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Real Estate Prices in Türkiye in 2023

08/02/2024 Investment in Turkey 801 Real Estate Prices in Türkiye in 2023

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  • The rise in real estate prices in Turkey  has become clear to everyone who wants to search for apartments for sale in Turkey , and some may find a gap in the prices that were presented to them a year ago from now, and the prices that are offered to them now, and this gap is very normal in the Turkish real estate market, It is based on several factors and standards that directly affected the market, and we will certainly list them for you today. 
  • Apartment prices in Turkey have  certainly become high, but they have not reached 60% of what they are in European and international countries, some of which may lack what Turkey possesses of the elements that amazed the world with its beauty, location, strategy, and many of the many advantages that Turkey enjoys. Generally. 
  • This is still encouraging for the turnout of Arabs, especially since Turkey's neighbors are in second place, and all other countries are in third place. For Arabs, it is the closest to them in terms of environment and location and more beautiful than many other countries, and Turkey's neighbors and most other countries come to it due to the pleasant and beautiful climate. To spend holidays in Turkey’s real estate rich in stunning views. 
  • Damas Turk Real Estate brings you back to the core of its article, which is the rise in real estate prices in Turkey in 2023. We will begin by talking about the most important reasons that directly affected real estate prices in Turkey , and then we will move on to take a look at the most important factors that affect them to a large extent. On real estate prices in Turkey , and finally, we must talk about the rates by which they have increased over the past year in order to know the forecasts for the new year. Let us discover all of that and more. 

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What are the reasons that most affect the rise in real estate prices in Türkiye in 2023?

1. The scourge of global and local inflation in Türkiye and its impact on the Turkish real estate market

The scourge of global inflation that occurred is one of the consequences of the Corona pandemic, which completely stopped the world from normal life, so the consequences that Turkey is experiencing today certainly affect all levels, and not only the real estate level! But it had the largest share in costing this sector an increase that reached record numbers.

This was one of the reasons that directly affected this market in fact, and raised the prices of apartments for sale in Turkey to more than double in some cities and regions in Turkey, and this certainly had two positive and negative effects, but the increase was expected in general and not just that size, as it exceeded Expectations rise even from the people of this market and real estate investment in Turkey . 

2. The decline in the exchange rate of the Turkish lira against hard currencies, specifically the US dollar

This is another black point that Turkey experienced in light of many external and internal factors targeting the Turkish lira, and on the other hand the economy that suffered to some extent due to the previously mentioned pandemic “Covid 19”. Previously, we saw this decline, but not to the extent it occurred recently. 

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The numbers were terrible in this decline, which brought the Turkish lira to the threshold of eighteen against the dollar, after it was normally eight for every one dollar. Therefore, the rise in real estate prices in Turkey was natural in light of its correction and stability in hard currencies, meaning that real estate Its price rose exactly with the rise of the dollar, and this enhanced the value of real estate investment in Turkey and that it is fixed on those hard currencies.

3. High demand for purchasing real estate in Turkey

The large demand for any commodity increases its price and value, and this is a global law. Turkish real estate, due to the strong demand for it, has doubled its prices in some Turkish cities and regions , and this is another factor that increased the rate of increase in real estate prices in Turkey in 2023, and the demand was distributed among several countries that witnessed conflicts. Local and abroad too! 

Especially at the beginning of the Russian war on Ukraine, it led to a large migration of citizens of these two countries, and pushed them to search for an alternative to their original countries, and Turkey was the closest stop to them, especially since it was their favorite in the summer and winter seasons, and the city of Antalya was the most popular destination. Attracting them, real estate prices in Turkey have risen to terrible numbers recently.

What are the factors that lead to an increase in real estate prices in Türkiye?

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First: location 

This factor comes in first place in terms of factors affecting real estate prices in Turkey , and it depends on first choosing the most appropriate city for the intended purpose of purchase in general. We then move in a more compact way and choose the appropriate area, and based on the goal, the correct and appropriate option is chosen. 

As for the prices based on the targeted sites, we will mention to you gradually from the highest value to the lowest, which are: 

  • Apartments located in the centers and nerve centers of cities 
  • Apartments located next to water features “sea and lakes”

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  • Apartments located next to main roads in cities 
  • Apartments located next to vital projects and facilities 
  • Apartments located next to express transportation
  • Finally, apartments located in alleys and side streets

Second: Space 

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This factor comes in second place after location in terms of factors affecting real estate prices in Turkey , and it depends on the number of rooms first and then the net and gross area. It is natural that the larger the area of ​​the apartments, the higher the price and the higher the value. 

As for the prices based on areas, we will gradually mention to you from the lowest value to the highest, which are: 

  • Room and living room apartments
  • Two-room apartments and a living room 
  • Three-room apartments and a living room 
  • Four-room apartments and a living room 

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  • Larger apartments and villas as well 

Third: Building and floor

This factor comes in third place after area in terms of factors affecting real estate prices in Turkey , and this depends on the quality of the building or complexes in Turkey, and then the floors in which the apartment is located, and it is also natural that the higher the apartment is, the higher the value and the higher the price, the buildings. The new collections are also more valuable than their counterparts. 

Fourth: The view

This factor comes in fourth place after the building and floor factor in terms of factors affecting real estate prices in Turkey , and this depends on the view of the apartment and its fronts. It is known that the southeastern fronts are generally the best in Turkey and the highest price, and as for the distinctive views, the sea views are always the highest in Turkey. also.

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Fifth: Legal papers 

The legal papers related to the property are among the most important factors that affect the price of the property in Turkey and its value as well. Therefore, care must be taken to ensure that all papers related to it are in place and that they are free of any obstacle that prevents difficulty in selling it in the future or being deceived by trickery methods that lead to real estate fraud. Let us enumerate for you the most important Details that should be paid attention to in the property's history:

  • The age of the property since the date of obtaining the building permit.
  • The property is free of any mortgage, bank loans, debts, or the like. 
  • Confirm that there is no party seizing the property and preventing it from being sold, and it is too late and the amount has been transferred. 
  • Type of title deed “Tabu”. What are the clarifications mentioned for the property? This is very important and affects its selling value later. 
  • Comparing the property information during the transfer of ownership with what the Tabu employee mentions upon acceptance and signing.

What is the rate of increase in real estate prices in Türkiye? 

We will talk here about the gradual increase in real estate prices in Turkey from the beginning of 2022 until we enter the current year 2023, so that we can know the expected estimates for the next rise for sure, and we will start these percentages from the first quarter of last year until the last quarter and the beginning of the current year. 

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First: The rate of increase in real estate prices in Türkiye in the first quarter of 2022 

  • Before learning about this percentage, we would like to mention what the average price per square meter was throughout Turkey in order to compare these percentages and numbers from the beginning. At the beginning of 2022, the average price per square meter was 9.625 Turkish liras, and with the end of the first quarter of the same year, the price per square meter became the end. The month of March is 12,804 Turkish liras! 
  • So the percentage by which the average price per square meter increased is approximately 30%, which is only a percentage in three months, that is, only a quarter, and this percentage was surprising at first, but after that it became normal because the demand for real estate doubled, whether by Turkish citizens due to... The incentive packages proposed, or by foreigners, due to rumors that the government proposed a decision to raise the value of obtaining Turkish citizenship in exchange for purchasing a property from $250,000 to $400,000. 

Second: The rate of increase in real estate prices in Türkiye in the second quarter of 2022 

  • These incentives are still largely in effect, and the decision has been confirmed for foreigners that the value will rise in the middle of the sixth month of the year 2022, and this means a huge demand for Turkish real estate , as the percentage was also high in the second quarter of this year as well, which reached 40%. almost.

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  • This percentage is certainly approximate, and that is why we would like to mention what the average price per square meter was throughout Turkey in order to compare these percentages between the first and second quarter. At the beginning of the fourth month of 2022, the average price per square meter was 12,804 Turkish liras, and with the end of the second quarter of the same year. The price per square meter, at the end of June, became 17,800 Turkish liras! 

Third: The rate of increase in real estate prices in Turkey in the third quarter of 2022 

  • At the beginning of the third quarter, the new naturalization law came into effect, and the value in exchange for obtaining Turkish citizenship for real estate became 400 thousand dollars. This third quarter was in demand, but not as it was in the first and second quarters, so the percentage was somewhat lower than it was at the beginning of the year. Which was estimated at about 25%
  • This percentage is certainly approximate, and that is why we would like to mention what the average price per square meter was throughout Turkey in order to compare these percentages between the second and third quarter. At the beginning of the seventh month of the year 2022, the average price per square meter was 17,800 Turkish liras, and with the end of the third quarter of the same This year, the price per square meter, at the end of September, became 20,500 Turkish liras! 

Fourth: The rate of increase in real estate prices in Türkiye in the last quarter of 2022 

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  • At the beginning of the last quarter, recession began to dominate the Turkish real estate market after a terrible wave of demand for Turkish real estate . This recession only lasted a month and a half until the Turkish government again launched packages encouraging citizens to buy Turkish real estate for people with limited income, and evaluated a project for 5 Millions of housing units, and in the last quarter the rate of increase in real estate prices in Turkey reached about 30%.
  • This percentage is certainly approximate, and that is why we would like to mention what the average price per square meter was throughout Turkey in order to compare these percentages between the third and last quarter. At the beginning of the tenth month of the year 2022, the average price per square meter was 20,500 Turkish liras, and with the end of the last quarter of the same This year, the price per square meter, at the end of January, became 23,300 Turkish liras! 

Fifth: The rate of increase in real estate prices at the beginning of 2023 

  • Based on these numbers that we mentioned during the year 2022, the rate of increase in real estate prices in Turkey has become clear and evident, which is the increase in the price per square meter throughout Turkey, approximately 141.97%, which is a significant number, and the increases after that became natural and inevitable. In light of the previous factors and indicators, as we mentioned at the beginning.
  • So, currently, the average price per square meter in all of Turkey, or in comparison to the city of Istanbul, is estimated at 23,300 Turkish liras, which is very reasonable, which is equivalent to $1,250 on the US dollar, which is very logical. We will go into the following paragraph with a comparison that clarifies the difference between the price per square meter in Turkey and some countries. European and famous countries for real estate investment, and we will discover that Turkey is still the cheapest among them all. 

Let us show you a comparison between the rise in real estate prices in Turkey with European countries

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  • Most of those who bought real estate in Turkey certainly have conducted general research on real estate prices in Turkey compared to other countries, and this is very normal because they naturally buy in countries and places outside their home countries, and today real estate prices in Turkey compared to other countries in 2023 are different from what they were previously in The past few years, why?
  • The reasons are many, the most important of which is due to the global inflation occurring in all countries, in addition to the Corona pandemic, which has caused many changes to the Turkish real estate market. As for the comparison that we will mention to you, it will be a comparison of the prices per square meter between the countries that Arabs are most drawn to with the elite cities in Turkey. , It is as follows: 

We certainly notice the differences between real estate prices in the mentioned countries and the best Turkish cities, and these differences show that the most valuable of them are certainly lower in price in Turkey. In addition to that, the standards in Turkey may be better in most cases, because it possesses elements that may not exist in those countries that Comparison was made. 

Table showing real estate prices in Türkiye 2023

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  • The table that we have prepared for you includes the prices in the dollar and the Turkish lira, in order to make it easier for you to convert them to your local currency and know the value in exchange for that, but these numbers are based on the exchange rate of the Turkish lira against the dollar on today’s date, meaning that every one dollar corresponds to 18.80 Turkish lira. 
  • In fact, it is difficult to determine the average for all real estate prices in Turkey , so we have prepared for you two consecutive tables. The first includes the average prices of properties that are classified between average and good, while the second includes properties that are classified between good and luxury, and on this basis you can build your expectations. 

Average real estate prices according to the average and good classification

Average real estate prices according to good and luxury classification

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What are the expectations for the increase in real estate prices in Türkiye at the beginning of the year?

To date, it is said that real estate prices in Turkey will remain in place and will not increase after the increase in the value required to obtain Turkish citizenship . There have been many opinions and statements regarding this, but the reality is that they are still increasing and rising, but at a rate less than the previous rises that we have seen in every country. From the previous two years

With the beginning of the year 2023 in general in Turkey, it is rumored that there is an expected increase in real estate prices, after being affected by several factors that led to this, the most important of which was the rise in the value of the dollar against the Turkish lira, and also the high level of inflation in Turkey and even on the global level as well, so the field team Damas Turk Real Estate estimates that the estimated increase in real estate properties at the beginning of the new year may reach at least 15%. 

In conclusion...

  • This article must be read carefully and accurately because it provides you with useful information regarding real estate investment in Turkey or if the goal is stability. Knowing the average prices and the indicators that raise or lower prices or the factors influencing these are details that must be known before initiating a purchase. Apartments for sale in Turkey . In order for us, Damas Turk Real Estate, to achieve your goals, we wrote this article for you and it is based on reliable sources and it has been included for you as well. 
  • Our goal at Damas Turk Real Estate is always to inform you as much as possible about what is useful and directed to you to obtain the best prices in the real estate market in Istanbul . If the information is not sufficient, or you want to obtain the price of any property of yours or a property you wish to buy, you can immediately contact us. With us through the numbers attached to our website, around the clock with you...a professional team looks forward to serving you.

Source: Turkish Statistical Authority - 360 website

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Keywords:

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