What are the factors affecting real estate prices in Istanbul is one of the most important questions that need a clear answer for most of those wishing to enter the world of real estate investment in Istanbul, especially that this city is of great importance in the real estate markets in the world, as it is one of the global cities whose real estate markets top the daily sales of real estate. In this article, we will try to shed light on the most important factors affecting real estate prices in Istanbul.
Factors affecting real estate prices in Istanbul
Real estate, like other commercial goods, is affected by a number of factors through which its price is determined
There are several factors affecting real estate prices in Istanbul, including:
1-Property Specifications
When an investor purchases a property, the price of this property is determined according to several features and specifications, including:
-property type
The type of real estate has a major role in determining the amount that the investor should pay because each type of real estate has its own price that differs from other types of real estate due to the different features between each of them. These features will be mentioned in the subsequent contributions in determining the price and evaluation of the property. As for the real estate market in the region, and of these types, we note apartments, which are the most requested types of real estate by foreign investors. There are also villas, which are properties that the rich, famous, and capitalists visit. Villas are characterized as the most luxurious real estate in Turkey, and there are also hotels, which are the largest of their types.
– property area
The area of the property plays a role no less important than the location of the property in terms of its ability to determine the price of the property and contribute to its rise and fall, as the property with the largest area is more expensive than the property with the least area.
-property view
The same applies to the beautiful view of the property, which makes the price of the property greater than the property with a less beautiful and attractive view, and therefore its role is taken into consideration.
– property servicing
Servicing the area in which the property is located and the modernity of the service infrastructure of public services, including public transportation, Internet services, electricity and water services, the presence of medical centers, the presence of schools and universities and other government services or services of private centers are among the factors that determine real estate prices in Istanbul
-The floor of the property
Most of the properties are in the form of floors, and each property consists of several floors, including 4 floors, 6 floors, and up to 10 floors, and this is due to the type and location of the property. Investors are always looking for properties that have a low floor due to the buyer’s family, as it may contain a disabled, sick or old person who cannot go up the stairs, even if the property is equipped with electric elevators, some people do not prefer this type of real estate and therefore the floor is one of the factors that play a role in determining the price of the property.
2-Property location
It is known that the location plays a major role in determining the price and this applies to Istanbul real estate. The real estate located in Asian Istanbul is different in price from that of the real estate that is located in the European section of it; starting from the area and ending with a known location close to the property, such as a park, park, castle, or close to a specific or remote government center.
3- The growing demand for real estate
The urban development witnessed by the real estate sector in Istanbul and the continuation of the Turkish citizenship program in return for the purchase of real estate whose price is not less than 400 thousand US dollars, and also due to the development of infrastructure and its containment of the most important projects that have won international ranks, led to an increase in the demand that the markets are exposed to by foreign and Arab investors, and consequently, the increase in demand has a significant impact on determining the general price of the property.
4-Way of purchasing
The method of buying real estate is one of the factors affecting the determination of the general price of the property. Buying real estate in installments differs from buying it with direct cash payment. Real estate companies in Istanbul that offer special offers for the sale of real estate in installments are considered to be more expensive than companies that sell real estate in cash.
The relationship of the development of the market movement with the factors affecting the price of the property
One of the most important reasons for the developments that get the price of real estate in Istanbul is the great demand that the city is witnessing by Arab and foreign investors, Turkish investors and businessmen, as the real estate sector in Istanbul has witnessed increasing growth and has become the destination of many investors and building their own projects.
The demand, which led to the gradual rise in prices and the movement of the real estate market in Istanbul, the political stability and the Turkish government’s policy to support projects and support the Turkish economy, the prosperity of the tourism sector in the city, and the urban designs witnessed by the Istanbul arena in the recent period are all factors that increased the demand, and consequently the stability of the real estate sector in Istanbul which is considered one of the most successful investment projects, as it is filled with the requirements of investors from apartments – villas – smart homes – rural houses – lands to build their own projects… and many more requirements they want and obtain.
Therefore, the higher the demand, the higher the price. From this point, we can say that the movement of markets is of great importance in the factors that affect real estate prices in Istanbul.
Future outlook for real estate prices in Istanbul
Most forecasts for economists and observers of the state of real estate markets in Istanbul indicate that real estate prices in Istanbul will continue to rise in the coming years. The Turkish government is still providing all facilities that would increase the investment movement in the country, especially real estate investment, as it is still granting real estate residency to investors who buy real estate at a price of more than 75 thousand US dollars, and it is still granting Turkish citizenship to real estate investors with a value of more than 400 thousand dollars. Therefore, this continuation of these facilities will increase the number of investors in the coming years, which means the continuation of the rise.
The Turkish government’s endeavors to develop the service sector in most Turkish cities, especially Istanbul, and the continuous support for the infrastructure will make real estate prices in them continue to rise, as it seeks to urban development and support investment projects for real estate and construction of residential complexes, which means that the real estate market in Istanbul will witness a state of stability and gaining more strength, which will reflect positively on the movement, and consequently, demand will continue, which means the continuation of the rise indicator.
In conclusion, we can say that real estate in Istanbul is more expensive compared to real estate in other Turkish cities for many reasons, perhaps the most important of which is the increased demand by most investors to buy real estate in it, and therefore it is necessary for every investor to know the factors that affect real estate prices in Istanbul.
Related articles:
Turkish citizenship and its importance for every investor
How to obtain a tourist residence in Turkey
Important terms in the Turkish real estate market
Five important questions before buying a property in Turkey
Number of investors who obtained Turkish citizenship 2022
Turkish passport costs
What is the difference between real estate residence permit and Turkish citizenship
Real estate for sale in Turkey suits all tastes
Real estate residency renewal
Why is real estate prices is cheap in Turkey??
Villas for sale on the Bosphorus
The cheapest apartments in Turkey
