Feb 5, 2023

Real Estate Prices in Turkey for 2024

Real estate prices in Turkey are one of the most popular topics among Europeans and Americans. A large number of foreigners have purchased land or real estate in Turkey over the past five years. Those who invested in Turkey earlier are nowadays enjoying the results of their investment.

However, it is not too late to enjoy the same benefits. The Turkish real estate market is one of the most popular markets in the world these days. If you want to learn more about real estate prices, trends, or whether or not it is worth investing in, this article is for you.

How much does the average real estate prices in Turkey?

This is a bit of a tricky question because it depends on where you plan to invest. If you prefer tourist destinations like Antalya or Mugla, you can expect to pay more than the average of real estate prices. In addition, famous Turkish cities such as Izmir, Istanbul and Ankara are also very expensive cities, at least for the locals.

On average, one square meter sells for around 10,000 TL. Considering that one dollar is roughly equivalent to 31 Turkish liras, it is still a big deal for many foreigners.

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Why are Turkish real estate prices cheap?

There is a misconception about the fact that Turkish real estate prices are cheap. However, this is not the case at all. Real estate prices are really expensive for the locals. As you already know, the Turkish lira has experienced a significant devaluation in the past four to five years.

Because of this drop in value, Turkey today has one of the cheapest costs of living in the world. This is a great opportunity for foreigners who want to live in a peaceful country full of natural beauty and historical sites. Moreover, Turks are among the most hospitable people in the world.

Since one dollar is worth more than thirty Turkish liras, real estate prices are considered cheap, especially for Europeans and Americans. This is the main reason why the number of foreigners investing in Turkey has increased in recent years.

Are real estate prices on the rise in Turkey?

Turkish real estate prices have increased by more than 100% in the past five years. This increase is ongoing despite the global political and economic circumstances. In addition, Turkey ranks first in Europe in terms of the annual increase in property prices and rents.

Of course, the increasing number of foreign investors is also affecting this trend. You can easily buy a luxury property in Turkey at reasonable prices and make a profit when you sell it the following year. Hence, the construction industry is also booming in the country, especially in recent years.

Will real estate prices drop in Turkey in 2024?

Although the recent economic support plan of the Turkish government helped the Turkish lira gain value again, it still lags behind all currencies. Thus, experts believe that real estate prices in Turkey will not decrease in Turkey in 2024 or the following years.

Most of the industry experts believe that real estate prices in Turkey will continue to increase in the next four years at a significant rate. They also estimate that this trend will continue for at least a decade, but that its curve will be much smoother after five years.

The Turkish real estate market is clearly one of the distinguished markets in the world. This market remains hot and lively throughout the year, as the region is a tourist and investment pole together.

The end of the year is a good time to summarize the results and set expectations for the coming year. Turkish real estate experts expect an additional rise in the prices of land, houses and apartments in Turkey and give reasons for this rise.

Is it worth buying a property in Turkey?

These times are the best times to buy a property in Turkey. Most of the locals and foreigners invest in real estate for profit. In general, you can make money easily by investing in a property in Turkey and selling it after only six months.

Of course, this also depends on where you are going to invest. In addition, Turkey is an ideal country to buy a retirement home or vacation home. It has golden beaches, hospitable locals, and great cuisine. When all this is combined with the devaluation of the Turkish lira, Turkey is the best country to invest in these years.

The impact of the epidemic on the Turkish real estate sector

Emlak Kulisi, a construction and real estate newspaper in Turkey, reported that the impact of the pandemic on the Turkish sector was very serious. However, the unique mortgage campaign launched in the summer of 2020 revived the Turkish construction and real estate sector. According to the Statistics Institute, in July alone, nearly 230,000 homes and apartments were sold in the country: real estate sales increased by 124 percent compared to July 2019. A significant increase in demand led to a rapid rise in prices: apartments, which before cost The mortgage campaign about 500,000 TL, sold for 750,000 TL.

The gradual increase in mortgage rates was followed by a sharp rise in prices for basic building materials - iron, steel and cement. All this led to a slowdown in the construction and real estate sector in Turkey and to a further increase in apartment prices in 2021.

What is the land area that a foreigner can buy in Turkey?

Although foreigners can buy land or real estate in Turkey, there are certain criteria they need to know. For example, like all other countries, the Turkish government does not allow foreigners involved in terrorist activities to acquire land or property in their country.

Additionally, foreigners are not allowed to purchase land in or around military areas. One should research all these matters before transferring funds or completing a transaction. Otherwise, you will not be able to obtain your land or property by any means.

The maximum purchase of land for a foreigner in Turkey is limited to 30 hectares. The best part of this limitation is that it refers to the total area of land. This means that you can buy five, six or even more land until you reach 30 hectares in total.

Is it easy to buy real estate in Turkey?

The Turkish government treats foreigners equally as they treat Turkish citizens. However, as in all countries, there may be people who have bad intentions and take advantage of the goodwill of foreigners. Therefore, we highly recommend working with an agency while buying a property in Turkey.

Given the affordable costs of consulting, working with an agency will be to your advantage. Not only will they take care of all the paperwork for you, but they will also take care of any risks you might run into. In addition, you do not have to worry about any problems that may prevent you from acquiring the land or property you paid for.

Moreover, if you buy real estate or land worth at least 400,000 USD, you can also apply for Turkish citizenship. In this way, you can get your Turkish passport which offers a lot of advantages. It is worth mentioning that the Turkish government also allows dual citizenship.

For more inquires please do not hesitate to contact us via Whatsapp, here. Our real estate consultant will answer you immediately.

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