Turkey's real estate market has been developing in recent years, with 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 country's steady economic growth, 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 property prices in Turkey.
The average house price in Turkey is now $1.14 million or $71,000. This means that the average house cost per square meter is 8,252 lire.
Today's blog will help you learn more about the average house price and the factors that affect house prices in Turkey.
Istanbul is on almost every foreign buyer's list due to its vibrant real estate and picturesque views. Therefore, it is not surprising that Istanbul has the highest number of real estate investments by foreign buyers.
Although Ankara is the capital, Istanbul is the center of Turkey's trade, commerce, commerce and healthcare sectors. In addition, the city's transportation and infrastructure have recently grown significantly. These include major projects such as the Istanbul Canal, the Yavuz Sultan Selim Bridge, and the Eurasian Tunnel.
As a result, real estate prices have risen by 173%, with the average price in Istanbul at 1.6 million liras.
However, some areas on the outskirts of Istanbul have more spacious villas and apartments with all the amenities at significantly lower prices.
Ankara ranks second in real estate investment by foreigners. As the capital of Turkey, Ankara is the center of all political activity, as it is the seat of the Turkish parliament and high-ranking officials. The city's population exceeds 5 million.
Ankara is a well-planned city, and the cost of living here is not as high as in Istanbul. However, the city offers a high standard of living and just like Istanbul, Ankara has top-notch infrastructure.
Ankara also has some of the best housing projects and public transport. The average house price in Ankara is 802,000TL.
Antalya has attracted the attention of foreign investors, especially Europeans, and is used by many as a holiday destination. What makes Antalya so attractive to them is the extraordinary holiday homes with great facilities.
Real estate close to the sea is often expensive. Antalya also saw a significant increase in house prices, with an average house price of 1.42 million lire.
If you are interested in buying a property in Turkey, Property Superiors can help you find the home that is best for you.
Now that we know how much a house in Turkey can sell for, let's look at the factors that affect house prices here.
Location is one of the key factors affecting the price of houses in Turkey. Any downtown property will be more expensive than one that doesn't.
In addition, the proximity of the home to the highway, the crime rate in the location, and the quality of educational facilities are also important factors affecting the price.
Homes close to shopping areas, parks, airports, other forms of public transport and the CBD may command a premium.
If we take Istanbul as an example, property prices near Istanbul's new airport or central business district will be higher.
The value of a Turkish home depends on the type and number of amenities the property has.
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, Jacuzzis, hammams, private security, etc, which is why they are usually expensive.
The more amenities, the higher the price of the house.
Whether or not an apartment is fully furnished can also have a huge impact on the final price. Buyers are willing to pay large sums for properties that are already renovated to avoid the hassle of buying furniture.
If you decide to buy through Property Superiors, our experts can provide you with after sales service and help you furnish and decorate your space with quality furniture that fits your lifestyle.
Other factors include the hotel's views and proximity to historical places and attractions.
Certain luxury properties have ocean, mountain, forest or beautiful skyline views. Admiring such stunning views from your property will cost you an arm and a leg.
Investing in property in Turkey now grants citizenship or a residence permit. Anyone who wants to get a Turkish passport needs to invest $400,000 in real estate.
Read our blog on buying property and getting citizenship in Turkey for all the details.
In addition, foreign buyers can also acquire real estate residences in Turkey by purchasing properties valued at USD 75,000 and above in major cities, such as:
For small cities in Turkey, you need to purchase a property worth at least $50,000 to get real estate residency.
Buying a house in Turkey is the best option as it gives you the opportunity to benefit from the best medical and educational facilities.
Whether you decide to buy a house in a busy city or a quiet village in Turkey, hiring the services of a professional real estate consultancy is ideal when buying a property.
Property Superiors is a leader in providing a wide range of real estate and quality services to foreign investors.
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