What about real estate prices in Turkey 2023?
Last Updated: 2023-07-27What about real estate prices in Turkey 2023?
Who among us does not let his imagination go away every day dreaming of the perfect comfortable home? And who among us does not dream of buying a property in Turkey? When asked why Turkey? We will simply tell you have you seen pictures of it? Or have you seen its location on the map?
Turkey is one of the most beautiful areas that you can take as your residence, as it combines tradition and modernity, in addition to being a link between East and West.
Well, I think we all agreed to buy an apartment in Turkey, but the question remains: What are the prices of apartments in it and what contributes to raising or lowering the price currently in 2023?
What do the numbers tell us about the Turkish economy?
The Turkish economy has risen rapidly over the past few years and was able to take the lead as the largest Islamic economy, which was reflected in the prices of apartments in Turkey in 2022, which achieved unprecedented rises.
This is in addition to being one of the active countries within the G20, which constitutes the strongest economy in the entire world.
Where the domestic product in 2022 achieved up to 832 billion dollars,
As for Arab and foreign investments within Turkey, in 2022 amounted to about $ 10 billion.
The number of foreign investing companies reached approximately 2,422 companies in 2022.
All these achievements would not have happened without self-efforts, popular and patriotic 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 middle location between the continents of Europe and Asia, which is 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 have flourished and witnessed an unprecedented remarkable 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 are still to this day below their real value, which indicates the possibility of real estate prices in Turkey rising in the coming period to high numbers, especially apartments within the projects that are still under construction, as they are expected to achieve large profits upon delivery or even after a few years.
Apartment prices in Turkey
Real estate prices in Turkey have increased rapidly after 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 legislations and laws related to real estate and investment were issued, which reflected positively on apartment prices, achieving the common and sustainable development interest of 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 pour into the possibility of owning a property in Turkey, and also supports new projects with distinctive and uncharted ideas, and this is reflected positively on real estate prices in Turkey and allows investors greater freedom through various payment methods, including wide options for convenient installments, and all this is its first and last goal to make apartment prices in Turkey Suitable for all groups in society, you can get and search for the cheapest apartments in Turkey, and you can 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 apartments and real estate and not being affected, but on the contrary, it will witness a continuous rise over time due to the Turkish government's mega projects such as Istanbul Airport and the Istanbul Canal and the establishment of modern and advanced transport lines and supporting them with fast transportation, which in turn contributes significantly to increasing the demand for real estate investment and increasing prices significantly.
Granting Turkish Citizenship through Real Estate Investment
The law granting Turkish citizenship to foreign investors was issued in 2017, and according to this law, an investor with another nationality can obtain Turkish citizenship when he buys a property worth $ 250,000, then the law was amended in 2022, and the value of buying real estate was raised to $ 400,000, provided that he does not sell it for three years.
The difference between the prices of apartments in Turkey and their prices in its neighbors of European countries
What attracts many real estate investors to Turkey is the cheap prices compared to others, you can imagine that with $ 100,000 you can buy an apartment in Istanbul with a good area and among the most modern cities in Europe, isn't that great?
Turkey provides golden real estate opportunities for investors from abroad compared to other neighboring countries bordering the Mediterranean Sea, in addition to rental yields that may reach up to 5.4%, which is the highest within this region.
Factors affecting apartment prices in Turkey 2023
- Area:
Apartment prices vary according to the features that the region enjoys from a privileged location and economic and tourist prosperity. Among the tourist cities, we mention Istanbul, which is considered the most important because of the presence of many historical monuments in addition to its view of the sea and the presence of many places dedicated to entertainment and fun. We also mention the city of Trabzon, Bursa and Antalya, which is no less important than Istanbul with its magical scenes that take you to another world. On the contrary, apartment prices are low and demand decreases in inner cities such as Konya, Gaziantep, and others.
- Location within the city:
Where prices vary according to the proximity of the apartment to service facilities, public transportation, and service centers, in addition to the presence of hospitals, schools, universities, shopping centers, and entertainment malls.
- Apartment Specifications:
Number of rooms, property area, interior design, type of materials used in construction, number of balconies, number of bathrooms, year of manufacture, cladding materials and many more.
Finally, we must remind 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.
Editorial Mersat Real Estate Team©
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