Istanbul Housing Prices Skyrocketed in NovemberFri, Dec 10, 2021 12:00 AM
The housing price index rose in November in Turkey. Compared to the same month of the previous year, the housing price index increased by 37.07, 35.1, and 29.9 percent in Istanbul, Ankara, and Izmir, respectively, in November.
MintLab, which works on urban transformation in Istanbul, has published the Istanbul Housing Market Evaluation Report for November. The report reveals the changes in the real estate market both in Istanbul and Turkey.
Only the total return consisting of capital gains and gross rental income in November was 4.80% in a month. This increase was 37.07% on the annual basis. When compared with the returns on financial investment instruments, the total return on housing investments achieved the highest return in the last year. On the other hand, the annual real return on housing investments in Istanbul in November was 14.94 percent.
Although the report only includes Istanbul, the same trends also apply to the other cities in Turkey, especially major cities such as Mugla, Antalya, Ankara, and Izmir.
Foreign Investors Are Interested in Real Estate Investments
The number of foreign investors who invest in real estate in Turkey is increasing every day. Besides buying holiday homes, many investors started to trade real estate to make money. Considering the real return on housing investments, this is a great opportunity for those who are looking for quick money.
On the other hand, the number of foreign investors buying holiday houses in Turkey is quite large too. Most of these investors usually prefer Antalya, Mugla, and Izmir. Antalya and Mugla are two cities that have the most popular tourist destinations in the country.
Should You Invest in Housing in Turkey too?
If you are planning to buy a holiday or retirement home for yourself soon, then Turkey can be a great choice. The great depreciation of the Turkish Lira offered a great opportunity for foreign investors. Today, you can buy a luxurious villa with a private garden and swimming pool, located in a tourist destination, for $100,000.
In addition to this, the Turkish government also offers Turkish citizenship for foreign investors who buy real estate worth $250,000 and keep it for at least three years.