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How much is the Apartment Prices in Turkey?

How much is the Apartment Prices in Turkey?

Turkey is a big country consists of a wide range of apartments at various prices. There is no specific answer for how much is the apartment prices in Turkey due to the different price indexes in the real estate market.

Turkish Economy

Turkey's economy has reached record levels in the last few years. Apartment prices rose in 2016 and have led to an unprecedented price increase in apartment prices in Turkey in 2017. It had a great impact on the Turkish economy.

Turkey is an active member of the world's most powerful Economies of the G20. The Gross Domestic Product (GDP) of Turkey in 2017 was about 851 billion US dollars. Turkey in 2017 made 10.9 billion US dollars’ worth of foreign investment in 2017. The number of foreign companies was about 58 thousand in 2017.

This is a great success, Turkey's reach before participating in the European Union which has been achieved through national self-sufficiency. Turkey's geographical location between Europe and Asia is a strong element that leads Arab, European and Asian investors to the real markets in Turkey.

Due to all these reasons and the high demand by Turkish and foreign investors have Turkey has provided unprecedented growth in real estate investment and development tools, particularly by the Gulf countries.

How much is the apartment prices in Turkey? Is known below the actual value, in which the experts of real estate expect the price of the apartments in Turkey to reach new record levels. Focusing on apartments in the housing projects which are still under construction, is expected to make a perfect profit immediately or a few years after delivery.

How much is the Apartment prices in Turkey after the Law of Foreign Ownership?

After the adoption of the Turkish Foreign Ownership Act 2012, apartment prices in Turkey increased rapidly and most of the Arab, Asian and European citizens, in particular, was entitled to own real estate, including apartments in Turkey.

The apartment prices in the real estate market Turkey under the new legislation are expected to rise to 90 percent from 60 percent over the coming five years.

Under the 2012 law, the Turkish government has more flexibly adopted more easy laws that have been opened to citizens of more than 129 countries around the world to enter the Turkish real estate market.

At the same time, the promotion of real estate and investment laws has been affected apartment prices positively and achieving joint and sustainable improvement interest from both sides. Turkey is a wonderful country that provides a new opportunity for real estate investors looking for an investment with a stable profit return.

The government of Turkey, together with real estate companies in the private real estate sector, play a leading role in promoting real estate investments by providing special offers and opportunities to reflect positively on the apartments in Turkey.

Also the affordable prices of apartments encourages the construction of new real estate projects. In addition a big number of suitable installment alternatives, are intended to make apartment prices in Turkey appeal to all budgets for all social and investment purposes.

The country's political, economic and social stability causes great numbers of apartment purchases in Turkey and the protection of the increase in real estate prices providing stable rising rates over time.

How much is the Apartment prices in Turkey Compared with their European Counterparts?

The affordable prices of apartments are what attracting the real estate investors in the first place, when it’s compared to apartment prices in Turkey in terms of the European currency. In Istanbul which is Turkey's economic capital and the world's greatest city with a vast population, you will be able to purchase a small apartment from 50 thousand US dollars to 100 thousand US dollars, in the best tourist site, and value gaining investment could rise to an extra higher amount when reselling it.

The average price of apartments for sale in Turkey is still 50 to 60 percent lower than in Eastern Europe and 80 to 90 percent in Western Europe, in terms of currency. Turkey provides the most reasonable real estate opportunities in terms of prices to foreign investors than other European countries. In addition Turkey is among the best countries that offer the highest rental income.

What are the Factors Determining How much is the Apartment prices in Turkey?

  • The first issue that determines how much is the apartment prices in Turkey is the type and importance of the city.

If a city is surrounded by the sea and developed in terms of tourism, commercial and industrial, it plays a very important role in determining the apartment prices in Turkey.

Istanbul is considered the most expensive city in Turkey due to its amazing touristic aspect, magnificent Bosphorus, social and cultural facilities and there is a cost of living in Istanbul.

But still, all the foreigners are very interested and attracted to Istanbul Turkey as they say the prices of everything are very affordable in comparison to the other countries. The apartment prices differ with the diversity of its 39 districts.

The cities of Trabzon, Bursa, Antalya, Yalova and Ankara, are no less important than Istanbul because of their natural and charming nature and tourist attractions.

While prices are comparatively going down as the demand is less in the inner cities, such as Konya, Eskisehir, Gaziantep, and others. You can find apartments with a wide range of affordable prices. That is why Konya takes its first place at the top of the real estate market by having the highest amount of real estate sales in the first quarter of 2020.

  • The second issue determine how much the apartment prices in Turkey is “location”.

The housing project which is proximate to central, archeological and tourist places such as museums, popular mosques, places beaches, sea views, lakes, famous public parks, old castles and entertainments has high prices and great investment returns.

Apartments that are proximate to the airport and public transportation networks such as the metrobus, bus lines, subways, main streets and highways have different price ranges.

A wide number of new real estate investors are expected to reach after the opening of the great development projects in Turkey, such as the new Istanbul Channel and the Istanbul Airport.

These two mega projects have been building for several years, and a major increase in the apartment prices is expected following the finishing of multiple phases of completion of each of these mega projects.

The aspect and accessibility to the central areas, such as the popular region of Basaksehir which the new center of Istanbul offers perfect prices for apartments. Apartments that take place in a coastal area with the magnificent view of the sea, or in green areas and even in the heart of the city, all these factors have an impact on the price of the apartment. It gives a kind of idea to consider how much is the apartment prices in Turkey. 

  • The third issue determining how much the apartment prices in Turkey is the features of the Apartment.

There are several main things in apartments that have impact on the prices. Size of the apartment and its square meter, number of rooms, number of bedrooms, number of bathrooms and balconies, Year of establishment, number of floors in architecture, the delivery date of the apartment, coating quality and some other items.

A Summary for How much is the Apartment Prices in Turkey?

In short, it can be said that you can purchase a great apartment in a big city like Istanbul for 100 thousand US Dollars. The apartment prices in Turkey, compared with the other countries offering the same advantages or even less, Turkey's real estate is affordable relative to the others.

Because of the continuous improvement in apartment prices in Turkey, the attention of Arabian, Iranian, Chinese and European investors are also increasing in real estate sector with the expectation of more interest.

As long as, it is expected to continue to gain growth and profit in the real estate and construction sectors investors from all around the world will not miss the amazing opportunity to buy real estate in Turkey.

There are still encouraging areas and extensive areas for investment in apartments for sale in Turkey that has not been done invested and discovered by investors and foreigners. But they are under consideration for their present value and promising strategic location for investment.

Statistics estimates that approximately two million new apartments are only demanded in Istanbul, so public and private construction companies started to construct new housing projects. It is an important indicator of the future growth of housing prices in Turkey and will continue to provide apartments for sale.

If you want to know the exact values and wonder to know how much is the apartment prices in Turkey you can take a look to our website melares.com. There are wide range of property portfolios with dozens of price ranges. You can choose the apartment suitable for your budget and your lifestyle. For more details in selecting a luxury apartment in a best location with reasonable prices please contact us or visit our office MELARES Turkey Properties.

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