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Summary: This study explores the prices of properties and apartments in Turkey, and the factors determining that.
Introduction to Turkish economy:
Real estates prices in Turkey after the Law on Real Estate Acquisition of Foreigners
After the issuance of the Law on Real Estate Acquisition of Foreigners in Turkey in 2012, real estates prices in Turkey had risen straightway to high levels, especially the old real estates, due to the large demand for them, the thing that the real estate marketing companies began to sense. For that and based on the new legislation, Imtilak real estate believes that prices of apartments will rise in Turkey from 60% to 90% during the upcoming five years.
What about the prices of apartments in Turkey compared European?
What are the main factors that determine the prices of properties in Turkey?
First, type of the city: That means the city tourism, commercial and industrial importance along with its proximity to the sea. There are many tourist cities in Turkey, such as Istanbul, which is considered the most important and beautiful and that is for the beaches, monuments and places of leisure and entertainment Istanbul has. The cities of Trabzon, Bursa, Antalya, and Yalwa are of no less importance than Istanbul because of the charming and attractive nature. Whilst prices fall relatively in the inner cities, such as Konya, Eskişehir, Gaziantep, and others.
Second, property located within the city: there are several factors that determine the price:
Third, the property specifications: This would be in terms of several main things, namely:
The property area, the number of rooms, bedrooms, baths and balconies, the year of construction, the floor number within the building, the readiness of housing, the delivery date, the type and quality of cladding, and other things.
In the end, we can say that the number of 70000$ to 100000$ can buy a decent apartment in a big city such as Istanbul. Generally, the prices of apartments in Turkey is still fairly low compared with countries that have the same features of the real estates in Turkey, and it is expected that sectors of real estate and construction will continue their growth and profits, while the Arab and European investors shall keep their interest in these sectors in Turkey due to the profits expected to be gained. It is true that there are still plenty of promising areas and vast expanses in Turkey that have not been invested; developers and investors did not enter yet, still that areas are right under their eyes because of its cheap value presently and its promising strategic location.
The customer always wants to get an approximate number of the real estate prices in Turkey, so we had to be published this article to show that the price is controlled by multiple factors that control the real estate and the city.