Demand for summer houses fades away fast after pandemic

ISTANBUL

During the pandemic era, the demand for summer houses swelled dramatically as residents of big cities flocked to these secluded retreats, seeking "isolated holidays" as a way to escape the threats posed by the coronavirus.

Prices of summer houses rose tenfold in some resort towns along the coasts of the Aegean and Mediterranean during that period. But things have changed after four years.

More and more summer houses are put on sale but there are fewer buyers now. The appetite for summer houses has weakened not only because the pandemic is over but also the general perception that going on a holiday is now more expensive than ever.

“When buying a house, people are taking into account several factors; not only the physical condition of the property but also the conditions in the surrounding area, such as restaurants and social life,” said Arzu Turan from Emart Gayrimenkul, a real estate agency.

If restaurants and social activities are more costly, demand is weaker, according to Turan.

Summer houses are not a must for many people, those properties are non-discretionary, she added.

“Prices are coming down because there are more such properties that are offered for sale in the market.”

However, this does not apply to all resort towns and there are exceptions, according to Turan.

Demand is always strong for summer houses in tourist hotspots such as Çeşme, Bodrum and Alaçatı, she said.

People could hardly find a rental house in Antalya last year, but this is not the case anymore, said Baki Budakoğlu, chair of Denge Değerleme, a real estate appraisal company.

The number of rental houses available in the market increased from 21,500 in July 2023 to 23,600 in the same month of this year, Budakoğlu said.