Real Estate Prices in Turkey 2022,2023
The real estate sector has become the first destination for investors in Turkey, as it has become a lot to talk about, especially after the many developments in this sector, which are directly related to real estate in Turkey. Therefore, the prices of these properties vary from year to year, and they witnessed with the beginning of this year a rise that was embodied through the real estate market, which receives large numbers of investors, as well as the real estate development is expected to continue with the advent of 2023, and Turkey is expected to become a point of interest in the real estate world.
Real estate prices in Turkey are constantly evolving
Real estate prices in Turkey have witnessed a rise over several years to this day. It is also expected that the prices of these properties will continue to rise with the coming years. This rise in prices varies from one property to another, some of which are strong and large, and some of the rise is slight and the rise in general is due to several factors and influences that contributed to the continuation of this rise in prices and even contributed to its occurrence. These factors vary and are numerous, including:
1-Economic factors
It is the most important factor that affects real estate prices in Turkey, because economic factors are directly related to prices in Turkey in general, and not only real estate, but for real estate, the strong economy that this country enjoys contributes to raising the level of real estate and developing it through modern projects that are being built, and through the increase in job opportunities that occurred in recent years, as well as the increase in the wages of workers and employees in private and public state departments, as well as by allowing the establishment of factories, laboratories and commercial markets by foreigners and Turks without restrictions, all these previous factors lead to a rise in economic indexes in Turkey and make it obtain a high rank in the ranks of the economy’s strength, and therefore these factors were the strongest influencing real estate prices in the region, and this in turn made investors come to its properties from all sides in order to invest and profit from them and pay huge amounts of money because such properties guarantee success and profit.
2-Governmental factors
Governmental factors are the factors related to the actions of the Turkish government to influence the real estate market in it and thus affect the real estate prices. This what was represented by the government’s great interest in the real estate sector, its development, its support with material and labor, and the support of employees and engineers working in this sector. This effect had positive results in the field of raising prices in this market, and therefore the Turkish government has a major role in constantly improving real estate prices, developing them and adding them to the list of the strongest and best real estate in the countries of the Middle East. The government contributed to supporting this sector through laws and regulations that it enacted to raise its level and facilitate purchasing process by the owners of capital and foreign investors coming from outside the country.
3- Strategic factors
Strategic factors are the visible factors that affect the real estate market in Turkey. These factors are clear to the party that aims to invest in real estate in the region, and thus real estate investors and tourists can see these strategic factors, which are represented by Turkey’s distinctive location on the famous sea, which has become, over time, a link between the two continents Asia and Europe through several ways, land and sea, which made it a great place on the real estate map in the whole world, and therefore its real estate has witnessed, since the beginning of 2022, a rise in prices that has continued to this day, and this is what made real estate investment in the region guaranteed results and profits and makes demands on real estate Turkey is a destination for Turks and foreigners to be able to buy it.
4- Tourist factors
Tourist factors are those factors related to Turkey’s tourist features, tourist areas and historical monuments that lead to attracting a large group of tourists to Turkey and thus affect the field of real estate investment and make it the most profitable and thus lead to a gradual rise in real estate prices year after year, and the tourism importance of Turkey comes from geographic and historical components that it contains in its cities and regions, and these components can be categorized separately:
-Geographical features
Geographical elements are the natural elements that relate to landscapes, seas, rivers, valleys, green spaces, and public and private gardens. This was evident in every city of Turkey, the most famous of which are Istanbul, Trabzon, Izmir and Adana, which each have a great reputation in the world of tourism and receive thousands of tourists daily, and this is what calls real estate investors and this in turn led to the increase in real estate prices and their improvement.
- Historical elements
As for the historical components, they are the components that contain the relics and artifacts of the ancient civilizations that were established on the land of Turkey, represented by palaces, castles, museums and ancient mosques, which are spread in several cities in the region, the most famous of which is Istanbul, which contributed to attracting tourists and investors to it to buy real estate and invest it either residential or commercial, and this is what led to improving their prices and making people desire them.
Features that contribute to determining the price of a property in Turkey
When an investor buys a property in Turkey, the price of this property is determined according to several features and specifications that play the role of setting differences between the property and the other, as well as setting the price difference between them based on the difference in features.
There are several features that play a role in setting and raising the price of the property:
- Property type
The type of real estate has a major role in determining the amount that the investor should pay because each type of real estate has its own price that differs from other types of real estate due to the different features between each of them.
These features will be mentioned in the subsequent contributions in determining the price and evaluation of the property in terms of the real estate market in the region, and of these types, we note apartments, which are the most requested types of real estate by foreign investors. There are also villas, which are properties that the rich, famous, and capital owners visit. Villas are characterized as the most luxurious real estate in Turkey, and there are also hotels, which are the largest and most profitable types and guarantee positive results.
- Property location
The location of the property plays a major role in determining its price, especially since each property has a different location from the rest of the properties, and this location starts from the city and ends with a well-known location close to the property such as a garden, park, castle, or a landmark of Turkey’s famous or near or far from the center of a particular city. Thus, it makes a difference in real estate prices in Turkey.
- Property area
The area of the property plays a role no less important than the location of the property in terms of its ability to determine the price of the property and contribute to its rise and fall, as the property with the large area is more expensive than the property with the small area.
-Property view
The same applies to the beautiful view of the property, which makes the price of the property greater than the property with a less beautiful and attractive view, and therefore its role is taken into account.
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Benefits of buying a property in Turkey
How to obtain real estate residence in Turkey?
