How Much is the Average House in Turkey?

The real estate market in Turkey has been developing in recent years and has achieved many developments, not only to meet the needs of the growing population, but also to attract international buyers to invest in the Turkish market.

The advancement of the industry, the steady growth of the country's economy, the depreciation of the Turkish Lira, and the new investment-friendly conditions of the Turkish government have created a huge demand for Turkish real estate among foreign investors.

This has led to a sharp rise in real estate prices in Turkey.

The average house price in Turkey is now $1.14 million or $71,000. This means that the average housing cost per square meter is TL 8,252.
Today's blog will help you learn more about average house prices in Turkey and what affects them.

Prices in Istanbul

Istanbul is on almost every foreign buyer's list for its vibrant real estate and picturesque views. It is therefore no surprise that Istanbul has the highest number of real estate investments by foreign buyers.

While Ankara is the capital, Istanbul is the center of Turkey's trade, commerce, business and healthcare sectors. Additionally, the city has seen major developments in transportation and infrastructure recently. These include major projects such as the Istanbul Canal, the Yavuz Sultan Selim Bridge, and the Eurasia Tunnel.

As a result, real estate prices have increased by 173%, with the average price in Istanbul standing at 1.6 million liras.

However, some areas on the outskirts of Istanbul have more spacious villas and apartments with all amenities at much lower prices.

Prices in Ankara

Ankara ranks second in terms of real estate investment by foreigners. As the capital of Turkey, Ankara is the center of all political activity as it is where the Turkish Parliament and senior officials live. The city has a population of over 5 million.

Ankara is a well planned city and the cost of living here is not as high as Istanbul. However, the city offers a high standard of living and like Istanbul, Ankara has a top-notch infrastructure.

Ankara also has some of the best housing projects and public transportation. The average house price in Ankara is 802,000 TRY.

Prices in Antalya

Antalya has attracted the attention of foreign investors, especially Europeans, becoming the holiday destination of choice for many. What makes Antalya so attractive to them are the special holiday homes with great facilities.

Real estate near the sea is usually expensive. House prices in Antalya have also seen a sharp rise, with an average house price of TL 1.42 million.
If you are interested in buying a home in Turkey, Property Supervisors can help you find the best home for you.

What Affects Real Estate Prices in Turkey?

Now that we know how much a house in Turkey can cost, let’s take a look at the factors that affect house prices here.

Location

Location is one of the key factors affecting house prices in Turkey. Any downtown property will be more expensive than a non-central property.

In addition, the distance of the house to the highway, the crime rate of the location, and the quality of the educational facilities are also important factors affecting the price.

Close to Amenities

Homes close to shopping areas, parks, airports, other forms of public transport and the central business district can command a premium.

If we take Istanbul as an example, properties near Istanbul New Airport or the central business district will be more expensive.

Property Facilities

The value of a house in Turkey depends on the type and number of amenities on the property.

We are now seeing a growing demand for luxury villas and holiday homes across Turkey. These houses have private gardens, swimming pools, parking lots, saunas, jacuzzi, hammam, private security, etc., which is why they are usually expensive.

The more facilities there are, the higher the price of the house will be.

Property Status

Whether or not the apartment is fully furnished can also have a huge impact on the final price. Buyers are willing to pay big bucks for properties that are already furnished to avoid the hassle of buying furniture.

If you decide to buy through Property Superiors, our experts can provide after-sales service and help you furnish and decorate your space with quality furniture that fits your lifestyle.

Hotel View

Other factors include the property's views and proximity to historical sites and attractions.

Certain luxury properties offer ocean, mountain, forest or stunning skyline views. Enjoying such a stunning view from your property will cost you a lot of money.

Citizenship and Residency.

Investing in real estate in Turkey can now lead to citizenship or residence permits. Anyone who wants to get a Turkish passport needs to invest in real estate worth $400,000.

Read our blog on Buying Property in Turkey and Obtaining Citizenship for all the details.

In addition, foreign buyers can also obtain real estate residency in Turkey by purchasing properties valued at USD 75,000 and above in major cities such as:

• Ankara
• Antalya
• Adana
• istanbul
• Izmir
• bag
• Gaziantep
• Mersin

For smaller cities in Turkey, you need to purchase a property worth at least USD 50,000 to obtain real estate residency.

Conclusion

Buying a property in Turkey is the best option as it gives you the opportunity to enjoy the best medical and educational facilities.

Whether you decide to buy a property in a busy city or a quiet village in Turkey, engaging the services of a professional real estate consultancy when buying a property is ideal.

Property Superiors is a leader in providing foreign investors with a wide range of properties and quality services.