After the 6.2 magnitude earthquake that occurred off the coast of Silivri in the Marmara Sea on April 23, there were remarkable changes in Istanbul's housing market. According to Makro Life data, the prices of newly built houses, especially in districts with poor ground quality, increased at higher rates compared to old buildings in the same regions. On the other hand, demand also increased in areas where detached houses are concentrated, regardless of the location.
In the study of Makro Life, which provides real estate valuation services with artificial intelligence and data analysis, the price changes of new houses for sale in Istanbul were analyzed in the one-month periods before and after the earthquake. After 2020 with new houses built before 2000 old houses built were compared.
E-5 highway has become a border region in terms of risk
In the coastal districts of Istanbul close to the fault line, after the earthquake, much higher increases were seen in the sales prices of new houses compared to the prices of old houses. The most striking example of this situation occurred especially in the districts south of the E-5 highway on the European Side. For example, price changes in old houses in Zeytinburnu %3 While the prices of new houses %30 increased. Again in Büyükçekmece, in old houses %2; In new residences %10 price increase was recorded. Sales prices of old houses in Beylikdüzü %1 While sales prices of new houses are decreasing %5 rose.
Similar trends were seen in some districts on the Anatolian Side. For example, in Tuzla, which has a dense settlement on the coast, sales prices of old houses %4 increasing in new housing %8 There was an increase. These data show that new and durable structures are starting to be preferred in these regions, which are considered risky due to their location and ground.
Districts that gain value independent of the ground: Şile, Sancaktepe, Silivri
On the other hand, it was observed that in some districts there were increases independent of the ground structure or age of the houses. Especially in areas on the periphery of Istanbul or where detached, low-rise buildings are common, the prices of old houses increased above the Istanbul average. For example, even though it is close to the fault line where the earthquake occurred, the prices of old houses in Silivri are %26 increased. Prices of old houses in Şile, where low-rise or detached houses are concentrated and is considered less risky in terms of earthquakes due to its location in the north of Istanbul, are %22 rose. Sales prices of old houses in Sancaktepe %17 rose.
Görkem Öğüt: “The direction towards the north has begun”
Makro Life Founding Partner and General Manager Görkem Öğüt evaluates this table as follows:
"After the earthquake, as expected, a trend towards the north and the periphery of Istanbul began. We observe serious activity, especially in Beykoz and Şile. These districts are followed by Çatalca and Silivri. The common feature of these regions is that they are relatively far from the active fault line in Istanbul and offer lower density settlements. Although Silivri is one of the regions that felt the earthquake, there is a remarkable increase in demand here, too, because it is located on the periphery and is more accessible in terms of price. Beyond "On the other hand, we observe that an outward migration has begun in central districts such as Beşiktaş, Beyoğlu and Şişli, which have been stable for a long time. Housing prices in these regions were already quite high and buyers began to prefer more accessible, less risky regions."
