One of the first questions that everyone who is about to buy homes in Istanbul asks is about their prices. It is known about this city that real estate prices are somewhat high, and some may think that it is only suitable for the rich who have a lot of financial assets. Is this realistic? There are also those who wonder about the future, will the prices be, will they rise or will they decrease? Do not look far, Hana Real Estate Company. In this article, you will put in your hands important details that will answer your various inquiries.
Will house prices rise in Istanbul?
There is no simple answer to this question as the real estate market in Istanbul, as in any other city, is constantly changing and influenced by a number of factors, including the state of the economy, interest rates, migration patterns, and government policies. If you are thinking of buying a property in Istanbul in the near future, you might be interested to know about some of the trends that are currently affecting the real estate market in that city and here are some of them:
The Turkish economy has grown visibly in recent years, and this has had a positive impact on the real estate market in that city and with the increasing number of employees who have their own business and have available income, there has been an increasing demand for apartments and real estate, which has led to higher prices.
Interest rates play an important role in the real estate market. When interest rates are low, buyers are able to purchase more expensive homes; When prices are high, they are forced to either buy lower-cost homes or postpone their purchase altogether.
Influences on house prices in Istanbul
If you are going to make a decision to search for apartments for sale in Istanbul, you should look at an important aspect first, which is the factors that affect their prices so that you know the estimated price without having to pay money in the wrong place or be exposed to the real estate fraud process, which are as follows:
Turkish Lira: Istanbul is the financial center of Turkey, and as such, the city is very sensitive to changes in the value of the Turkish lira and when the lira weakens against major currencies such as the US dollar, the euro and the British pound, the demand for real estate in Istanbul usually decreases because foreign buyers become less desirable in investment.
Population growth: As Istanbul’s population continues to grow (currently estimated at 15 million), the demand for real estate is also increasing. This population growth is driven by natural increase (more births than deaths) and net migration (more people moving to Istanbul than leaving).
Location: As with any real estate market, location is one of the most important factors affecting house prices in Istanbul. Properties located in central areas such as Beyoglu, Sisli and Besiktas will always command a higher price than those in less desirable areas.
Age and condition of the property: Older properties, especially those that need repair or renovation, will be priced lower than newer ones that are in good condition.
Size: Larger properties obviously cost more than smaller properties.
Views: Homes with stunning views of the city skyline or the Bosphorus will be more expensive than those with a less attractive view.
What are the most expensive real estate options in Istanbul?
One of the important aspects that you should look at when searching for homes for sale in Istanbul is the types of real estate and apartments available, and often the foreign investor sees him looking for high-priced, distinctive options that are of a great deal of sophistication and luxury, and the following we briefly talk about the most important of them:
1 – Penthouses
Penthouses offer a number of advantages for those looking for the best real estate in Istanbul. First of all, they are usually located in the most desirable buildings in the city, offering great views of Istanbul’s skyline and landmarks and secondly, they are often equipped with private balconies and balconies, providing residents with a private outdoor oasis. Finally, many of them have high-end finishes and amenities not found in other units.
2 – duplex apartments
Duplex apartments in Istanbul are becoming increasingly popular due to the city’s rapid population growth as they provide a unique living experience that is not found in other types of apartments. They are usually more spacious than other types of apartments, and often come with amenities such as private gardens, balconies, and terraces.
Duplexes also provide buyers with the opportunity to live in a two-storey house, which can be a huge advantage in a city like Istanbul and is considered among the most expensive types of real estate in that city but offers luxury buyers a unique and exclusive lifestyle that is not found in other parts of the city.
3 – Villas
Villas are usually more expensive than apartments, but offer more privacy and space. They are a good choice for families or people who want more space to spread out. Villas also tend to have better views and are located in nicer neighborhoods than apartments.
4 – Hotel apartments
Hotel apartments are usually located in prime real estate areas, which provide residents with easy access to shops, restaurants, and other amenities. In addition, hotel apartments often come with a higher level of service than other apartment types, such as 24/7 security and housekeeping services and finally, hotel apartments can be a good option for people who want the flexibility to use their apartment for short and long-term stays.
Stay up-to-date on our website in order to get all the information related to the real estate market in Istanbul, as we are keen to provide you with various information, details and updates issued by the official authorities.
Our real estate consultant is always waiting for you in order to provide you with all the offers and options that are suitable for you. Do not hesitate to contact him in order to inform you of the most prominent ones and provide you with a variety of important advice and consultations.
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