If you want to buy a property in Turkey, one of the first things that you should take into consideration is real estate prices and you should know the factors affecting them. In this article, the editorial team at ZOOM Real Estate will share with you many details that interest you about the factors that affect real estate prices.
Some information about real estate prices in Turkey:
Among the most important factors affecting real estate prices in Turkey are economic growth, inflation, interest rates, and exchange rates.
Turkey has experienced strong economic growth in recent years, averaging around 7% annually between 2002 and 2007. This increased the demand for real estate, and prices rose accordingly.
Inflation was also a major factor, averaging around 9% per year over the same period. This has reduced the purchasing power of buyers, and increased costs for developers and investors.
Interest rates have remained relatively stable, at around 10% annually. However, the recent global financial crisis has increased borrowing costs, which is likely to lead to increased pressure on prices.
Finally, exchange rates were also a major factor influencing prices. The Turkish lira value has risen significantly against the US dollar and the euro in recent years.
See what affects real estate prices in Turkey:
There are a wide range of things that affect real estate prices in Turkey that you should take into consideration when looking for real estate for sale in Turkey and through the following paragraphs you can see them in full:
First, the location:
Turkey is a vast country with a wide range of geographical features, from the stunning coastline of the Aegean and Mediterranean Seas to the rugged mountains in the interior. This diversity means that there is a wide range of property prices depending on the location.
The most expensive real estate is generally found in major cities, such as Istanbul and Ankara, as well as in popular tourist destinations such as Antalya. These areas have the highest demand, due to their well-developed infrastructure and amenities, and prices can be inflated further due to factors such as proximity to the sea or views of historical monuments.
By contrast, rural areas and small towns tend to get much lower prices, although this is not always the case. For example, some small towns located near popular tourist destinations can command high prices due to their appeal as vacation homes. Likewise, properties located in remote or hard-to-reach areas.
Second, the view:
The view of the property is one of the main factors that affect real estate prices in Turkey. The most expensive properties are usually those overlooking the sea, while properties overlooking the city are much cheaper. Bosphorus views are especially valuable, and can add up to 50% to the property price. For this reason, many developers and construction companies are building properties with large windows or balconies facing the strait in order to increase the supply to potential buyers.
Third: The type of property:
One of the factors that can affect real estate prices in Turkey is the type of property you want to buy. For example, apartments in Istanbul are generally more expensive than apartments in other parts of Turkey. This is due to a number of factors, including the fact that Istanbul is the largest city in Turkey and therefore has a larger population and an increased demand for housing.
In addition, Istanbul is a more desirable place to live than other parts of Turkey, so prices are often higher. Also, the prices of apartments in residential complexes are higher than other regular apartments, as well as penthouses are of high prices, and villas are very expensive.
Fourth: The real estate area:
The larger the real estate area, the higher the price, and the smaller the spaces, the lower the prices. In this regard, we must point out that one of the most important pieces of advice given by real estate consultants in Turkey to those who wish to invest in real estate is the need to choose medium or small spaces because the demand for them is large and the price is moderate and appropriate.
The future of real estate in Turkey
The real estate industry in Turkey is also booming. This is due to the fact that there are a lot of people who move to Turkey for business purposes. The future of real estate in Turkey looks very bright. This is because the government invests a lot of money in the industry and it also puts in place a lot of regulations to make sure that the industry grows in a sustainable way.
There are many people who are interested in buying a property in Turkey because it is a very good investment. Real estate prices are increasing every year and this trend is expected to continue. If you are planning to buy a property in Turkey, it is important that you do your research so that you can find the best possible opportunity.
Is this the perfect time to buy property in Turkey?
Turkey has always been a desirable location for international home buyers, as it offers a great climate, beautiful landscapes and a comfortable lifestyle. No wonder the country is now the sixth most popular destination for British buyers, according to the latest data from the Bank of England. However, what makes the current time ideal for owning real estate in Turkey? Here are five reasons why you should consider buying a property in Turkey:
- Prices are rising.
-The economy is strong.
-There is a growing demand for holiday homes.
-Infrastructure is improving all the time.
- You can take advantage of the Turkish lira.
Why invest in real estate in Turkey through Zoom Real Estate?
-We have a close relationship with the most important and luxurious residential complex construction companies in Turkey.
-A wide range of apartments for sale in Istanbul and various types of properties in Antalya that suits all budgets.
-Many years of experience in the Turkish real estate market
-Protecting you from real estate fraud.
-A wide variety of residential real estate, shops, villas with sea views, suitable for investment.
-We help you get the best real estate prices in Turkey.
If you have any questions about the real estate market in Turkey, you should constantly follow our website to see the latest developments and information related to it.
