What about real estate prices in Turkey 2020?
Last Updated: 2022-07-20
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Who does not let their imagination run wild every day, dreaming of the perfect comfortable home? Who does not dream of buying a property in Turkey? When asked "why Turkey?", we'll simply tell you, have you seen pictures of it? Or did you see its location on the map? Turkey is one of the most beautiful areas that you can take as a residence, as it combines tradition and modernity, in addition to being a link between East and West. Well, I think that we all agreed to buy an apartment in Turkey, but the question remains: What are the prices of apartments there and what contributes to raising or lowering the price now in 2020? You have come to the right place! Follow along with this article that will answer all your questions...
• What do the numbers tell us about the Turkish economy?
The Turkish economy has risen rapidly over the past few years and has been able to take the lead by being the largest Islamic economy, which was reflected in the prices of apartments in Turkey in 2019, which achieved unparalleled heights. This is in addition to Turkey being one of the active countries within the Group of Twenty (G20), which constitutes the strongest economy in the entire world. As the domestic product achieved in 2017, its division amounted to 851 billion dollars. As for Arab and foreign investments within Turkey, in 2017, they amounted to about $10.9 billion. The number of foreign investing companies reached nearly 58 companies in 2017.
All these achievements would not have occurred without internal, popular and national efforts through which Turkey was able to reach here before it even joined the European Union. One of the most influential factors on the Turkish economy is Turkey's mediating location between the continents of Europe and Asia, which constitutes an attractive factor in addition to other market and commercial factors preferred by Arab and foreign investors. For all these reasons and others, the real estate markets in Turkey flourished and witnessed an unprecedented rise as an important development tool and a means to revive the economy as a result of the high demand for it by citizens and expatriates alike, especially the Arab Gulf countries.
Despite this, and surprisingly, experts consider that the prices of apartments in Turkey to this day are still below their real value, which indicates the possibility of a rise in real estate prices in Turkey in the coming period to high numbers, especially the apartments within the projects that are still under construction, as it is expected to make significant profits upon delivery or even after a few years.
• Prices of apartments in Turkey:
Real estate prices in Turkey increased rapidly following the issuance of the foreign ownership law in 2012, because most Arab nationalities have the right to own real estate and apartments in Turkey. During the same period, many encouraging legislation and laws related to real estate and investment were issued, which reflected positively on the prices of apartments, achieving the joint and sustainable development interest for both sides, namely Turkey, the developing country, and the foreign investor looking for an opportunity for comfortable and safe investment.
The Turkish government, in addition to private real estate companies, plays a pivotal role in encouraging real estate investment, by providing many offers and facilities that lead to the possibility of owning a property in Turkey, as well as supporting new projects with distinctive and unaddressed ideas, and this is reflected positively on real estate prices in Turkey and gives investors greater freedom through various payment methods, among which we mention wide options for convenient installments. And all of this aims first and last to make the prices of apartments in Turkey suitable for all groups in society. You can get and search for the cheapest apartments in Turkey and you can also enjoy the luxury of villas, for example. Here, it must be emphasized that the stability experienced by the country in all political, economic and social aspects contributes to maintaining the prices of residential apartments and real estate and not being affected by it. On the contrary, it will witness a continuous rise with the passage of time.
• Granting Turkish citizenship through real estate investment:
The law on granting Turkish citizenship to foreign investors was issued in 2017. According to this law, an investor with another nationality can obtain Turkish citizenship when he buys a property worth 250 thousand dollars, provided he does not sell it for three years, for most nationalities.
• The difference between the prices of apartments in Turkey and the prices of neighboring European countries:
What attracts many real estate investors to Turkey is the cheaper prices compared to others. You can imagine that for 100 thousand dollars you can buy an apartment in Istanbul with a good area and within the most modern cities in Europe, isn't that wonderful?
Turkey provides golden real estate opportunities for investors from abroad compared to other neighboring countries overlooking the Mediterranean, in addition to rental returns that may reach up to 5.4%, which is the highest in this region.
• Factors affecting the prices of apartments in Turkey 2020:
1. Region: Apartment prices vary according to the features that the area enjoys, such as a privileged location, economic prosperity, and tourism. Among the tourist cities, we mention Istanbul, which is considered the most important for the presence of many historical monuments in addition to its sea view and the presence of many places for entertainment and fun. We also mention the city of Trabzon, Bursa and Antalya, which are no less important than Istanbul, with their magical scenes that take you to another world. On the contrary, apartment prices drop and demand is low in inner cities such as Konya, Gaziantep, and others.
2. Location within the city: Where prices vary depending on the apartment's proximity to service facilities, public transportation and service centers, in addition to the presence of hospitals, schools, universities, shopping centers and entertainment malls.
3. Apartment specifications: The number of rooms, the area of the property, the interior design, the type of materials used in the construction, the number of balconies, the number of bathrooms, the year of construction, the covering materials and many more.
Finally, we must recall that after you have made your decision to buy an apartment in Istanbul or any other city, do not forget to consult a reliable real estate company to provide you with all the information you may need about the property.
• The difference between the prices of apartments in Turkey and the prices of neighboring European countries:
What attracts many real estate investors to Turkey is the cheaper prices compared to others. You can imagine that for 100 thousand dollars you can buy an apartment in Istanbul with a good area and within the most modern cities in Europe, isn't that wonderful?
Turkey provides golden real estate opportunities for investors from abroad compared to other neighboring countries overlooking the Mediterranean, in addition to rental returns that may reach up to 5.4%, which is the highest in this region.
• Factors affecting the prices of apartments in Turkey 2020:
1. Region: Apartment prices vary according to the features that the area enjoys, such as a privileged location, economic prosperity, and tourism. Among the tourist cities, we mention Istanbul, which is considered the most important for the presence of many historical monuments in addition to its sea view and the presence of many places for entertainment and fun. We also mention the city of Trabzon, Bursa and Antalya, which are no less important than Istanbul, with their magical scenes that take you to another world. On the contrary, apartment prices drop and demand is low in inner cities such as Konya, Gaziantep, and others.
2. Location within the city: Where prices vary depending on the apartment's proximity to service facilities, public transportation and service centers, in addition to the presence of hospitals, schools, universities, shopping centers and entertainment malls.
3. Apartment specifications: The number of rooms, the area of the property, the interior design, the type of materials used in the construction, the number of balconies, the number of bathrooms, the year of construction, the covering materials and many more.
Finally, we must recall that after you have made your decision to buy an apartment in Istanbul or any other city, do not forget to consult a reliable real estate company to provide you with all the information you may need about the property.
Edited by Mersat Real Estate ©
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