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Architect Şerif Soğukbulak said that investors with high income levels are turning to luxury residences. Stating that “Making detached residences luxurious has become an investment tool”, Soğukbulak said, “There are investors who buy affordable houses and spend more than the price of the house and make it luxurious. This has become a very attractive investment option.”
*** This release is originally published in Turkish.
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İSTANBUL (TR) - Architect Şerif Soğukbulak, founder of Artstyle Architecture, made evaluations regarding the demand for luxury housing during the pandemic process. Emphasizing that the covid-19 pandemic has increased the demand for luxury villas and residences, Soğukbulak said, “According to global real estate brokerage data, high-quality housing sales increased by up to 50 percent in some countries in 2020 compared to the previous year. There is an intense demand for both luxury and detached houses. The orientation of the business world to remote work also has an effect on this. The ultra-rich are turning some of the rooms of their private homes into business areas. So they manage things from their homes.”
Stating that the increase in housing prices apart from these factors makes luxury residences attractive for investment, Architect Şeref Soğukbulak said, “The people with high income spend more on their homes. There are people who spend as much money on home remodeling or improvement applications as the price of the house or even more than the price of the house. This shows that the rich above a certain income level invest more in luxury.”
Pointing out that low housing loans or low borrowing costs positively affect the demand for luxury houses, Şerif Soğukbulak continued as follows; “People need more space in quarantine restrictions. For this reason, the demand for large, spacious, detached and larger properties is increasing. For example; some of our customers who have a villa with a large garden want to expand their living spaces at home by building additional rooms in the villa areas. The luxury housing market is normally sluggish; However, there has been a serious movement in the market for the last 1 year, as the need for living spaces has increased and families with high income have not given up on their comfort.”
“The number of luxury residences is gradually increasing; because senior homeowners have the flexibility to move around in financial instruments during the pandemic. Increased supply of luxury homes for sale allows wealthy buyers to choose” Saying Soğukbulak used the following statements: “The pandemic has shown that houses become our shelters in extraordinary situations. People staying in quarantine started to need more comfort. Comfort has become a standard need for people who have to manage their work at home. This situation changed real estate habits. People are now turning from the city to places close to nature and comfort.”
Pointing out that investors with high income levels are becoming more interested in luxury residences close to natural environments, the experienced architect emphasized the following; “Making single-family residences luxurious has also become an investment tool. There are investors who buy affordable houses and spend more than the price of the house and make it luxurious. This has become a very attractive investment option. The number of people who buy land or fields at affordable prices and build luxury villas on it is also very high. In other words, a trend towards luxury draws attention in the real estate sector.”