The property prices around the world, as well as in Turkey, have skyrocketed as a result of the ongoing turmoil in markets. This article will highlight the most important information about property prices in Turkey, property prices rising in Turkey, and the price of property in Istanbul.
In general, Turkey is considered an attractive country due to its cultural, educational, tourism, and health facilities.
Istanbul, as a well-known city, attracts investors and buyers from all over the world to buy properties in Istanbul.
It is an excellent choice for real estate investment because it includes many profitable real estate opportunities.
Property prices in Turkey, and the price of property in Istanbul in particular, might rise at any time, therefore now is always an excellent time to buy a property.
Overview to Price of Property in Turkey
Statistics by real estate specialists and economists indicate that the average price of property in Turkey 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 property prices in Turkey are 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: Important tips to buy properties in Turkey
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Are Property Prices Rising in Turkey?
Data from the Central Bank showed that the residential property prices in Turkey rose by %1.7 in December 2020.
The property prices in 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 price of property in Turkey 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 property prices in Turkey. 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.
Property Prices in Turkey 2021-2022
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 rising in Turkey as a result of the 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: The Best Residential Compounds in Istanbul
Read more: The Best Reasons to Buy a Property in Turkey
Are Property Prices in Turkey Suitable for Investment?
Property prices in Turkey are regarded to be more affordable than in other European countries.
The price of property in Istanbul is suitable to start real estate investment in Turkey for several reasons.
First, there is an annual rise in the price of property in Turkey. Second, real estate investment in Turkey is considered a profitable and long-term investment.
Also, Turkey is considered a safe and stable country, which increases property prices in Turkey and thus the demand on buying properties.
Property Prices in Istanbul Turkey
Experts recommend investors to buy properties in Turkey, as it is expected for property prices rising in Turkey 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.
We, at Lale Real Estate Group, will be your ideal partner in your investment journey.
You can also search for a distinctive apartment within our group of real estate projects with a suitable price of property in Istanbul.
The Average Price of Property in Istanbul
To conclude, the prices of property in Turkey is linked to many economic and political reasons, and the most important factor in determining these property prices in Istanbul Turkey is the extent of the demand for apartments.
And as we witnessed a great increase in property prices in Istanbul Turkey between 2019 and 2021, the price of property in Turkey will rise more and more in 2020.
It is expected that the price of property in Turkey will rise twice from now to 5 and maybe 10 years.
Despite the property prices rising in Turkey, buying a property in Istanbul now is better than waiting for the price of the apartment to rise more.
It is now time to contact real estate consultants at Lale Real Estate Group and get important tips to choose the best apartment that suits your requirement.
Frequently Asked Questions about Property Prices in Turkey
How much are property prices rising in Turkey?
Property prices rising in Turkey reached 10 percent in most areas and 400 percent in some areas, such as the Basaksehir area. Generally, property prices in Turkey always increase from year to year due to the large demand for buying properties in Turkey.
How much is the property price in Turkey in US dollars?
Property prices in Turkey start from $75,000, varying according to the location, and other features as well.
How much are property prices in Turkey 2022?
Property prices in Turkey increased by 127 percent in the five years to April 2022.
What is the average of property prices in Istanbul Turkey?
The average property prices in Istanbul, Turkey vary according to the area, and generally, the average property prices in Istanbul, Turkey is 11,549 TR per square meter and may rise due to the property's features.
Do you know what the benefits of buying a property in Istanbul? Contact me to find out why!