By Justin Mays:
The real estate market in Turkey has evolved over recent
years, and many developments have been made to not only meet the growing
population's needs but also attract international buyers to invest in the
Turkish market.
The advancements in this sector, the country's steady
economic growth, the fall of the Turkish Lira and the Turkish government’s new
investment-friendly conditions have created a massive demand for Turkish real
estate among foreign investors.
This has caused house prices in Turkey to increase
drastically.
The average home in Turkey is now 1.14 million or $71,000. This means that the
average house costs 8,252 TL per square meter.
Today’s blog will help you find out more about the average home price
and the factors influencing house prices in Turkey.
House Prices in Istanbul
Istanbul is on the list of almost every foreign buyer for
its dynamic real estate and picturesque views. So it is no surprise that
Istanbul has witnessed the highest number of property
investments by foreign buyers.
Although Ankara is the capital, Istanbul is the center of
Turkey’s trade, commerce, business, and health sectors. On top of that, lately,
there have been significant developments in the transport and infrastructure of
this city. These include massive projects such as the Canal Istanbul, the Yavuz
Sultan Selim Bridge, the Eurasia Tunnel, etc.
As a result, home prices have spiked 173%, with the average
price being 1.6 million liras in Istanbul.
However, some districts in the suburbs of Istanbul have much more spacious villas and apartments with all the amenities at a significantly lower price.
House Prices in Ankara
Ankara comes in second place when it comes to property
investments by foreigners. As the capital of Turkey, Ankara is the hub of all
political activities, with the Turkish parliament located there and is home to
high-ranking officials. The population of this city is over 5
million.
Ankara is a well-planned city, and the living expenses here
are not as high as in Istanbul. However, this city offers a high living
standard, and just like Istanbul, Ankara has superior infrastructure.
Ankara also has some of the best residential projects and
public transport facilities. The average home in Ankara is priced at 802,000
TL.
House Prices in Antalya
Antalya has caught the attention of foreign investors,
especially Europeans, and is preferred by many as a holiday destination. What
makes Antalya so attractive to them is the presence of exceptional holiday
homes with top-notch facilities.
The properties that are close to the sea tend to be high
priced. The homes in Antalya also saw a significant price increase, with the
average house being 1.42 million TL.
If you are interested in buying a home in Turkey, Prime
Property Turkey can help you find the one that is perfect for you.
What Influences the Prices of Homes in Turkey?
Now that we know how much a house in Turkey can cost, let's
look into the factors that influence the prices of homes here.
Location
Location is one of the critical factors that influence the
price of a home in Turkey. Any property in the city center would be higher
priced than one that is not.
In addition, how close the location of the house is to
highways, the crime rate in the location, and the quality of the educational
institutes there are also significant factors that can affect the price.
Proximity to Amenities
Homes close to the shopping districts, public parks,
airports, other public transport, and the central business district are
likelier to have a steep price tag.
If we take Istanbul as an example, properties located close to the new Istanbul airport or the central business districts will have higher price tags.
Facilities of the Properties
The value of a home in Turkey is determined by the type and
number of facilities the property has.
We are now seeing a growing demand for luxury villas and holiday homes throughout Turkey. These homes have private gardens, pools,
parking, sauna, jacuzzi, Turkish bath, private security, etc., which is why
they are usually high-priced.
The more the facilities, the higher the prices of homes will
be.
Property Status
Whether the home is fully furnished or not can also have a
massive impact on the final price. Buyers are ready to pay big money for
already furnished properties to avoid the hassle of buying furniture.
If you choose to make a purchase through Prime Property
Turkey, our experts can provide you with after-sales services, and help you
furnish and decorate your space with quality furniture that suites your
lifestyle.
Views From the Property
Other factors include the views from the property and its
distance from historical and sightseeing spots.
Certain luxury properties have a view of the sea, mountains,
forests or the gorgeous skyline. Access to such breathtaking views from your
property will cost you an arm and a leg.
Citizenship & Residency
Investing in a property in Turkey can now make you eligible
for either citizenship or a residence permit. Those interested in acquiring a
Turkish passport must invest in a real estate property worth USD 400,000.
Read our blog on Buy Property in Turkey and Get Citizenship to know all the details.
Additionally, foreign buyers can also acquire real estate residence in Turkey through the purchase of property worth USD 75,000 and more in major cities such as:
- Ankara
- Antalya
- Adana
- Istanbul
- Izmir
- Bursa
- Gaziantep
- Mersin
For smaller cities in Turkey, you have to acquire property
worth at least USD 50,000 to get real estate residency.
Conclusion
Buying a home in Turkey is the best choice, since it can
give you the chance to benefit from the best medical and educational
facilities.
Whether you choose to purchase a home in bustling cities or
the serene villages of Turkey, getting the services of a professional real
estate consulting company is ideal when purchasing any property.
Prime Property Turkey leads the way in offering a wide
variety of properties and quality services to foreign investors.
More to read from us:
10 Benefits of Property Investment in Turkey
