on housing prices in Trabzon
Influence of Arabs on housing prices in Trabzon

Arab investors’ interest in Trabzon in recent years has escalated housing prices. Arab investors prefer to buy housing in settlements in the eastern part of Trabzon, while housing prices in Kaşüstü, Şana and Yalincakıbi, Yomra and Pelitli residential areas are higher than other parts of Trabzon.

ARABIC INVESTORS OPT FOR THAT REGION

Providing information about the subject, Trabzon Construction and Real Estate Chamber President Ayhan Taflan stated that Arab investors mostly preferred the eastern region of the city for 80 percent of the residences and said that house prices changed accordingly. He pointed out that the price of a house in Trabzon started from at least 300 thousand TL and that foreign investors affected the market by pointing out that the best time to buy housing is winter season.

"BETTER BUY PROPERTIES IN WINTER"

Taking note that Arab investors acted on the market, Taflan said, "As the winter months are sluggish in the construction sector as in the other sectors, they usually begin to increase after April, so we can say that the summer months are more productive, however people are doing the opposite. "

THEY GO FOR EASTERN REGION

Having said that the Arabs preferred the city to the east in order to get housing, Taflan said that it raised the prices and stated that "the prices of the new buildings in the center of the Ortahisar town are somewhat high.When we look at the East, West and South side of the city, Arab investors are playing a big role, especially in the Eastern region, while a 20 percent portion of the city is distributed to the western and southern parts of the city.

Therefore, Arab investors are mobilizing the market. We may be happy that Arab investors buy housing in our city, but our greatest happiness is domestic investors’ interest. In other words, residents of the region who live in Trabzon can buy these houses as they are. This is our desire. When we investigate the prices we see that this is an issue of supply-demand. Where there is a foreign investor, prices do not want to change, so this affects the domestic market. The eastern part of the city, ie, Kaşüstü, Şana, Yalıncak, the prices are a little higher. Arab investors go fort he Eastern side as they are close to airports and tourism centers like Uzungol. At the same time, the followers of the region have also changed their supply-demand balance, which has led to an increase in prices."

HOUSE PRICES STARTS FROM 300,000 TL IN TRABZON

Taflan said that a new house in Trabzon starts from at least 300 thousand TL, "There are no old price policies, there is a price difference, there are housing prices starting from 300 thousand TL to 1 million in the market in our city and in Trabzon it is almost impossible to find a new house down from 300 thousand TL, it is not a type of project that citizens can prefer at such prices between 200 and 300 thousand," he said.

Taflan emphasized that one of the most important factors affecting housing prices in the city is the high land prices. "Lands are limited and the project are rare that’s why it’s normal to see the prices high. Trabzon has no cheapest area anymore. The project, which we call all the impacts and contributions that we expect to have in every way we expect, will be redundant during construction on the land plot constructions that can be born from the reconstruction after the south ring road project and this would result in a decrease in prices.” he concluded his words.

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