An overview about real estate prices in Turkey 2021-2022
Turkey's geographical location has an important strategic impact that has led to an increase in the demand for buying real estate in Turkey, so we find that most investors tend to buy property in Turkey for several purposes, including real estate or commercial investment or opening a branch for their companies in Turkey or to obtain Turkish citizenship by buying a property Because this nationality has many advantages to grant to its holders, and it facilitates their movement between countries and facilitates their business matters inside and outside the Turkish lands.
Turkey is also one of the fastest developing countries in the world in the real estate sector, which will have a prosperous future with its solid economy. It also provides a safe environment for investors, who can buy and sell real estate with confidence. The real estate sector in Turkey has also shown remarkable growth in the past ten years, where a foreign investor who wants to buy property in Turkey can find several options, from studio apartments to luxury villas, and can choose between a used apartment, a new apartment, or even apartments under construction. Their options are enriched with many other features such as various views, including views of the sea, lake, forest, downtown, or rural areas.
The most important points related to real estate prices in Turkey:
1- The increase in real estate prices is noticeable in major cities that have a dynamic nature and continuous activity, such as Istanbul and the capital Ankara, then Antalya and Bursa, and then Izmir.
2- Real estate prices in Turkey vary from one place to another, and they also differ according to the type of property.
As the apartments that are located within the residential complexes are more expensive than those that are outside.
3- All Turkish cities also record an annual increase in real estate prices, and this increase varies from one state to another.
4- The same applies to rents, where they have witnessed a noticeable increase and the matter varies according to the area in which the property is located and location specifications area.
What are the reasons that led to the rise in real estate prices in Turkey in 2021:
1- Following the Corona crisis, there is no longer a proportionality between the demand and supply of real estate, as work has stopped in many real estate projects due to the pandemic.
2- The Turkish government's permission to own real estate through the Internet contributed to the rise in real estate prices, as the demand maintained its proportion in the face of the decline in offers.
3- The desire of many foreigners to obtain Turkish citizenship by buying property in Turkey, prompted many construction companies to construct real estate projects that meet the conditions for obtaining Turkish citizenship.
4- Announcing many new infrastructure projects, such as the Istanbul Canal, as these projects have an impact on the real estate sector and contribute significantly to the high price of real estate around them.
5- The active tourist movement that Turkey witnessed in 2021, as Istanbul ranked first in the number of tourists.
What are the factors that lead to a rise in real estate prices in Turkey:
1- The city in which the property is located:
Real estate prices vary according to the city in which it is located, where the real estate in Istanbul differs from those in other cities. The location of the property within the city also plays a role in determining its price. If it is located within an active vital area, the price will be high.
2- The distance between the property and the service centers:
The closer the property is to the service centers, the higher its price will be, such as shopping centers and mega malls / medical centers / educational institutions and universities.
3- Advantages of the property:
The advantages of the property are summarized in: the view / the area / the number of rooms / the floor on which it is located / the age of the property / the modernity of the interior designs / the quality of the cladding.
Real estate prices in Turkey are constantly increasing
Real estate prices in Turkey are considered acceptable compared to European countries.
Real estate investment provides a specific financial return in the long term and is considered the safest type of investment. Moreover, real estate prices in Turkey are rising increasingly every year, and Turkish real estate attracts many foreign investors wishing to invest in real estate, as apartments in residential complexes in Istanbul provide a profitable investment opportunity through high rental prices and their increasing value every year.
Real estate investment in Turkey also provides a variety of different advantages, such as the possibility for a foreign investor who owns a property in Turkey to apply for a residence permit with his family, and after 5 years of residence in Turkey, he can obtain the right to apply for Turkish citizenship and benefit from all the advantages of obtaining Citizenship such as having a Turkish passport, the right to vote, etc.