Real Estate Prices in Turkey Increased by 30% in a YearWed, Jul 27, 2022, 12:43:32 AM
According to the Turkish real estate valuation platform Endeksa, real estate prices in Turkey increased by 29.4% in a year!
Despite developments in industry and technology, Turkey is facing a challenge in increasing real estate prices. The average real estate price is about TL431,000, while the square meter sales price is about TL3,300. According to the statistics, the ROI period of real estate investment is 20 years.
However, you can enjoy ROI much quicker in famous Turkish cities. Real estate prices in most of these cities such as Istanbul, Antalya, Izmir, and Ankara, increased about 60% on average. Although foreigners make huge profits by simply buying and selling real estate in various cities of Turkey
Istanbul, which is the most valuable province in the country, is among the most appealing cities, especially for foreign investors. Although real estate prices may vary depending on the scenery to the transportation infrastructure, there has been a shift in real estate choices with the pandemic.
Most Promising Cities for Investment
Depending on the previous changes, experts listed the districts that are quite promising in terms of the investment as follows:
Real Estate Prices Skyrocketed in Four Cities
Without a doubt, four major cities come to mind when Turkey is in question. These are Istanbul, Ankara, Izmir, and Antalya. Considering the same period of 2020, the real estate prices in Istanbul, Ankara, Izmir, and Antalya increased by 30.7%, 28.5%, 33.6%, and 26.8%, respectively.
This year (January - August), 30,849 foreigners invested in real prices in Turkey. The top 10 nationalities that prefer to invest in real estate in Turkey are as follows:
- United States
- United Kingdom
Foreign Investors Investing in Seashore
Most of the foreign investors investing in real estate in Turkey prefer Aydin, Mugla, and Antalya. These cities are famous for being tourist attractions and offer a great opportunity to enjoy your days in Turkey.
The real estate sales in Aydin, Mugla, and Antalya increased by 58.8%, 54.4%, and 44.2%, respectively. For comparison, we would like to note that the real estate sales in Istanbul increased only by 24.2%.
Will Real Estate Prices Keep Increasing in the Following Years?
The increasing real estate prices and sales also became a concern for the Turkish government. Every month more foreign investors prefer to invest in the country and locals started to complain about increasing real estate and rent prices.
According to experts, the real estate prices and rent costs will continue to increase in the following few years. They expect to witness about a 100% increase only in the following year. So, if you are planning to invest in real estate and make money, it is one of the best times to invest in Turkey.