Turkey’s housing prices compete with Europe

■ Hülya Keskin Oruçoğlu

TürkiyeKaan Yücel, member of the executive board of Polat Gayrimenkul, stated that housing prices in Turkey compete with Europe and said: “Costs have increased a lot. Housing prices have become more expensive. For example, the average price per square meter of a home in Hamburg is 8,000 euros. “In Istanbul Piyalepaşa is between 6,000 and 6,500 euros,” he said. Yücel stated that he does not expect a decrease in housing prices in Turkey and stated that prices will remain stable for a while, but he expects an increase in prices in foreign currency. Explaining Polat Gayrimenkul’s projects in Hungary at the press conference in Budapest, Yücel said that after investing 150 million euros in Duna Pearl and 300 million euros in City Pearl in Budapest, they also invested 150 million euros in the new housing project that they discussed with the Spanish Fund, said that they are planning an investment of . Referring to the new investment targets, Yücel said: “We are analyzing new housing opportunities in England, Athens, Belgrade and Berlin.”

The workers are from Türkiye.

Kaan Yücel said that for the 193-story Duna Pearl project they brought approximately 150 workers, including plasterers and painters, from Turkey. City Pearl General Manager Çağrı Oyman stated that the project area was an 18th-century slaughterhouse and the iconic water tower, twin bull statues and ballroom built in 19th-century Empire style have been restored. Oyman said the project will have 750 apartments, 54 shops and 14 restaurants.