In Samsun, one of Türkiye’s most dynamic mid-sized cities, the real estate market is undergoing a notable transformation. Amid economic constraints and shifting buyer priorities, the demand is rapidly shifting away from new, large-scale residential units toward older and more affordable properties—especially those located in the city’s outer districts.
According to Mevlüt Oral, President of the Samsun Real Estate Agents Chamber, the city has witnessed a dramatic increase in housing sales, with recent data showing that sales volumes have doubled compared to the same period last year. However, this surge in activity has come with clear trends that reflect the financial reality of the region’s residents.
Rising Sales in the 2 to 4 Million TL Range
The majority of residential property transactions are now taking place in the 2 to 4 million Turkish lira price band. These properties are typically older homes located in less central areas. Oral explained that this price point is more accessible for the average household, especially considering the growing disparity between construction costs and consumer purchasing power.
“A newly constructed 3+1 apartment of 130 square meters now costs about 5 million lira to build,” said Oral. “For developers to remain financially viable, these homes need to be listed at around 6 to 6.5 million lira. That’s simply out of reach for many middle-income families. As a result, we are seeing increased interest in older and more affordable properties.”
This shift has created a market paradox. While the number of transactions is increasing, much of the activity is concentrated in the resale market rather than new construction. This trend, according to Oral, is a byproduct of supply shortages stemming from pandemic-era construction slowdowns and the subsequent rise in building material costs.
Soaring Rents Create a Two-Tier Market
The rental market in Samsun tells a similar story. The demand for affordable rental properties remains high, particularly for listings between 8,000 and 10,000 TL per month. These properties are usually older buildings located in suburban neighborhoods.
In contrast, newly built rental apartments are commanding significantly higher prices. According to Oral, monthly rent for a standard new apartment falls in the 15,000 to 20,000 TL range, while the average cost of renting a mid-tier home is now 20,000 to 25,000 TL.
“These prices are simply not sustainable for most tenants,” he said. “The number of households able to pay this much in rent is extremely limited. As a result, demand is concentrated on the more affordable segment, and these units are quickly rented out.”
This two-tier system is causing a divide in the rental market between those who can afford modern amenities and those who are forced to compromise on location and quality to stay within budget.
Investors Favor Compact Units for Quick Turnover
While traditional families tend to seek out larger living spaces, investors are focusing their attention on 1+1 apartments, which have become a preferred choice for students and single professionals. These compact units offer better rental yields due to higher turnover and relatively low maintenance costs.
“Apartments with one bedroom are rarely chosen by families,” said Oral. “Even though average household sizes are declining, most families still require at least 80 to 90 square meters of space. That makes older, larger apartments more appealing for this demographic, despite their age.”
This market segmentation reflects broader demographic and economic trends across Türkiye. As family structures evolve and younger generations delay marriage or live independently for longer, the demand for smaller units is rising in tandem.
Why Old is the New Gold in Samsun
The current housing trend in Samsun reveals an important shift in buyer behavior. With new home prices becoming prohibitively expensive for many, older apartments are gaining a second life in the city’s real estate landscape. They may lack modern finishes or energy-efficient systems, but they offer one key advantage—affordability.
This has also impacted renovation services and secondary construction markets, as buyers often invest in upgrading these older units after purchase. From new flooring to updated kitchens, many homeowners prefer to customize older properties rather than stretch their budget on a newly built home.
Pandemic’s Lingering Effects on Housing Supply
The imbalance between supply and demand can be traced back to the COVID-19 pandemic, which caused a sharp decline in new housing construction. Although projects have since resumed, developers are now facing significantly higher input costs, including cement, steel, and labor.
This rise in costs is making it increasingly difficult for builders to offer homes at prices that align with local income levels. “Even though new construction has restarted, the economic model doesn’t support mass affordability,” Oral added.
The consequence is a persistent shortage of accessible new housing, forcing buyers and renters to turn to the existing housing stock, particularly in lower-income neighborhoods.
The Impact of Urban Planning and Development Policy
While local authorities have tried to balance expansion with sustainability, Samsun’s real estate dynamics continue to be shaped by broader economic and legislative frameworks. Urban transformation projects, mortgage interest rate policies, and zoning regulations all influence housing availability and pricing.
There is also a growing concern about the quality of older buildings, particularly in terms of earthquake resilience and insulation standards. However, until more accessible housing policies are implemented, many residents see these homes as their only viable option.
Looking Ahead at Samsun’s Housing Trajectory
Market watchers believe the current trend toward older and smaller properties will continue unless significant changes are made in financing and policy support. Without intervention, Türkiye’s mid-sized cities like Samsun could face growing inequality in housing access, as modern, safe housing remains concentrated among high-income groups.
Yet, this trend also provides opportunities for real estate investors and developers, particularly those who specialize in redevelopment and refurbishment. As energy efficiency, smart technology, and modular construction become more accessible, the ability to transform older homes into valuable assets could reshape the entire landscape.
