EU Negotiations & Turkish Property PricesTue, Aug 16, 2022 12:00 AM
With the Ankara Agreement signed in 1964, Turkey started the process of becoming a member of the European Union. EU membership, which has been a strategic goal for more than 50 years, is a valuable issue in Turkey's foreign trade policy. Starting in 1964, more than half a century, Turkey took many steps toward EU membership. However, it is important to note that foreigners are interested in investing in Turkey not because of EU negotiations but because of Turkey's successful economic expansion and steady growth.
EU negotiations and Turkish property prices continue to attract the attention of foreign investors. While achieving economic and legal development in Turkey's EU membership process was possible, foreigners benefited from wider investment opportunities. When evaluated in terms of EU negotiations and Turkish property prices, very serious increases were observed in real estate prices in Turkey. By investing in Turkey, you can profit from rising prices in the long term.
Are Turkish Property Prices Going Down?
Rental prices have increased sharply in many provinces due to the pandemic in Turkey, the decline in the supply-demand balance and foreign influence. In some districts of Istanbul, the rate of increase exceeded 100% last year. The Ministry of Environment and Urbanization shared a study on this issue with the public. It was announced that 50 thousand residences could be converted into offices throughout the country. If the offices that are available to be residential are transformed, 10 thousand new residences will be offered in Istanbul and 40 thousand new residences will be offered throughout the country.
Which can be considered an important step for the EU negotiations and Turkish property prices. There are many factors that cause property prices to fluctuate. Building construction materials are an important factor in whether house prices rise or not. Also, the upward movement in the exchange rate also increases construction costs. This situation also leads to an increase in the prices of real estate for sale and rent. When all these factors are evaluated, there may be some changes in terms of EU negotiations and Turkish property prices.
Is It The Right Time to Buy Property in Turkey?
Foreigners who buy real estate in Turkey generally come from two main categories. The first category is people who live here or buy vacation homes, and the second is people who buy property for investment. Foreigners in the first category usually come from European countries such as England, Germany, Scandinavian countries, and Russia, and Middle Eastern countries such as Iraq, Kuwait, and Saudi Arabia. Individuals from these countries buy permanent residences from regions such as Antalya, Fethiye, Bodrum, and other coastal areas and can have affordable vacation homes.
In line with EU negotiations and Turkish property prices, such investors have turned to touristic areas in Turkey. For the second category, foreigners usually come from different countries the USA, Russia, the Middle East, Europe and China and choose investment properties. These investors generally prefer big cities such as Istanbul, Ankara, and Bursa to get the most profit from their investments. EU negotiations and Turkish property prices push such investors to become profitable and income-oriented real estate owners. When investment opportunities are evaluated, it can be said that it is a suitable time to buy a property in Turkey without increasing prices.
Is A Property In Turkey A Good Investment?
Property is one of the most important investment types in Turkey and it is the most common. Although real estate investments are long-term and the results are not clear, they are the most popular in Turkey for both domestic and foreign investors. Demand for property for sale in Turkey is high as EU negotiations and Turkish property prices are favorable for foreigners. There are many factors that attract foreign investors to real estate investment in Turkey. Some of these are Turkey's climate, real estate prices, buying real estate residency, low taxes, and developed infrastructure. The fact that real estate prices in Turkey are cheap compared to other European countries is also profitable and attractive for foreigners. Foreign investors can get an affordable apartment in Istanbul, one of the largest and most important cities in Turkey. When you buy property in Turkey, you can get a residence permit. This factor makes property investment in Turkey the best.
With the strong transportation network in Turkey, it is easily accessible by land, sea, and air. All these services reflect the reality of elite and comfortable service in Turkey, which increases the property investment balance and the demand for it. When the EU negotiations and Turkish property prices are evaluated, the investment and property market has become one of the most successful markets in the region and the world.
You can read our tax and turkish real estate blog.
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