Does Housing Prices After Bodrum Earthquake Fall?

With its increasing appeal in recent years, Bodrum has become one of the favorite locations in the construction sector. Thursday night In Bodrum, 6.6 magnitude earthquakes were overtaken, but as with every earthquake, the eyes were turned to the buildings in the region.

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Sadiji Group Chairman Recai Cakir Bodrum, which has been developing projects on construction and tourism investments in Bodrum for about 30 years, said that half of the 200 thousand dwellings currently in existence are unhealthy risky buildings and should be renovated.

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Recai Cakir, who is also a member of Board of Directors of Promotion Foundation of Bodrum Peninsula, said "50% of these houses with white painted or stone, flat roofs consisting of more 2 storeys were built after 1999 earthquake. Every building constructed before the 1999 earthquake is carrying a risk. A budget of 7.5 billion TL is required for the renovation of the buildings before 1999. If half of these are in tourism, a fund should be set up to be evaluated in housing projects. While the buildings are being renovated, they need to start transforming again in tourism ".

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Recai Çakır, explains that the cooperatives should be replaced with zero hotel investments and the residence projects should be developed just behind the hotels. "If the houses are built in the front part and the back part is built, the houses own the same square meter rights and they gain at least 5 times the value of their houses and they become tourism investors. Life in Bodrum is 12 months, and Bodrum is a luxury living center. "

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    fatma Written by:

    Fatma Şahin fatmasahin@istanbulinvestments.com

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