Turkey Property Prices – Will They Fall or Increase in 2022?Wed, Jul 27, 2022, 12:43:14 AM
Turkey property prices are one of the most trending topics among Europeans and Americans. A great number of foreigners have been purchasing land or property in Turkey for the last five years. Those who have invested in Turkey earlier are enjoying the fruits of their investments these days.
However, it is still not too late to enjoy the same benefits. The Turkish property market is one of the most popular markets in the world these days. If you would like to learn more about the property prices, their trends, or whether it be worth investing in or not, then this guide is for you.
We have shared everything you might want to learn about investing in Turkey. So, let’s dive into our topic without wasting more time.
How Much Does the Average House Cost in Turkey?
This is a bit of a tricky question since it depends on where you are planning to invest. If you are going to prefer tourist destinations such as Antalya or Mugla, then you can expect to pay more than the average. In addition to this, popular Turkish cities such as Izmir, Istanbul, and Ankara are also considered expensive cities, at least for locals.
On average, one square meter is sold for around 3,000 Turkish Lira. However, this average increases up to 5,000 Turkish Lira per square meter in popular and crowded cities. Considering that $1 is almost 11 Turkish Lira, it is still a great deal for many foreigners.
Why Are Properties Cheap in Turkey?
There is a misconception about the fact that Turkish properties are offered for cheap prices. However, this is not the case at all. The property prices are really expensive for the locals. As you might already know, the Turkish Lira has had a great depreciation in the last four to five years.
Because of this depreciation, today Turkey has one of the cheapest costs of living in the world. This is a great opportunity for foreigners who would like to live in a peaceful country full of natural beauties and historical sites. Moreover, the Turkish are one of the most hospitable people in the world.
Since one dollar equals more than ten Turkish Lira, the property prices are considered cheap especially for Europeans and Americans. This is the main reason why an increasing number of foreigners are investing in Turkey in recent years.
Are Property Prices Rising in Turkey?
Turkish property prices increased by more than 100% in the last 5 years. The prices only increased by more than 40% in the last two years too. In addition to this, Turkey ranks number one in Europe in terms of the most annual increase in property prices and rents.
Of course, the increasing number of foreign investors also affects this trend. You can easily buy a luxury property in Turkey at affordable prices and make a profit when you sell it in the following year. Thus, the construction industry is also booming in the country, especially in recent years.
Will Property Prices Fall in Turkey in 2022?
Although the recent economic support plan of the Turkish government helped the Turkish Lira to gain value again, it is still far behind all currencies. Thus, experts believe that Turkey property prices will not fall in Turkey in 2022 or the following years.
Most industry experts believe that the property prices in Turkey will continue to increase in the following four years at a great rate. They also estimate that this trend will continue for at least a decade, but its curve will be smoother after five years.
Is It Worth Buying Property in Turkey?
These times are the best times to buy a property in Turkey. Most locals and foreigners are investing in property for profit. In general, you can easily make money by investing in a property in Turkey and selling it only six months later on.
Of course, this also depends on where you are going to invest. In addition to this, Turkey is an ideal country to buy a retirement house or holiday house. It has golden beaches, hospitable locals, and amazing cuisine. When all these are combined with the depreciation of the Turkish Lira, Turkey is the best country for investing in these years.
How Much Land a Foreigner Can Buy in Turkey?
Although foreigners can buy land or property in Turkey, there are certain criteria that they need to know. For instance, just like all other countries, the Turkish government does not allow foreigners who are involved in terrorist activities to acquire land or property in their country.
In addition to this, foreigners are not allowed to purchase land in or around military zones. One must search all these before transferring the money or finalizing the deal. Otherwise, you will not be able to acquire your land or property by any means.
The limitation on land for a foreigner to buy in Turkey is limited to 30 hectares. The best part of this limitation is it refers to the total amount of land. This means that you can buy five, six, or even more land until you reach 30 hectares in total.
Is It Easy to Buy Property in Turkey?
The Turkish government treats foreigners equally as they treat Turkish citizens. However, just like in all countries, there may be people with bad intentions and take advantage of the goodwill of foreigners. Therefore, we highly recommend working with an agency while buying a property in Turkey.
Considering their affordable consultancy costs, working with an agency will be in favor of you. They will not only take care of all the paperwork on your behalf but also eliminate any risks for you. In addition to this, you will not have to worry about any problems that can prevent you from acquiring the land or property you paid for.
Moreover, if you buy property or land worth at least $250,000, you can also apply for Turkish citizenship. In this way, you can get your Turkish passport that offers plenty of advantages. It is worth noting that the Turkish government allows dual citizenship as well.