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Factors Determining Real Estate Prices in Türkiye

02/02/2024 Daily living in Turkey 900 Factors Determining Real Estate Prices in Türkiye

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The dream of all of us today is to own our own apartment free of defects, and for it to be in a special location that does not lose its value and generates profits if sold. Have you, dear reader, ever thought about the factors that affect real estate prices in Turkey? So you are not alone, it is a common question asked by many before you, especially followers of the Turkish real estate market and investors. Let us take a look in this article at the most important factors that affect real estate prices in Turkey.

What are the factors affecting real estate prices in Türkiye?

A series of factors affect  real estate prices in Turkey  , which must be talked about. There are factors related to the area of ​​the property, such as the organization of the area in which the property is located and the services provided to it, in addition to the view of the property, which plays an important role and affects its price, such as its view of the sea, for example, or of natural views.

There are other factors related to supply and demand, per capita income, bank loans, unemployment rate, interest rate, increasing population, economic growth, and state policy in Turkey. Let us not forget the impact of archaeological and tourist attractions in cities, which attract foreign tourists and contribute to raising real estate prices.

Factors determining real estate prices in Türkiye:

In a developed country like Turkey, it is known that the types of real estate differ in terms of purchasing value, as each property is unique with special features that give it a greater advantage in the supply and demand market. These features are divided into several factors, the most important of which are:

1- Location of the property in Türkiye:

Choosing the appropriate property location is one of the most important factors in determining real  estate prices . The closer the property is to the city center, sea beaches, historical places, and basic services such as schools, universities, hospitals, main roads, public transportation networks, shopping centers, sports stadiums, parks, and service institutions, the higher its price.

In addition to that, the city’s status. For example,  Istanbul real estate prices  are more expensive than Gaziantep real estate, given that Istanbul is an economic and tourist destination that receives foreigners and investors of all nationalities. The importance of the city also plays a role in the price of real estate there.

2- Type of property in Türkiye:

The type of property varies according to the need and desire of the buyer. The price of a residential apartment and smart apartments in a residential complex is certainly different from the price of a villa, agricultural land, or commercial store, as each of them has characteristics that give the property different characteristics from the other according to the buyer’s request and the limits of luxury he wants.

3- Property area:

The larger the area of ​​the property in Turkey, the lower its price per square meter. This means that if you want to buy a studio or 1+1 apartment, the square meter will be more expensive than the price per square meter in a large 3+1 and 4+1 apartment.

4- Real estate status in Türkiye:

The condition of the property means the age of the property, i.e. whether it is new or used. If a used apartment is purchased, it has defects that are not apparent to the buyer when purchasing it. Most buyers work to repair and restore it. Buying a used apartment is cheap, but the costs of restoring it are expensive. Sometimes it is a successful investment if the price of real estate rises in the future.

According to real estate experts, buying a new apartment under construction is one of the best types of investment, and it is cheaper than new apartments that are ready to have offers since they are at the beginning of construction, in addition to the high prices until they are ready next year.

5- Interior finishes of the property:

It means the final touches on apartments, such as decorations, cladding, lighting, floors, walls, insulation, paint, building materials and other building supplies. If they are of high quality, they increase the price of the property and vice versa.

6- Exterior finishes of the property:

The exterior appearance of the property is an important factor in influencing its price, and it is the type of materials that cover the apartment from the outside, especially in city centers where the price of a property with high-quality finishes is very high, such as super deluxe finishes, which provide the apartment with the highest degree of luxury and luxuries rarely found in The rest of the apartments are finished with beautiful looking glass and ornate facades.

What makes the exterior finishes more aesthetically pleasing is the presence of gardens and property facilities such as a swimming pool, gardens, a car garage, etc., and all of these things greatly affect the price of the property.

7- Returns (monthly service amount):

Returns are something that is sometimes forgotten by the buyer, as they also have a role in determining the price of the property, which should not be ignored. A residential complex with service facilities is completely different from a residential complex that does not contain these features, as the expenses of gardens, gyms, outdoor lighting, elevator, swimming pools, and parking garages. The rest of the facilities of the residential complex with luxurious facilities play an important role in the value of the monthly revenues that accrue to the entire residential complex, and these revenues are paid by the property owner to the management of the residential complex on a monthly basis.

8- Property infrastructure:

It has an influential role on the price of the property, as the presence of sanitation equipment, plumbing and heating equipment, electricity extensions, optical fibers, and floor covering materials play an important role in raising the value of the property.

9- The view of the property in Türkiye:

The view of the property is considered one of the important factors that affect the price of the property. Apartments that enjoy  sea views  and beautiful views of the forests will certainly have a higher price and differ from the price of apartments with views of gardens and public streets.

10- Facilities that come with the property:

Service facilities that come with the property, such as fitness gyms, swimming pools, football and basketball courts, gardens, parking lots, cafes and restaurants, security protection, meeting rooms and reception halls. With the presence of these facilities, the price of the property increases, unlike the property that contains some of them or does not contain these facilities and services.

Ways to reduce real estate prices in Türkiye:

The price of the property can be reduced by choosing a property in an average area or far from coastal views, or by searching for a property with few service facilities by giving up some features or searching for a used property or with average finishes. The more these facilities are, the higher the price of the property will be. Or buy a property under construction because it is less valuable in price than a ready-made property. On the other hand , real estate in Turkey can be cheapened   due to the large supply and lack of demand, and the decrease in the value of the Turkish lira against foreign currencies, and this is in the interest of foreign investors looking for  apartments for sale in Turkey

Conclusion:

In this article, we talked about the factors that affect real estate prices in Turkey, and the factors that determine real estate prices, such as the location of the property, the facilities that come with the property, in addition to the view of the property, and ways to reduce the price of real estate in Turkey.

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