The recent months, especially the last quarter of 2021 and the beginning of 2022 have witnessed accelerating rises in real estate prices in Turkey in general and the city of Istanbul in particular, where a study by the Canter for Economic and Social Research at the Turkish University of Bahcesehir indicated that Real Estate prices in Istanbul increased by 105.6% in the year past 2021.
Reasons behind growth:
The main reasons for the increase in the growth of the real estate market in Turkey are mainly due to the increased demand for real estate in addition to the continuous promotional campaigns by banks and the reduction of interest rates on housing loans. Moreover, the Turkish government has encouraged foreign investors through the Turkish citizenship program, as the number of properties owned by foreigners reached 107,000 properties with a total capital of 54.4 billion US dollars during the period from April 2020 to March 2021 with a growth return of 4.76 % increase over the same time last year It is worth noting that the majority of foreign investors invest in major cities, especially in Istanbul, which is well connected to tourist destinations and business districts.
The trend of the real estate market in Turkey:
On the other hand, representatives of the construction industry stated that the cost of construction increased by 200 % annually as a result of the rise in cement and iron prices.
Kansel Turgut Yazici, General Manager of Real Estate Appraisal, said she expects a property price increase of at least 60 percent in 2022, saying: "Turkey is heading towards a housing crisis. It will become more difficult to get a property with each passing day and the rent numbers will increase accordingly. Worse still, the concept of renting homes will decline, and it will be difficult to find a home.”
Will real estate prices in Turkey rise in the future?
Turkey has had a boom in the real estate market in recent years, with prices rising rapidly in many areas and this has led to fears of overestimating the market and the possibility of a price correction.
However, many factors indicate that prices will continue to rise in the future and these include Turkey's strong economic growth, lower interest rates, and increased demand from foreign buyers.
As such, it is difficult to predict exactly how the Turkish real estate market will develop in the future; however, it seems likely that prices will continue to rise.
Advantages of the real estate market in Turkey:
The real estate market in Turkey is very beneficial for foreign investors.
- Real estate prices in Turkey are very reasonable, especially when compared to other European countries.
- The Turkish government offers several incentives to foreign investors, including tax breaks and residence permits.
- The construction industry in Turkey is booming, which means that there is a wide range of new properties available in the market.
- There is a growing demand for holiday homes in Turkey from both domestic and international buyers.
What does the real estate market in Turkey contain?
One of the main reasons that led to the high demand for buying real estate in Turkey is that the real estate market in that country is one of the richest real estate markets in the world, with its many advantages and options available to all foreigners and buyers. If you want to buy a property in Turkey, you will be able to buy a property in installments If you do not have the financial ability to pay in cash, as well as you will be able to buy from projects that are still under construction and other ways that we will talk about in detail below:
First: The real estate market in Turkey offers real estate in installments
- You can buy a property in Turkey without having to pay the full price upfront.
- You can benefit from installment plans at low-interest rates.
- You have the opportunity to live on your property while you pay for it.
- You can rent out your property and earn income from it while paying for it.
- You may be eligible for Turkish citizenship if you purchase a property worth at least $400,000.
Second: The real estate market in Turkey offers real estate under construction
There are many advantages to buying off-plan property in Turkey and one of the main advantages is that you can get a property at a much lower price than the market value.
If you buy under construction property in Turkey, you will also have the opportunity to coordinate your home according to your taste and desires, you can choose the layout, design, and decoration of your home before it is built and in this way, you can be sure that your home is perfect for you and your family.
Third: The real estate market in Turkey offers ready-made properties
There are many reasons to invest in ready-made property. For starters, you don't have to wait for construction to be completed, which means you can start living in or renting your property much sooner and since the property has already been built, you'll have a better idea of what you'll get, rather than Invest in a pre-construction property as things can change during the construction process.
What are the reasons that made Istanbul real estate the lead?
Real estate in Istanbul has always been a great investment opportunity as it is one of the most populous cities in Europe with an ever-growing economy.
The city's real estate market took off in the early 2000s and has continued to grow rapidly ever since, making Istanbul one of the most expensive cities in Turkey.
However, there are still many reasons why Istanbul is a great place to invest in real estate, even though prices have skyrocketed over the years.
Here are some of the main reasons:
- The city's population is constantly growing, which means that there is always a demand for new homes.
- Istanbul has a very diversified economy, which is less prone to economic stagnation than other cities in Turkey.
- The city's infrastructure is constantly improving, making it a more attractive place to live.
- Real estate in Istanbul is still relatively affordable compared to other major European cities.
Reasons for the rise in real estate market sales in Turkey
There are several reasons for the increase in real estate sales in Turkey and one of the reasons is that the Turkish economy has been doing well in recent years, this has resulted in more people having disposable income to buy real estate and another reason is that the Turkish government is working hard to make the country more attractive to foreign investors Finally, there has been an increase in tourism to Turkey in recent years, which has led to more people wanting to buy second homes in the country.
After all the information that we provided about the real estate market in Turkey and the advantages that we presented and discussed, it is necessary to mention some notes that you should take into consideration when you are in the process of owning real estate in it, the most important of which are:
- As with any real estate purchase, location is a key factor when buying property in Turkey. Find the neighborhood you feel comfortable in and close to the amenities you need.
- Before bidding on a property, be sure to do your research on the current property market in Turkey. Look at similar sales in the area to get an idea of the property value.
- Since the Turkish lira is not as strong as some other currencies, be sure to pay attention to the exchange rate when buying.
- If you are not paying cash for the property, you will need to get a mortgage from a Turkish bank.
- It is always a good idea to have a lawyer review any contracts before signing them.
- It is common in Turkey to negotiate when buying a property so be prepared to haggle over the price and don't be afraid to walk away if you are not satisfied with the deal offered.
- It's important to think about things like the surrounding area, public transportation, and schools in the area.
- Make sure you are aware of all the costs involved, as well as the potential risks.
Advantages of buying a property in Turkey with Number One Real Estate:
Number One is one of the leading real estate investment companies in Turkey, providing all kinds of real estate services within the Turkish real estate market
We offer our clients all types of real estate from
Villas for sale in Istanbul by the sea, cheap real estate for sale in Istanbul, office apartments and shops in various regions of Istanbul, apartments within the most luxurious residential complexes in Turkey, we take care of the procedures for obtaining Turkish citizenship and real estate residence
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