- Certainly, the prices of apartments in Istanbul are the first thing you are looking for if you are interested in buying a property in Istanbul, and the results that appear in your hands are always many and their source is unknown, and this is normal in the momentum of the many results that appear, and therefore there are several criteria that you must put in front of you in order to... Investigating the correct result, what are these criteria, I wonder?
- Our article today helps you know which articles you should rely on to access the correct information, in addition to the most important things that will help you know the prices of apartments in Istanbul 2024, especially after the radical change that the real estate market has witnessed there, due to inflation, the rise in the exchange rate and several other factors. Here is what we will talk about in our article today:
- Criteria for obtaining correct information about apartment prices in Istanbul 2024
- Factors affecting apartment prices in Istanbul 2024
- Average apartment prices in Istanbul 2024
Criteria for obtaining correct information about apartment prices in Istanbul 2024
First, search for articles that rank high in search engines
- You must first know which of the articles topping the search headlines are based on a reliable and main Turkish source. The source or entity that clarifies the average prices must be official and approved by the government and Turkish citizens. For example, you will find in our article here at the end the most important sources that we presented. You get information and statistics from them.
Secondly, make sure the date the article was published and that it matches your search date
- The second important criterion is the date of publication of these statistics and information in the article, meaning knowing the date of creation of the article or research related to apartment prices in Istanbul. If it is recent and on the current date in the second month of 2024, it actually shows the closest average of prices at the time of the research.
Third, the company that provides you with this information and articles
- The third criterion that is no less important than the above is the company that provides this information and statistics to you. Does it actually have a strong infrastructure on its site that routinely provides these statistics and numbers? Do you provide specialized information in the real estate field? Does she use her blog to raise awareness and introduce all legal matters and other details regarding the real estate field?
- If these three criteria take their correct place, then this article can be adopted to find out the average prices of apartments in Istanbul 2024, and our article with the Damas Turk Real Estate team will achieve these three criteria for you, and expand on this by creating tables dedicated to the prices of Istanbul apartments, in order to To be your main destination that shows you the most important things you are looking for.
Factors affecting apartment prices in Istanbul 2024
Firstly, there is a clear increase in the prices of apartments in Istanbul last year, 2023
- According to official statistics, most notably through the Istanbul Urban Planning Agency platform, apartment and rental prices witnessed a significant increase over the past year, and according to a report from ( İPA ), in November 2023, apartment sales prices increased by 84.14% and rental prices by 75.56% within one year!
- This percentage is certainly a very high percentage, and it directly affects the prices of apartments in Istanbul. We have actually witnessed a decrease in the number of properties sold to foreigners and Turks in that year, and this is what will take us to the next paragraph, which is considered an important year in the rise or fall in demand for purchasing real estate. in Turkey.
Secondly, the percentage of real estate sales throughout Türkiye will decrease in 2023
- For Turks, during the year 2023, a total of 1,225,926 properties were sold in Turkey, recording a decrease of 17.5% compared to the previous year! Istanbul accounted for the highest percentage of sales with 198,739 properties. This decrease has a major impact on increasing real estate offers in Turkey.
- As for foreigners, the decline was very influential due to the events that Turkey witnessed, including the earthquake, elections, the decline in the exchange rate, etc., and in 2023, 35,005 properties were sold to foreigners in Turkey, recording a decrease of 48.1% compared to the previous year! There is no doubt that this will have a significant impact on the average prices of apartments in Istanbul in 2024, and these statistics depend entirely on the Turkish Statistics Authority .
Thirdly, there is a noticeable increase in the prices of construction materials and the average price per square meter in particular
- One of the official platforms for determining prices per square meter of construction is the GYODER platform , which published a report for the year 2023, indicating that the price per square meter reached 41,766 Turkish liras! This is after it was about 27,840 Turkish liras nationwide at its beginning. The report indicates that the construction cost index increased by 66.46%!
- However, it is worth saying that demand was not affected by the size of this significant increase, even though 2023 witnessed many events throughout Turkey. In general, this percentage of construction costs rose above the normal limit, but this exists globally, and it may not continue to be the case in The factors that led to its removal remained under control.
Average apartment prices in Istanbul 2024
- In order to know the average prices of apartments in Istanbul, we turn to the well-established Turkish platforms in this field. Of course, after daily field studies in the real estate market in Istanbul, which we initially rely on and compare with those that exist digitally, the most prominent of these platforms is the famous EMLAK 360 , which is linked to the most powerful application for selling real estate in all of Turkey.
- As for the numbers that you are waiting for to know the average prices in 2024, we have prepared for you a table specifying the common types of apartments with prices in Turkish lira and dollars, in order to facilitate the process of converting them to your local currency, but it must be remembered that as of today’s date, every one dollar equals 31 Turkish lira, and accordingly The foundation is focused, and be assured that it may change in the coming months.
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Apartment style
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Average size
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Price in Turkish Lira
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Price in dollars
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1+1
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65 square meters
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2,946,244 Turkish Liras
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97,043 USD
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2+1
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115 square meters
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5,831,038 Turkish Liras
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188,098 USD
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3+1
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155 square meters
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8,127,781 Turkish Liras
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267,714 US dollars
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4+1
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210 square meters
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12,815,171 Turkish liras
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422,108 US dollars
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- This article was dedicated to clarifying the most important things you should know about apartment prices in Istanbul 2024. In it, we talked about the most important factors that increased the value of real estate and directly affected the real estate market in Istanbul. We always have more information, which we share with you by contacting us directly.
- Damas Turk Real Estate Company offers you its experience in the Turkish real estate market for more than ten years. We have successful plans for investment in Turkey, and we also offer you the service of obtaining Turkish citizenship by purchasing real estate, through Turkish consultants and lawyers with knowledge and knowledge of the legal affairs in Turkey. Widely
FAQs
The most important and latest real estate projectsReal estate companies in Istanbul
- What factors affect apartment prices in Istanbul 2024?
- The most important factors currently include inflation, exchange rate appreciation, construction costs, and market demand.
- What are the average prices of apartments in Istanbul in 2024?
- Average apartment prices vary based on size and location, with prices ranging from approximately $97,043 for a 1+1 apartment up to $422,108 for a 4+1 apartment
