During the period when housing and automobile prices increased at record levels, land, field and commercial real estate sales broke records. In the first 10 months of the year, 1.4 million plots of land were sold, reaching the highest level in history.
Across the country, 2 million 419 thousand 981 real estates changed hands in the January-October period. 993 thousand 835 of these sales were residences. Housing sales decreased by 14.3 percent in 10 months compared to the same period last year.
Land, field and commercial real estate sales reached the highest January-October period of all time with 1 million 426 thousand 146 units in 10 months. In the same period last year, this figure was 1 million 391 thousand 787. The increase rate was 2.5 percent. Despite the decrease in housing, the increase in other real estate types attracted attention.
Based on the January-October periods, the number of sales of land, field and commercial real estate was 1 million 176 thousand in 2021, 1 million 17 thousand in 2020, 828 thousand in 2019 and 1 million 14 thousand in 2018.
While the share of non-residential real estate in total sales reached 58.9 percent for the first time, this rate broke a record and reached 62.2 percent in October. The share of non-residential sales in the January-October period was between 44.3 percent and 54.5 percent in the previous 5 years.
The majority of non-residential real estate sales consist of land and fields.
The most important reasons include the increased interest in fields after Covid-19 and earthquakes. The rise in housing prices and interest rates also directs investors to land and fields that suit their budgets. Because citizens who cannot buy housing want to invest in affordable land and fields, especially to protect themselves from inflation. The prevailing idea is to buy land or a field and put containers or prefabricated houses in it. This increases interest.
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