Apartment prices in Turkey 2023, The Turkish economy has experienced tremendous growth in recent years, with the country's GDP reaching nearly $851 billion in 2017. Turkey is an active member of the G-20 and has achieved these outstanding achievements through its national self-sufficiency.
Turkey's geographical location between Europe and Asia is a strong factor in addition to the preferred market and geographical factors for Arab investors. All these reasons have made the price of apartments in Turkey unprecedented growth as a tool for real investment and real estate development due to the high demand, preferably by Turkish investors and expatriates, especially from the Gulf countries.
After passing the Turkish foreign ownership law in 2012, real estate prices in Turkey increased rapidly, as most Arab nationalities had the right to own real estate, especially apartments in Turkey. Real estate is expected to raise apartment prices in Turkey under the new legislation from 60% to 90% within five years.
Under the 2012 law, the Turkish government passed more modern and flexible legislation, which opened the door for citizens of more than 129 different countries worldwide to enter the Turkish real estate market. At the same time, laws encouraging real estate and investment were approved, which reflect positively on the prices of apartments and achieve the interest of joint and sustainable development for both sides.
Turkey is a promising country, and the subsequent investor is looking for a new opportunity in a prosperous and stable country. The Turkish government and real estate companies in the private sector are playing a leading role in encouraging real estate investment by offering special offers and facilities for owning apartments in Turkey and encouraging new real estate projects that will positively reflect on the prices of apartments in Turkey. And meet the needs of investors in Turkey through various payment methods, including a wide range of convenient installment options designed to make apartment prices in Turkey accessible to all budgets for all social and investment segments.
The real estate market in Turkey is on the rise, which makes it an excellent investment opportunity for both local and foreign investors. The price is one of the main factors to consider before investing in an apartment in Turkey. Understanding the factors determining apartment prices can help you make informed decisions and increase your investment potential. In this article, we will explore the three main factors that affect the price of apartments in Turkey.
The type of city and its importance are among the decisive factors that affect the prices of apartments in Turkey. Istanbul, the largest city in Turkey, is the most expensive city and has a variety of apartment prices in 39 municipalities. Other cities such as Trabzon, Bursa, Antalya, and Yalova are also essential in terms of tourism and industry, and they have charming and attractive features, which make them valuable investments. The prices of apartments in inner cities such as Konya may be higher. Izmit Mersin is lower because the demand is lower.
The apartment's location in Turkey is another important factor affecting the price. Proximity to tourist attractions such as beaches, seascapes, lakes, public parks, and archaeological sites such as famous mosques, palaces, ancient castles, museums, and entertainment centers is crucial for apartment prices. In addition, the apartment's proximity to the airport or public transportation, such as the metro, bus line, main streets, or highways, also affects the price of the apartment. Therefore, investors should consider these factors before buying an apartment in Turkey.
Moreover, completing major development projects such as Canal Istanbul and the third Istanbul Airport is expected to attract thousands of new investors. As a result, prices are expected to skyrocket after the completion of these mega projects. The dimensions of the apartment and its proximity to the city center or famous neighborhoods such as Basaksehir in Istanbul, the new center of Istanbul, also affect the price of the apartment.
The specification of the apartment is also a critical factor that affects the price. The area of the apartment, the number of rooms, the number of bedrooms, the number of bathrooms, the number of balconies, the year of construction, the floor number within the building, the availability of housing or the date of delivery, the quality of the cladding, and other facilities affect the price of the apartment. The quality of the cladding materials used in the exterior walls of the apartment can also affect the price of the apartment.
|Classification of apartments||City||Average apartment prices in US dollars|
|Cheap apartments for sale in Turkey||Istanbul||$200,000|
|Middle-priced apartments in Turkey||Istanbul||$300,000|
|Luxury apartments for sale in Turkey||Istanbul||$500,000|
|The number of rooms||A+||A||B|
In conclusion, investing in apartments for sale in Turkey can be an ideal opportunity for local and foreign investors. However, to make the most of this opportunity, it is necessary to consider the three main factors that affect apartment prices, including the type and importance of the city, the location of the apartment in the city, and the specifications of the apartment. Investors can make informed decisions and increase their investment potential by considering these factors. The Deal Real Estate team will be your advisory guide on continuously obtaining apartment prices in Turkey.
Written by: Deal Real Estate
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