Cases in which real estate prices rise in Turkey

In this article, we will learn about cases of high real estate prices in Turkey, and we will highlight the most important factors that contribute to this

In recent years, Turkey has witnessed a remarkable rise in real estate prices, which has attracted the interest of many investors and buyers looking for rewarding investment opportunities and therefore, we will explore some cases in which real estate prices rise in Turkey, and highlight the factors that affect this growing economic phenomenon.

Learn about cases of real estate prices in Turkey

Here are the most prominent cases in which real estate prices rise in Turkey:

Location of the property to be purchased:

The price of the property is determined largely based on the location.

In Turkey, real estate prices in other states are lower than Istanbul, and this is due to the vital, touristic and commercial location of Istanbul compared to other states, and when we talk about Istanbul itself, the prices of apartments in the central and tourist neighborhoods are more expensive than the suburbs, even if they have the same specifications.

Its proximity to historical areas and sea views also plays an important role in determining the value of the property.

In addition, the proximity of the property to vital facilities such as shopping centers and transportation links greatly affects its price, because many buyers prefer to live near transportation and important facilities.

The impact of the real estate area:

In Turkey, when the property area is smaller, the price is lower, as for example, if you calculate the price based on one square meter, the price per square meter in a one-room apartment and a salon will be greater than the price per square meter in a four-room apartment and a salon, and the interior design, net area, and total area of the property must be taken into account.

Condition and age of construction:

In the event that the property is under construction, it is generally expected that its price will be relatively lower, and this provides a better investment opportunity with the expectation that prices will improve in the future and on the other hand, ready made properties are more expensive.

The external appearance of the property:

The external appearance of the property in Turkey is very important in determining its price, especially in the famous and central areas, as properties in Turkey that are located within luxurious buildings and modern designs such as glass facades are usually more expensive than ordinary buildings in the same area, and the lack of these details and luxurious finishes may result in to a decrease in the price of the property.

Features of the property:

The features associated with the property play a major role in increasing or decreasing its price, including the floor number, the view of the apartment, the services available within the complexes, decoration and furniture and if the property is commercial, the decoration plays an important role in raising the value of the property in Turkey.

The impact of government housing projects on real estate prices in Turkey

According to Turkish President Recep Tayyip Erdogan's statements, the "My First Home" project was launched at the end of last year, and aims to provide 250,000 homes by 2027 and the first phase of the project is expected to be delivered by 2025 and based on this information, real estate prices in Turkey are expected to continue to rise during the years 2023 and 2024.

And when the year 2025 comes, and the first phase of the project has been delivered, prices may witness almost complete stability with a slight decline in some cases, and over the period until 2027, expectations of a decline in real estate prices in Turkey can occur, but it is difficult to predict these expectations strictly at this advanced stage.

It is important to understand that these expectations are related to a specific project and have a long-term nature and the real estate market is subject to many variable factors, and therefore it is recommended to monitor current developments and developments in the real estate market in Turkey and consult with specialists in the field before making any investment decisions.

The impact of the Turkish economy and infrastructure on real estate prices in Turkey

The Turkish economy is of great importance in determining real estate prices in Turkey, when the economy is strong and witnessing sustainable growth, the demand for real estate increases dramatically, which leads to an increase in its prices, and vice versa when the economy faces challenges and difficulties, real estate prices can decrease.

The improvement in the infrastructure also plays an important role in the impact of real estate prices in Turkey, when the infrastructure of the regions witnesses continuous improvements such as roads, transportation and utilities, this makes those areas more attractive to investors and buyers, and as a result the demand for real estate in those areas increases, and its value increases.

Expert predictions about real estate prices in Turkey

According to the expectations of Turkish real estate experts and economists, real estate prices in Turkey are expected to keep rising during the year 2023, with a slight decrease in some areas, and with the persistence of supply problems and the rise in the global inflation index in raw material prices, this is expected to inevitably lead to a further rise in prices, as real estate in Turkey, especially in the next phase, this is also due to the scarcity of luxury real estate, apartment complexes, villas, etc. in the market.

Experts pointed out that the supply in the market is still much less than the real demand, despite the decline in purchasing power, however, demand is still strong, and this leads to a state of balance between supply and demand and puts pressure on price stability

In addition, an increase in demand is expected in the future due to the large increase in the population, and this means that there may be another increase in real estate prices in Turkey during the year 2023.