What are the affecting factors on real estate prices in Turkey?

One of the most difficult choices a person can make is to buy and own a new property as everyone aims to make the right choice, and a successful real estate ownership is to own a flawless property, to reach this goal each buyer must listen to specialists and friends advices who have previous experiences.

In this article we will talk in general about real estate prices in Turkey, ways to determine it, and the factors that affect it.
These factors are known only by experts and analysts in the real estate field.

The most important point that determines the price of the property is the ability of this property to generate large profits and the rapid turnover of the capital, as residential or commercial real estate in the tourist areas in Turkey is relatively more valuable than the rest of the real estate in other regions, because its monthly returns is higher.

Affecting factors on real estate prices in Turkey:

The location:

The area:

In Turkey, big property area means low price, for example the price per square meter in an 1+1 apartment is more than the price per square meter in an 4+1 apartment, and the buyer should pay attention to the net area, total area, and internal division.

Age and construction status:

The prices of properties under construction usually are lower than the ready to move ones, and that leads to good return on investment compared to the real estate ready to move, in addition to the possibility of improving the prices in the future.

The property outside appearance:

The external appearance is very important for determining the property price, especially in the famous central areas where the price of real estate that is located in luxurious modern buildings is higher compared to ordinary buildings in the same area. Also, normal real estate in normal buildings with old finishes may not attract the attention, leading to a decrease in its price.

The property facilities:

such as:
- Floor number and apartment view.
- Services inside the complex
- Home decoration and furniture

Ways to reduce the property price:

As we mentioned previously, the buyer should pay attention to the property location, features, and area before purchasing, if these elements combined together so the property price will be expensive,if he want a property with less price, he must give up on one of these elements, or search for buying under construction properties to benefit from real estate financing.

The purchase of real estate in an area where the movement of demand is much less than the offer is better, because this gives the buyer a stronger ability than the seller, and enables him to request a price lower than the market price.

Real estate investment in Turkey during the Corona pandemic:

Always in hard times you discover that your retreat from real estate investment is a big mistake, especially in Turkey because it is always in the top investments in the country, doesn't lose or reduce its price, and that makes it a safe place to keep money for investors.

Reasons… why to invest in Turkey:

- The huge demand for real estate in Turkey, where more than 1.2 million homes in Turkey are sold per year, and about 45 thousand foreigners own real estate in Turkey annually.

- There are large and long-term plans for construction and urban rehabilitation in Turkey, where more than 7 million homes in Turkey will be rehabilitated by 2023.

- Turkey is characterized by the presence of attractive real estate investment sites in all its forms and types.

- Real estate prices in Turkey are increasing annually, with an annual increase in the average property price in Turkey 10%, and in Istanbul, the annual increase in the average real estate price is about 3.7%.

- Owning a property in Turkey has many advantages, starting with obtaining real estate residence, and ending with obtaining the Turkish citizenship.

- The real estate market in Turkey has not experienced any recession since 2002 and has faced many crises without causing any damage.



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