Expect an Increase in the Average Price of Apartments in Türkiye

The fluctuation of the exchange rate of the Turkish lira against foreign currencies, especially in the last quarter of 2021, played an influential role in the average selling price of apartments in Turkey to foreigners. The average price of apartments decreased in the period from October to December from 196 thousand and 37 dollars to 187 thousand and 91 dollars as a result of the fluctuation in the exchange rate that occurred.

After overcoming the exchange rate crisis, the average selling price of apartments in Turkey for the year 2022 is expected to rise to reach $200,000, according to what the head of the Overseas Real Estate Promotion Association, Omar Farouk Akbal, confirmed.

According to the Turkish Anatolia Agency, the average sale of apartments to foreigners in Turkey decreased in the last quarter of 2021 to 187 thousand and 91 dollars.

According to the report prepared by the Overseas Real Estate Promotion Association (GİGDER) in cooperation with AGS Global on the apartment sales index for foreigners, regarding the period from October to December, the average price of apartments sold to foreigners decreased to 187 thousand and 91 dollars in the last quarter of 2021 after it was 196 One thousand and 37 dollars in the previous quarter, and the reason behind this decline was the fluctuation of the exchange rate and the rise of the dollar during this period.

In January 2021, the selling price of apartments reached $161,500, which was adopted as a basic value of “100 points,” but in the last quarter the number of points reached “115.8 points.”

In general, there is great optimism about the possibility of an increase in the sales price, especially after overcoming the problems in the real estate valuation system. An increase is expected to reach 58.9% in the first quarter of 2023.

$200,000 is the desired goal for the year 2024

President of the Overseas Real Estate Promotion Association GIGDER, Omer Faruk Akbal, who conducted evaluations on the data received on apartment sales to foreigners, stated that with the increase in the exchange rate in the last quarter, investors began to buy the same apartment at a cheaper price, and thus there was a decrease in the sales price as a result This difference in the exchange value of currencies.

Akbal said: “Our goal is to increase the sales price to $200,000 for the year 2022 after overcoming the crisis of the rise in the dollar and the fluctuation of the exchange rate.”

Speaking about the negative effects of the fluctuation of the dollar exchange rate on sales, Akbal said: “The number of apartment sales to foreigners increased by 43.5 percent in 2021 compared to the previous year and reached 58,576. In 2022, our expectations are high and real that sales will reach nearly 70 One thousand apartments, which would support the Turkish economy with approximately $10 billion.

Akbal stressed that Turkey has a strong infrastructure to deal with crises, and added, "As an overseas real estate promotion association GIGDER, we will continue to work in cooperation with the sector in order to increase the contribution to exports in the new period that will achieve growth on the basis of increased production and increased job and investment opportunities."

Real estate is the guarantee for successful investment all over the world

Investing in real estate in Turkey has provided higher returns than the dollar, euro and bank deposits in the last 11 years, according to what Mr. Bayram Tekce, Vice Chairman of the Board of Directors of the Real Estate Promotion Association GIGDER, said about the rise in apartment prices in Turkey .

Tekce added, "Real estate in Turkey stands out as a preferred investment tool for both locals and foreigners with its reliable and regular returns, and as a safe haven in the world. Despite everything, the real estate sector data is reassuring and hopes are high."

Selcuk Burak Celik, Vice Chairman of the Board of Directors of the Turkish Real Estate Promotion Association GIGDER, also pointed out the increase in costs and pointed out that not only construction costs but also land prices have risen and this naturally entails an increase in the average price of apartments in Turkey .

References: aa.com.tr