Real Estate Prices in Istanbul are Competing with Miami and LiverpoolWed, Dec 28, 2022 12:00 AM
Real estate values in Türkiye keep rising due to the rising foreign currencies, construction costs and the demand. Especially in metropolitan cities such as İzmir, İstanbul and Antalya real estate prices gain unbelievable amounts of value. Housing prices in these cities almost compete with worlds metropolitan cities such as Miami and Liverpool.
According to the Central Bank, real estate prices per square meters went up by 226 percent in a year from 8 thousand 169 TRY to 26 thousand 637 TRY which is equal to 1.428 dollars. Due to these changes buying a 3+1 flat in İstanbul almost equal to the detached houses in cities like Miami and Liverpool.
Due to the falling national currency, the foreign demand on real estate market is keep growing while the supply can’t keep up. This causes the prices in real estate market in İstanbul to rise to new records. For example, even in one of the cheapest regions in İstanbul Kurtköy, cost of development per square is around 2 thousand dollars but if we get closer to the city center, it goes up to 3 thousand dollars and the final sell price goes up to 4 thousand dollars. In England, houses can be found for the same prices.
An Investment to be Made
It is recorded that Turkish investors prefer foreign investments while foreign investors prefer to invest in real estate market in Türkiye. This is caused by the devaluation of the Turkish Lira and the rising housing prices. Turkish investors sell their houses in Türkiye and reinvest them in foreign markets since the rising of the real estate prices and the devaluation of the Turkish Lira. This is because Turkish investors always think the housing market is the most dependable and trustworthy investment option along with the gold.
A Place to Invest
Investors who consider to get into real estate market prefers İstanbul, İzmir and Antalya. These cities are the jewels of Türkiye with access to the sea, tourism, events, night life and much more. İstanbul is the event center of Türkiye and almost everything happens there. So if you want to invest in real estate market these cities will have anything you want.