House prices in Turkey 2022 - 2023
Last Updated: 2023-07-27
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House prices in Turkey
One of the axioms of the real estate market in any country around the world is that the prices of real estate of all kinds and types vary from one region to another, and the prices of apartments in the residential complex or the same building differ, depending on several factors.
As for the Turkish real estate market in particular
Turkey has a strong and solid economy, despite the difference in real estate prices from time to time in any real estate market in general, the economic balance in Turkey limits the price differences related to economic crises, and thus the value of Turkish real estate maintains its value significantly.
Real estate diversity in Turkey
Residential and investment real estate projects abound in Turkey to meet the growing population needs and tourism requirements. There are houses, apartments, residential complexes, buildings, hotel apartments, lands, and shops ...
House prices in Turkey
The prices of real estate in general and houses in particular in Turkey are considered cheap when compared to their counterparts of houses with the same specifications as in European countries.
The low house prices in Turkey made it a destination for many investors, tourists and residents, as they found high quality, unique views, transportation and public roads at a very reasonable price.
House prices in Turkey 2022 - 2023
Despite the spread of the Corona epidemic in the first quarter of this year in all countries of the world, and the global preparedness to address this epidemic and reduce victims, and other precautionary and preventive procedures and general curfews for specific periods, the Turkish real estate market continued its activities, and achieved Standard numbers in real estate sales for local residents and foreign investors. And we find that city centers witnessed the most percentage of home sales, such as Istanbul, Antalya, Izmir, etc.
What are the specifications of Turkish homes?
The specifications vary from one house to another, we start with the location of the house, where you can buy a house in the center of Istanbul, the Turkish capital, with certain specifications, and you can also get the same house but in the outskirts of the city, that is, far from civil life, and of course you will find great price differences depending on the location, since homes in city centers are more expensive than homes in the suburbs and the countryside.
As for the interior and exterior decoration and designs, there is no limit to their diversity, you can buy a house under construction, clad it and design it as you like, and you can get a fully-designed and equipped ready-made house, and the price is then determined based on the degree of luxury and the type and quality of the designs applied and the building materials used. Inevitably, the price of the house under construction will be cheaper than the pre-fabricated house. And there is the issue of services, where services that are available are added to the house, especially if it is located within a residential or building complex, such as security services, paying the bills and cleaning ... as these services increase the material value of the house.
The globally competitive price of Turkish homes has made them the focus of attention of investors and residents of all nationalities over time, in addition to the presence of the incentives encouraging investment in Turkey, the Turkish government support for the real estate sector was one of the most important factors that contributed to attracting foreign investors from around the world.
What are the reasons for the distinction in real estate prices in Turkey in 2022/2023?
Firstly, one of the reasons for this superiority in real estate prices in Turkey over other countries is due to the social and political stability that envelops it despite the harsh conditions surrounding its neighboring countries on both the social and political levels, and the facilities it provides to foreigners from other countries in their access to real estate and homes that they want at somewhat cheap prices, all made the real estate revolution reach its peak, challenging its counterparts who compete in this field, in addition to the fact that the Turkish government has worked to reduce taxes imposed on real estate and apartments in Turkey, which encourages investors to invest in apartments and real estate offered for sale in Turkey, and of course this real estate investment In Turkey will automatically lead to a boom in its real estate sectors, and finally the fundamental reason that helped in this real estate boom and desired competitive prices is the development in the infrastructure built according to international specifications and standards such as Istanbul Airport and many others, all of these reasons had the greatest role in the real estate rise Turkey has today.
What are the cities that have attracted investor interest in real estate prices in 2022/2023?
There must be cities that outperform others in attracting attention to real estate prices in Turkey, and either this attraction is for cheap real estate in Turkey or it is due to factors that these cities bear are not present in others. In Turkey, especially in the year 2021/2022 AD, the choice of investors was Istanbul and Antalya; real estate prices in Istanbul were the number one among all Turkish provinces and cities, so the amount of real estate in which they were sold was large compared to other cities, as the number reaped seventeen thousand and two hundred properties sold at relatively cheap prices, and its hostess in this regard was the city of Antalya, which reaped the number of six and a half real estate, followed by Ankara, Bursa, and then Yalova.
Will prices in real estate in Turkey witness the same cheapness and stability as in 2022/2023?
According to what was stated by the official authorities responsible for buying and selling transactions in Turkish real estate, real estate investments in Turkey are increasing day by day, and every year that passes witnesses a significant increase from the previous year. And since foreigners were allowed to own real estate in Turkey, this rise occurred, which recorded an imaginary number of sixty-seven billion Turkish liras, distributed over different real estate of agricultural lands, apartments and commercial stores, and the peak in demand for them has reached its highest, in particular, after the Turkish government’s decision to grant Turkish citizenship under real estate ownership on its lands.
Key factors that made real estate in Turkey a safe haven for investors in 2022/2023
There are several factors and elements that make the foreign investor willing to own real estate in Turkey exclusively, not from European countries, for example. The first factor is the cheapness of Turkey’s real estate, if we compare it to European real estate, so you can buy an apartment in Turkey offered for sale at an amount of one hundred thousand US dollars with a wonderful location and a promising future, whereas in Europe, you will not be able to buy such a property with this amount. What confirms the cheapness of real estate in Turkey than others is that its prices are sixty percent less than the prices of Eastern Europe and about eighty percent less than the Western ones, as these are vast differences that make the price of Turkish real estate the most likely.
Editing by Mersat Real Estate Team©
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