House prices in Turkey
Today, Turkey has become an investment destination for a large number of Arab and foreign businessmen and investors who prefer to buy real estate in Turkey over other countries for several reasons, perhaps the most important of which are the prices of houses in Turkey, which are low when compared with the prices of houses in European countries despite their excellent specifications. In this article, we will talk about the state of house prices in Turkey in 2021 and the factors that contribute to their rise or fall.
House prices in Turkey 2021
Despite all the challenges that Turkey has witnessed during the past two years due to the global epidemic and the general closure, the Turkish real estate market continued to achieve profits, so real estate investment in Turkey became number one on the list of investments. As real estate prices in Turkey increased within one year by 30%, this brought great benefits and huge profits to everyone who bought a house in Turkey to invest.
The most important cities that witnessed an increase in house prices in Turkey in 2021
In general, the Turkish real estate market has witnessed a recovery in all parts and cities of Turkey. But some cities had the largest share, and the largest share was especially for Istanbul, of course. As the prices of houses in Istanbul increased during the year 2021 by 28 percent, outperforming all European and Arab cities, and thus, buying a property in Istanbul has become a goal for many investors. The city of Izmir was also able to ascend the throne of real estate investment in Turkey after real estate prices rose in one year by 33%, which reflected positively on the real estate market in it.
Factors affecting house prices in Turkey:
Many factors contribute to the rise or fall of house prices in Turkey, which you should pay attention to before buying any property in Turkey, are:
1- The location of the property or apartment: One of the most important factors affecting the prices of apartments in Turkey is its location. In a city like Istanbul, for example, real estate prices are rising within the central areas of the city, and this is certainly due to its proximity to all vital centers, and this is what we see clearly in areas such as Fatih, Basin Express and Basaksehir. But if you are looking for cheap apartments for sale in Istanbul, you will find what you want in slightly extreme neighborhoods such as Esenyurt and Silivri.
2- View of the property: You should not underestimate the impact of the view on the price of real estate in Turkey, as it has a big role. Certainly, apartments with a sea view have a very high price, as well as apartments that overlook lakes, forests, and green gardens, in contrast to apartments that overlook crowded streets.
3- The area of the property: It is no secret to anyone that the prices of houses in Turkey are affected by their size, as the price increases directly as the area increases. That is why we find studio apartments in Turkey enjoy low and reasonable prices, and this is because their area does not exceed 70 square meters.
4- Proximity to transportation and vital facilities: Turkey has a dense and developed transportation network, and therefore real estate prices are greatly affected by the proximity to the main transportation stations, especially in a huge city like Istanbul. Also, proximity to service facilities such as schools, universities, and health centers plays a major role in raising house prices.
5- Internal and external property specifications: The prices of houses in Turkey are affected by the specifications of the building they contain, the type of decoration used, the quality of building materials and paint, in addition to the number of rooms, balconies, and bathrooms, the division of the house and the quality of finishes.
Has the demand for real estate in Turkey changed in 2021?
During the year 2021 and as a result of many changes represented by the Corona epidemic and natural crises, people began to turn to prefabricated houses of various forms, while the demand for old apartments in Turkey and Istanbul decreased as a result of concern about the strength and durability of these buildings and their ability to face environmental disasters, especially as they may not be insured against earthquakes.
In the year 2021, a large number of investors and capital owners went to invest and buy villas in Turkey, especially coastal villas, which contributed to the increase in demand for them by construction companies.
House prices in Turkey within some major cities:
House prices in Istanbul are witnessing growth and prosperity, but despite that, they remain appropriate and low when compared with the prices of homes in European cities, and for this reason, the idea of real estate investment in Istanbul is one of the most successful ideas currently that you do not want to miss! The reason for the high real estate prices in Istanbul is because it enjoys a strategic location as it extends over the continents of Europe and Asia, which gives it great economic and commercial importance. It also includes a large number of investment projects such as the Istanbul Water Canal and the new Istanbul Airport, in addition to being an important tourist destination for a large number of foreign tourists. The prices of apartments in Istanbul vary greatly to suit all social groups, where there is luxury real estate in Istanbul, which is characterized by its high prices and high-end locations such as villas in Istanbul, palaces, penthouses, and others. Also, the residential complexes in Istanbul are an ideal choice for those who want to buy an apartment that enjoys modernity and sophistication. As for those looking for the cheapest apartments for sale in Istanbul, there are certainly many suitable options at the cheapest prices.
Antalya is considered the tourist capital of Turkey, and it witnessed a great turnout by tourists during the year 2021, and this contributed to the increase in the demand for real estate in it, and thus led to a rise in real estate prices, especially tourist properties such as hotel apartments and villas with a sea view.
When can you buy houses in Turkey at the cheapest prices:
If you are looking for the cheapest apartments for sale in Turkey, you should study the Turkish real estate market carefully to know the appropriate times for buying and selling. According to specialists and real estate consultants, the best time to buy real estate in Turkey is winter. Strange, isn't it? Do not be surprised, despite the activity that the Turkish real estate market is witnessing during the summer, the increased demand for real estate contributes to the rise in house prices in Turkey. On the contrary, the real estate market often falls into a state of stagnation during the winter season, which means a golden opportunity to buy real estate with good specifications and a low price, as the demand for real estate decreases significantly, and therefore real estate companies in Turkey offer more offers and care about customers more clearly. It is also necessary to take advantage of opportunities such as selling the property to travel or as a result of financial hardship, as real estate is usually offered at a cheap price.
Future expectations of house prices in Turkey in 2022:
All expectations and statistics indicate that real estate prices in Turkey will continue to rise, and this means that you are in front of a distinguished investment opportunity. Buying a property now means doubling its price and value after a very short period, and thus achieving abundant profits. According to studies, investors' interests are directed towards commercial real estate and not others, which constitute a good investment with guaranteed profit returns. The Turkish government seeks to attract more capital by providing many facilities and issuing laws that are in the interest of the investor, such as tax cuts. And do not forget the possibility of obtaining Turkish citizenship through real estate investment when buying a property in Turkey with a value of 250 thousand US dollars, as this decision contributed to the increase of foreign capital in the real estate sector. And it is expected that it will continue to increase during 2022 to enjoy the advantages of Turkish citizenship and a Turkish passport.
Before you buy cheap apartments in Turkey, pay attention to some things:
Sometimes you may be attracted to some cheap real estate offers, but stop for a while as you must make sure of some things:
- Condition of the apartment: It is necessary to inspect the apartment and make sure that there are no unrepairable or very expensive faults, as you will pay large sums for repair only.
- Verification of title deed and property ownership: There are a large number of fraudsters who may sell you a property that is not theirs, and for this, it is necessary to ensure the legality of all papers and documents and to seek the assistance of a lawyer specialized in real estate affairs.
- Dealing with a reliable real estate company: several fake companies have spread recently, which pose a great danger to the buyer, so you must deal with real estate companies that are known for their good reputation to avoid any future problems.
In the end, there is no doubt that real estate investment in Turkey is a golden opportunity for anyone who wants to double their profits, especially after the great change in house prices in Turkey, which greatly benefited the Turkish real estate sector. So what are you waiting for?