The property prices around the world, as well as in Turkey, have risen high as a result of the continuing turmoil in markets.
Turkey in general is an attractive country due to its transportation facilities, tourism, entertainment places, and conferences.
Istanbul, as a famous city, attracts the attention of investors and buyers from all over the world.
It is an ideal option for Real estate investments, as it is full of Real estate opportunities that have profitable value.
Property prices in Turkey
Statics by Real estate specialists and economists indicate that the average price jumped by 7.3% in the 12 months to March in 2006.
Also, with reference from the Knight Frank Global House Price Index report, it was found that Turkey is at the top of the real estate list.
With a growth of 32%, followed by New Zealand with %22.1 while the United States took the fifth place with %13.2.
Read more: Questions about Turkish citizenship
Are property prices rising in Turkey?
Data from the Central Bank showed that the residential Real estate price index rose by %1.7 in December 2020.
The apartment prices across Turkey rose by %30.3 per year in nominal terms, while the increase in real terms was %13.7.
Also, the new apartment price index showed a %32 increase in the last month of 2020.
Property prices in Istanbul Turkey rose by about %28 in December of the last year compared to the preceding year.
While in Ankara, the capital of Turkey, the Real estate market witnessed a %30.2 annual increase in apartment prices. And in Izmir, Turkey’s third-largest city, property prices rose by %29.4.
Home sales increased by more than %11 in 2020 compared to 2019 and mortgage-financed sales increased by %72 last year to reach 573,000 units.
For 2021, with the stability of the construction sector, mortgage rates began to rise; which led to the decrease in sales rate.
Real estate experts expect property prices to rise as a result of high demand and the inevitable rise in the costs of construction companies.
If vaccination against the Coronavirus helps to combat the epidemic in 2021 and 2022, the Turkish economy will be able to recover and the construction sector can become more active.
Market experts predict that at least 120,000 apartments and houses per month will be sold in Turkey in 2021.
Read more: Important tips to buy properties in Turkey
Read more: Turkey economy ranking for 2022
Buying property in Istanbul Turkey
Experts recommend investors to buy property in Turkey, as it is expected for property prices in Turkey to rise by up to %50.
For those who are thinking of buying a house or apartment, this is the right time to start searching for a suitable property.
You can get Real estate advice on everything related to properties in Turkey by contacting the experts in Lale Real Estate Group.
You can also search for a distinctive apartment within our group of Real estate projects in Istanbul.
To conclude, the prices of apartments in Turkey are linked to many economic and political reasons, and the most important factor in determining these prices is the extent of the demand for apartments.
And as we witnessed a great increase in apartment prices between 2019 and 2021, the prices of Real estate and apartments will rise more and more in 2020.
It is expected that the price of apartments will rise twice from now to 5 and maybe 10 years.
Despite the rise in prices, buying a property in Istanbul now is better than waiting for the price of the apartment to rise more.
It is the time to contact real estate advisors in Lale Real Estate Group and get important tips and choose the best apartment that suits your requirement.
Read more: Best residential compounds in Istanbul
Do you know what the benefit of buying a property in Istanbul? Contact me to find out why!