While only a short ferry ride away from Turkey’s largest city, the Princes ’Islands are a breath of fresh air.
The Prince’s Islands, which consists of nine islands, gathered in the Sea of Marmara in Istanbul, are mostly car-free oases. The largest island, Buyukada, has 7,500 inhabitants, some of whom work remotely, so they travel to work by ferry to Istanbul in 1.5 hours.
An increasing number of teleworkers are raising prices on these picturesque islands. Real estate prices on Princes Island have risen by 52% in a year, making it one of the city’s most valuable districts to live on.
Sile, on the Asian side of Istanbul, was second with a growth of 51.8%, and Sariyer on the European side of the city came in third, with a price increase of 37%.
Turkish real estate agency director Cameron Deggin said the pandemic, like many social and economic phenomena last year, was behind renewed interest in the islands.
“A lot of people are looking for alternative options for the city,” Deggin said. “Because more people work remotely, some choose to move to holiday homes in places like Bodrum. Others are looking for places outside downtown Istanbul, which includes the Princes’ Islands. These buyers are looking for real estate in Istanbul in quiet locations with easy access. to town for a weird meeting or a day at the office. “
He also noted that lifestyle investors and buyers targeted other peripheral places such as Buyukcekmece, Avcilar and Zeytinburnu. “These places were already growing in popularity before the pandemic, but Covid-19 factors gave them a big boost. That in turn accelerated price growth,” Deggin said.
“So what we’re seeing now is doubly difficult for buyers: they’re moving away from the city, while at the same time investing wisely in real estate that will have decent capital growth.”
Deggin does not see that demand will slow down soon.
“We are looking at pandemic conditions on long distances. Although the center of Istanbul will always be popular, it means a steady influx of customers looking towards the city and looking for new horizons.”