Real Estate Prices in Türkiye
Last Updated: 2023-09-06Latest Developments on Real Estate Prices in Türkiye
Türkiye occupies a privileged geographical location and a safe environment for investors, which has attracted many investors to purchase various properties in order to invest in real estate, business investment or to obtain Turkish citizenship. These made Türkiye one of the fastest developed countries in the world in the real estate sector.
Türkiye's real estate sector has also shown remarkable growth in the past ten years.
In this article you will read:
-Property prices differ by city.
-How real estate prices are determined in Türkiye?
-Real estate prices in Türkiye 2023.
-Apartment prices in Turkey compared to European Union countries
-The future of real estate investment in Türkiye.
Property Prices Differ by City:
Each city in Turkey has its own unique characteristics that set it apart from others, and several factors influence property prices in Turkey, often leading to their financial and real estate appreciation. One of these factors is the city's status and importance in relation to real estate. Istanbul, for example, is considered the most attractive destination for foreign investors due to its status as a tourist, economic, and historical hub.
In contrast, cities like Mersin or Karabuk, as well as other Turkish peripheral cities, tend to have lower property prices compared to Istanbul or the capital, Ankara. This can be attributed first and foremost to the importance of the city itself, and then to the significance of the specific region within that city where the property is located. This plays a significant role in determining property prices.
Furthermore, property prices in city center areas are typically higher compared to suburban areas. Additionally, proximity to or distance from tourist attractions and beautiful views also affect property prices.
In summary, the factors that influence property prices in Turkey are multifaceted, with the city's importance, the region within the city, and proximity to attractions and scenic views all playing vital roles.
How Real Estate Prices Are Determined in Türkiye?
There are many factors affecting the price of apartments in Turkey:
-
Location:
The location of the apartment is one of the most important factors that raise its price, as the price of a house in Istanbul increases as the importance of the site increases and being near to public transport and major roads.
The neighborhood or the city in which the apartment is located also gives it some special and distinctive qualities that go into determining its price.
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View and Size:
The price of an apartment in Türkiye increases as its view expands and becomes more important, so of course the price of the apartment overlooking the Bosphorus Bridge will not be equal to one of the apartments located on the outskirts of Izmir, for example. Also, the more the size of the house increases, the more its value increases.
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Ready or Under-construction:
The price of a ready for habitation house in terms of furnishings, designs, electricity, water, telephone and internet is different from the price of the house that is still under construction. Of course, the price of the property or ready for habitation house will be more expensive, but in proportion to the degree of readiness and quality of the designs, furnishings and others.
Each of these two types of homes in Türkiye has its own specific features and characteristics, which in turn attract different segments of the population and investors.
-
Cladding:
Each design, type of furnishings, colors, extensions and other equipment, even the materials used for construction have an impact on how the house is priced in Türkiye.
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Services:
On top of all these factors, the availability of services such as security, hygiene and certain facilities, such as a garden or swimming pool, are factors that have a fundamental impact on determining the level of luxury as well as the price of the property. Naturally, the more the facilities and services are there, the higher the price of the house in Türkiye.
Real Estate Prices in Türkiye 2023
We can say that with $100,000, you can purchase a decent apartment in one of the major cities in Turkey, such as Istanbul. Generally, apartment prices in Turkey remain relatively low compared to countries offering similar real estate features.
It is expected that the real estate and construction sectors in Turkey will continue to grow and achieve sustainable profits. Arab and European investors continue to seriously consider these sectors in Turkey due to the expected profits from the continuous improvement in apartment prices.
There are still promising areas and vast spaces in Turkey awaiting investment, and they have not yet attracted the attention of investors and developers. These areas are characterized by their current low prices and promising strategic locations.
According to statistics, Istanbul alone needs approximately two million new housing units, indicating that government and private construction companies will continue to initiate new residential projects and offer apartments for sale in Turkey. This suggests expectations of rising apartment prices in Turkey in the future.
In general, clients always seek approximate estimates of apartment prices in Turkey. In this paragraph, we will discuss property prices in two Turkish provinces:
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Istanbul: This province has a very large real estate diversity with five levels of apartment prices.
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Trabzon: Its real estate prices are average in Türkiye, and its an attracting city to foreign investors.
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Istanbul:
Istanbul apartments can be classified on five levels:
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Level I: an apartment in a luxury project such as "Emaar Square Residences" in Üsküdar.
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Level II: an apartment in an upscale project in a downtown area such as "Taksim Saray Project" in Taksim.
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Level III: an apartment in an exquisite project in an area far from the city centre like "the Luxury Oasis Project" in Başakşehir.
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Level IV: an apartment in an average residential neighborhood in the city centre such as "residential apartment in an average neighborhood" in Fatih.
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Level V: an apartment in an average residential neighborhood far from the city centre like "residential apartment in an average neighborhood" in Esenyurt.
|
Level I |
Level II |
Level III |
Level IV |
Level V |
|---|---|---|---|---|
|
$5,000 Per square meter |
$3,000 Per square meter |
$1,750 Per square meter |
$1,000 Per square meter |
$500 Per square meter |
-
Trabzon:
There are only two levels of apartment prices in Trabzon:
-
Level I: Apartments in a high-end project with the highest standards of luxury for its residents " Yomra Gardens Project".
-
Level II: Apartments in a middle neighbourhood in Trabzon center.
|
Level I |
Level II |
|---|---|
|
$600 per square meter |
$300 per square meter |
Apartment prices in Turkey compared to European Union countries:
Apartment prices in Turkey attract Arab investors significantly compared to European countries. For example, you can purchase a small apartment in Istanbul, Turkey's economic capital and the world's largest city in terms of population, for $100,000. Such apartments often have a good tourist location and hold promising investment value, which can increase to $140,000 when they are ready for sale. According to the American newspaper "The New York Times," the average property prices in Turkey generally remain 50 to 60% lower than those in Eastern Europe and 80 to 90% lower than similar property prices in Western Europe.
Turkey offers foreign investors attractive real estate opportunities compared to other Mediterranean countries. In addition to the low prices, you can also achieve rental yields of around 5.4%, one of the highest returns in the region.
The Future of Real Estate Investment in Türkiye:
Investing in Türkiye's real estate provides a good return of the Turkish economy's return, as Türkiye's real estate sector accounting for one fifth of the country's GDP (about 20%). Thus, we note the great interest the Turkish Republic gives to this particular sector and its constant quest to attract and encourage real estate investors.
Turkish real estate studies have confirmed that Türkiye's real estate market will witness the sale of more than six million housing units by the 100th anniversary of the founding of the Republic in 2023, with a financial value of US$400 billion at the very least.
The reason why so many sales are expected is, certainly, the increased demand for Türkiye's real estate, especially by foreigners in the past 10 years, with more than 1.2 million properties sold in 2015 only.
Absolutely, you can benefit from the after-sale services of Mersat Real Estate, such as property management through renting out the property, making the necessary contracts, obtaining Turkish citizenship and conducting real estate transactions.
Edited by Mersat Real Estate Team ©
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