When you want to know the price of an apartment in Turkey, the first question that comes to mind is:
is the property suitable for my budget or not? It is natural when searching for residential apartments.
or even properties for real estate investment to inquire about the price first.
However, apartment prices in Turkey must depend on several factors. We, at “Hana” Real Estate website, will list them for you in detail.
The role of location In determining the price of apartments in Turkey
For sure, The role of location in determining the price of apartments in Turkey cannot be overstated.
For instance, you can find affordable apartments for sale in Istanbul on the outskirts of the city.
However, prices increase as you move closer to the city center.
where there are more job opportunities, service facilities, entertainment centers, and larger malls.
The European side of Istanbul is generally more expensive than the Asian side.
due to its bustling nature and abundance of industrial facilities.
On the other hand, the Asian side is known for its calmness and tranquility.
Proximity to the sea is another factor that affects apartment prices in Turkey. The closer an apartment is to the sea, the higher its price.
Due to high demand for properties with direct or near-direct sea views. This is especially true in Istanbul where some areas boast breathtaking water views that are highly sought after by buyers.
The Price of Apartments In Turkey is Linked to Tourism
Buying an apartment in Turkey near tourist attractions also increases its price. Tourist areas such as the Sultan Ayoub area are more expensive than non-tourist areas. Because they are a favorite destination for tourists. It is natural that the prosperity of tourism is linked to the country’s economy.
which means special government attention from all aspects to these areas.
Istanbul is full of heritage and entertainment tourist attractions.
and this is a significant factor in the price of properties for sale within Istanbul.
Government Projects and Real Estate Investment Opportunities
Investing in real estate near government projects, such as the Istanbul Canal and Istanbul’s third airport,
can provide significant investment value over time. As these projects are completed, the value of nearby properties will increase. Therefore, the price of an apartment in Turkey near a government project is higher than those further away.
It Is important to note that high prices due to these factors are not necessarily a bad thing. For those looking for real estate investment opportunities in Istanbul, higher prices indicate greater investment potential. This can benefit you when renting or reselling the property or through other short or long-term investment strategies.
The Link Between Living Standards and Apartment Prices in Turkey
Living standards in a particular area are a crucial factor that greatly influences apartment prices in Turkey. For instance, Istanbul’s luxurious areas, also known as “wealthy neighborhoods,” include Sariyer, Besiktas, Kadikoy, and Nisantasi. These areas are classified as the most expensive when searching for an apartment in Turkey.
On the other hand, Istanbul’s neighborhoods such as Beylikduzu, Avcilar, and Esenyurt are considered average-priced areas. However, there is a great opportunity to find cheap apartments for sale in Istanbul.
Therefore, the social class that resides in the city and their living standards also play a significant role in determining apartment prices in Turkey.
If you’re looking for an affordable apartment in Turkey, it’s essential to consider the living standards of the area you’re interested in.
Real Estate Market Variables: Supply and Demand in the Local Market
The real estate market in Turkey, or any local market around the world, is subject to significant or slight changes, or even seasonal changes. For example, demand for tourist villas and properties located near the sea increases during summer and holidays.
What are the factors that cause changes in the local market?
The factors that play a fundamental role in demand for the local market, which reflects on determining the price of an apartment in Turkey:
- Local economic growth: The local economic growth of a country is proportional to an increase in demand for real estate due to an increase in purchasing power. In case of economic deterioration, the opposite happens.
- Real Estate Availability: If properties are available in abundance and demand is low, this makes the price of an apartment in Turkey low. However, if they are not available, this raises the prices of apartments and real estate in the local market.
- Population Growth and its Impact on Apartment Prices in Turkey: The increase in population numbers affects the demand for housing and all facilities. Firstly, it requires an increase in apartments and houses, and secondly, an increase in services which means larger and more facilities. All of this ultimately leads to an increase in prices.
There are several additional factors that affect the demand for real estate within the local market such as demographic changes, legislation and laws, as well as government policies.
The Global Economy is Closely Linked to the Price of Real Estate in Turkey!
As a part of the world, Turkey’s economy is directly affected by the global economy. For example, when the global economy grows, the global real estate market flourishes, leading to an increase in prices, including the prices of homes in Turkey. Conversely, when the global economy slows down, there is a decrease in demand for real estate worldwide, leading to a reduction in prices of homes, apartments, and other types of properties in Turkey.
In addition to the global economy, the policies of central banks, such as interest rate policies, also affect the purchasing power and, consequently, the economy. Lowering interest rates increases prices due to increased purchasing power, while raising interest rates has the opposite effect.
Moreover, local markets and laws in each country also affect the global economy. This is a two-way process, where the global economy affects individual countries, and the policies of individual countries affect the global economy as a whole.
Finally, economic inflation naturally leads to an increase in real estate prices, including in Turkey.
How does foreign investment affect the price of apartments in Turkey?
Foreign investment can lead to an increase in demand for properties in a specific market within a certain country, which can result in higher prices.
Our experts advise checking property prices before purchasing a home in Turkey.
This can be done through your real estate agent at “Hana” real estate company before making any decisions about buying or renting an apartment in Turkey, to avoid making mistakes in estimating the price accurately. You can contact us directly via WhatsApp, and we are also available on both Facebook and Instagram.
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