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Feb 5, 2023

Real Estate Prices in Turkey 2024

There is some information and details that must be researched and known when you are planning to buy Turkey real estate, while the most important thing to look at is the prices of Turkey real estate. Are they appropriate? Is it compatible with its features? What is the condition of Turkey real estate for the current year 2024? Is it rising or stabilizing? How valid is it to buy a property in Turkey at the present time? You can find out many details about this topic in the following article.

Turkey real estate prices 2024

Since the beginning of this year, Turkey real estate have recorded an increase in their prices, which is a clear indication of the recovery and improvement of the real estate sector after it witnessed a recession in 2020 as a result of the Corona crisis, which stopped the real estate movement and limited the continuation of the investment movement. These are the most prominent reasons that led to a rise in prices this year:

  • The increase in the number of development and strategic projects in Turkey contributes to a significant increase in Turkey real estate prices and has a significant impact on the areas close to it. Examples of these projects include: the New Istanbul Canal, the new financial center, and the Cham and Sakura Hospital in Basaksehir.

  • The opening of new infrastructure projects, such as the new metro lines that were opened in the Basaksehir and others. In addition to the opening of new facilities, such as Basaksehir Square, which now competes with the famous Taksim Square, which led to an increase in the prices of all surrounding properties.

  • Political crises in neighboring countries led many to move to live in Turkey, such as the Russian-Ukrainian war, the war in Sudan, and others, which led to a large demand for residential units.

  • The Russian-Ukrainian war led many Russian businessmen and wealthy people to seek a new passport, and Turkey was their first resort to obtain another citizenship by investing in Turkey real estate.

  • The country's population is increasing, which makes real estate a priority. Turkey receives large numbers of foreign expatriates every year, as Turkey is for them a place that meets their needs for tourism, study, and work.

  • Turkey is characterized by its tourist character based on all its important tourist attractions and distinctive historical monuments, in addition to its numerous parks and gardens.

  • Today, Turkey is witnessing many urban transformation projects that will raise real estate prices in general. According to statistics issued by official authorities in Turkey, residential apartments were the best-selling real estate among other real estate types.

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Increased demand for Turkey real estate causes and repercussions

Developed economy:

The Turkish economy has proven during the current world the extent of its strength, after it suffered from a recession last year, and was described as dynamic through its leaps and growth, surpassing many of the world's economies. In this context, it is worth noting that Turkey is characterized by its political and social stability.

Distinguished Infrastructure:

Turkey is one of the most important countries in the world in terms of its infrastructure, as the Turkish government pays great attention to it due to its complete confidence in its positive impact on all sectors in the country, especially Turkey real estate.

Today, Turkey is witnessing the presence of a large number of important development and strategic projects that occupy a global position, the most prominent of which is the new Istanbul Airport, which achieves records every year, the most recent of which was being the best airport in Europe for the year 2023, and let us also not forget that it holds first place in the world in terms of area. There are also highways and an integrated transportation network that competes with European transportation networks. In addition, it is currently constructing the new Istanbul Water Canal project.

All of these reasons and others are constantly working to increase Turkey real estate significantly and continuously. Therefore, we always say that if you missed buying Turkey real estate yesterday, do not hesitate today, because tomorrow will not be in your favor, but rather in the favor of those who bought in advance.

Suitable real estate prices:

Although Turkey real estate prices are higher, they are still lower than the prices of real estate in the European Union or the United States of America. In addition, they are characterized by quality, luxury, and distinctive engineering designs, in addition to being resistant to earthquakes.

Government facilities:

The Turkish government was not late in providing many facilities to foreign investors wishing to buy a property in Turkey and removing all the obstacles and pitfalls from their path that cause them insomnia. Among the most prominent things it provided were tax reductions and easy procedures for completing the ownership process.

Turkish Citizenship:

Foreigners have become able to obtain Turkish citizenship by owning Turkey real estate, provided that the price of the property, or the total price of the real estate if one owns more than one person, is not less than four hundred thousand US dollars, with a pledge not to sell it before three years have passed from the date of purchase. In this context, it is worth noting that the Turkish government worked to make the aforementioned amount what it is at the present time, after it was previously one million US dollars. This advantage was one of the most important reasons that prompted many people to buy Turkey real estate, especially Russians who want a passport other than the Russian one to facilitate their travel.

Real Estate residence permit:

There are many investors or businessmen who do not want to obtain another passport sooner or do not have the property price that qualifies them for citizenship. The Turkish government facilities for obtaining real estate residence permit in Turkey were greatly in their favor. This is done by purchasing a Turkish property worth $200,000 in any Turkish state, provided that it is not sold for three years. It is noteworthy that the investor can apply for Turkish citizenship five years after obtaining real estate residence permit.

Geographical location:

Turkey is distinguished by the fact that it occupies a distinctive geographical location in the middle of three of the world's continents and overlooks the most important seas such as the Black Sea, the Mediterranean Sea, the Sea of Marmara, and the Aegean Sea. In addition, it extends within two continents, based on this, it has become a forum for businessmen, capitalists, and merchants.

There are many reasons that made Turkey real estate prices take an upward curve, and according to many real estate experts, it is expected that in the coming days they will record a further rise and thus be a unique investment opportunity.

If you would like to know more about Turkey real estate, do not hesitate to contact us via WhatsApp, here. The real estate consultant will contact you immediately.

 

 

 

 

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