Factors determining real estate prices in Istanbul

In this article, we will learn about the main factors in determining real estate prices in Istanbul, and the most important frequently asked questions about that..

It is known that Istanbul is one of the most attractive cities for real estate investors in the world as it is a multinational city, with strong economic dynamism, and contains many archaeological and attractive sites for visitors, however many investors always wonder: What are the factors that determine real estate prices in Istanbul? In this article, you will detail some of the factors that affect prices so that everyone interested in real estate investment in Istanbul can make their decisions regarding buying or selling real estate.

Find out what determines real estate prices in Istanbul

There are a number of influences on the price of real estate in Istanbul, both direct and indirect, and all of them must be taken into consideration.

1 - Geographical location

Real estate prices vary in the different regions of Istanbul, as prices rise in vital and central areas, and prices vary between residential, commercial, and tourist areas and therefore, choosing the right location to buy a property in Istanbul is very important to achieve the desired investment and increase the value of the property in the future.

2 - The view

It is known that properties with stunning views, such as views of the sea or mountains, are more in demand thus, its value increases, and the height and the open view of the streets also increase the price of the property and the view remains an influential factor in determining the price of real estate.

3 - Building infrastructure

Infrastructure projects in the vicinity of construction are necessary to make real estate desirable to investors, but we are pleased to note that Istanbul has a strong infrastructure and resources that contribute to reducing the cost of real estate investment as the Turkish government follows controls to determine the prices of investment real estate in Turkey, in addition to launching many important infrastructure projects that have a positive impact on the real estate market.

4 - Design and quality of finishes

If the finishes and materials used are of high quality, they will increase the luxury of the property and thus increase its value, while if the quality of the finishes is low, it will lead to a decrease in the value of the property as the type of architectural design of the property plays an important role in determining the price of the property, as modern and sophisticated designs attract investors and increase the value of the property.

5 - Proximity and distance from transportation

If the property is close to modern transportation stations and lines, it is not surprising that it is the focus of attention of investors, and thus its price increases and on the other hand, if the property is far from public transportation, it will be less attractive, which may affect its value and final price and therefore, it is recommended to invest in real estate close to modern lines of public transportation, such as metro, buses, tunnels, and highways as it is worth noting that these increasing factors make some neighborhoods in Istanbul the focus of attention for investors because of their proximity to public transportation and thus have a higher price.

6 - The condition, type and age of the property

If the property is new and under construction, prices may be relatively low which provides a better margin for investment return, and the condition of the property includes the age of the property if it is new or used, and this depends on the quality of the internal and external finishes.

If the property is in use, the buyer may need to carry out some repair and maintenance work that may affect the final price of the property and on the other hand, if the property is old, this does not necessarily mean that a low price will be obtained rather, its value may be higher due to its unique and historical location, but the property may need renovation and restoration to make it in good condition.

7 - The volume of demand and supply for real estate

When the demand for real estate is high and the supply is low, the price of real estate increases dramatically, and on the contrary, when the volume of supply increases and the demand for real estate decreases, its price decreases as it is clear that determining the volume of supply and demand depends on several aspects such as the type of property, its location, the level of available services, and others and this factor can be influenced by many domestic and global economic and political factors.

8 - The current economic situation

The economic situation plays an important role in determining real estate prices in Istanbul, especially when inflation rates rise and the currency depreciates as this rise leads to an increase in construction and maintenance costs, which in turn leads to higher real estate prices and in addition, the economic situation affects real estate investment returns and people's ability to purchase residential and commercial properties and despite these negative factors, the prosperity of the economic sector and the increasing Turkish exports have a positive impact on real estate prices in Istanbul and make it the focus of attention for investors.

Will real estate prices in Istanbul rise?

Real estate prices in Istanbul may rise in the future if the demand for them increases, although real estate prices have increased recently, they are still relatively affordable and in addition, Istanbul is characterized by a high population density, which increases the need for real estate and the country is witnessing many major projects related to infrastructure development such as the new airport and the new canal project and from this standpoint, it can be said that Istanbul may remain a major destination for investors in the near future.

Common questions:

1 - Will real estate prices decrease in Turkey?

This is impossible in light of the high development in the Turkish real estate sector, the high demand, and the presence of all attractions that encourage demand for it.

2 - How long does it take to purchase a property in Turkey and receive the title deed?

It varies from person to person, but generally ranges from 45 to 60 days.

3 - How to buy an apartment in Turkey?

The real estate market in Turkey contains many special offers that are worth considering as it is not difficult to find special offers easily and take advantage of their ingredients.

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