What are the influential factors of real estate prices in Turkey?

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What are the influential factors of real estate prices in Turkey?

The Turkish government has provided many facilities to encourage investors to contribute to the prosperity of the real estate investment sector in Turkey. These facilities are reflected in real estate prices in Turkey.

What are the influential factors of real estate prices in Turkey?
18th June 2021
  • 1354

Real estate prices in Turkey are closely related to the prosperity of the real estate investment sector in the country. The real estate sector receives government attention, which is manifested in various real estate projects in several cities and states; Istanbul is certainly on top of them. 

It is due to its robust infrastructure, resources, strategic location, and government facilitation that encourage real estate investment in it.

Real estate prices in Turkey

Reasons behind the difference in real estate prices in Turkey

Real estate prices in Turkey vary according to several factors, most notably:

  • Newness of the property
  • Whether it is within an under-construction investment project or ready for delivery.
  • The price varies according to the location.
  • Not to mention the kind of views, such as sea and green views, city or garden views, and the like.
  • Of course, the type of property affects its price; Such as apartments, agricultural lands, tourist villas, stores, etc.
  • There is no doubt that the larger the real estate area, the higher its price.
  • However, while searching, the buyer should focus on the options that suit his budget, as there are several opportunities and various offers for each sector.

Real estate price discounts in Turkey that encourage investment

You may inquire about the secret of low real estate prices in Turkey, compared to other European countries and countries in the region; we can attribute this to some factors, including:

1. Government tax cuts

The Turkish government has contributed, through tax cuts, to lower real estate prices. There is great interest in the Turkish real estate sector; the investor is usually granted several reductions and full exemptions to restore the tax value, in some cases.

2. Political and social stability

This factor plays a significant role in supporting the promising investment prices of real estate in Turkey, which turns the country into a spacious arena for real estate investment in light of governmental stability for decades. The aforementioned provides an excellent opportunity for foreign buyers and investors to enter and attract huge foreign capital.

 purchasing a property in Turkey

3. Government facilitation for investors

The facilities provided by the Turkish government to investors are a critical step in real estate investment, by providing real estate residency to a foreigner who owns a property in Turkey.

Besides the simplicity of establishing a company and launching a business within a few days, not to mention encouraging getting Turkish citizenship by investing through purchasing real estate of more than 250 thousand US dollars.

Regulations for determining the prices of investment properties in Turkey

Several factors dominate real estate price controls in Turkey, which often lead to an upward financial and real estate value, including:

1- The status of the city and its importance for real estate

Real estate in Istanbul is more expensive than in other cities, as it is a tourist, economic and historical destination. In Mersin or Karabuk and others on the Turkish outskirts, real estate prices are quite low compared to Istanbul or the capital, Ankara.

That is due to the importance of the city first; second the importance of the area in which the property is located, in the city itself; Which plays a crucial role in determining the property price.

In addition, the areas located in the city center are considered of high prices compared to the suburban areas, not to mention whether they are close to or far from the tourist places, and the aesthetic views.

2- The proximity of the property to public transportation in Turkey

The metro, Metrobus, tramway, bus stations, even marine transport ports, bridges, main tunnels, and highways, are all preferred means of transportation for residents when choosing a property to buy or rent.

Whether the purpose of the property is residential, investment, or commercial, this feature gives the property a higher price than if it is relatively far from public transportation lines.

3- The age of the building

The price also affects the type and age of the building. New buildings have a higher price compared to the old ones due to their strength and safety against accidents or earthquakes, especially if the property is within modern residential or commercial compounds.

4- The location of the property within the building

This factor affects the price variation within the building itself. For example, the prices of upper apartments with sea views or landscapes are higher compared to apartments on lower floors, which are usually of lower prices.

5- Type of property

Real estate prices vary according to their type. The price of buying an apartment in Istanbul is definitely different from the price of an agricultural land, a tourist villa, or a store. Each type has a varied price range within the same area, according to the importance of the property, its nature, and the aforementioned influential factors.

6- The real estate proximity to immense economic projects

Prices rise if the property is close to or on a primary project road such as the new airport of Istanbul or the "Istanbul Water Canal" project, suspension bridges, and many large projects. In addition, the extent of the proximity to public hospitals, health care centers, schools, and universities surrounding residential projects, for example.

In addition, the government tends to establish large urban projects concerned with urban development and robust infrastructure to serve them.

investment sector in Turkey

How to benefit from the prices of investment properties in Turkey?

The development in real estate investment projects, that Turkey has witnessed recently, has enhanced the buyer or investor confidence in paying his money to get a property that suits him.

Real estate prices in Turkey, compared to other European countries, are reasonable. Also, many new projects are government-guaranteed through standards set by local municipalities or leading state real estate companies, so the real estate investor can participate in under-construction projects, for example, without fear of stumbling in construction or delay in delivery.

While other projects offer notary-documented guarantees, with respect to a guaranteed profit rate for resale, several years later or an investment return with a long-term rental guarantee.

That encourages the buyer or investor in the Middle East and Arab countries to invest in the Turkish market. The average price of an apartment in Istanbul with an area of ​​(100 square meters) within an excellent, fully-serviced residential compound is approximately 100,000 US dollars; there is more expensive and cheaper according to the above factors.

Consequently, Turkey offers promising golden opportunities for those who wish to settle in secure accommodation with a profitable investment. There are many projects and multiple options that suit different budgets; all you have to do is specify your requirements carefully. After that, the Binaa Investment team will assist you reliably and securely to ensure that you get the best real estate prices in Turkey, with excellent service before and after the sale.

Edited by: Binaa Investment ©

Source: Turk Press

 

 

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