by Al Khail Real Estate Broker
In the last two years, the foreign demand for Turkish properties has significantly increased for multiple reasons. There are many reasons that make Turkey a good place to live but the most important ones include softened property prices due to the Lira fall against the Dollar and decreased price of the Golden visa program. Buyers from different countries head to Turkey to invest in real estate or to move there to get a holiday home that will be available throughout the year. In this article, property prices in Turkey will be checked, so stay with us.
Property range of real estate in Turkey
There are awesome cities and places to visit in Turkey. Because of them, many tourists come to Turkey every year. Some of these tourists are encouraged to live in Turkey by traveling to Turkey. We have to say that the number of migrants arriving in Turkey has increased a lot these days. Perhaps the next important reason is the low cost of living in Turkey. Another point is the granting of Turkish citizenship by investment in the country.
The annual price growth in the Turkish real estate market equals %78 in Turkish liras according to Endecsa’s Property price monitoring in January 2022.
A nominal price increase of 21% in the previous month alone REIDIN Data Analytics reported. The average price of residential property in Turkey is 5579 Turkish lira per square meter and the average cost of one unit is 736428 Turkish lira in February 2022. The average payback period for real estate investment is 19 years.
Turkish Lira vs. US Dollar
Many immigrants seek Turkish citizenship by residing in Turkey and because there are so many migrants in Turkey, different ways to get Turkish citizenship have been offered by the government. However, obtaining Turkish citizenship has its own advantages and disadvantages, most migrants are looking to get it.
Property prices sugared more than the US dollar sugared against the national currency- the Turkish lira in major cities. Real estate prices in the national currency in Turkey has increased %87 over the year and by %132 last two years in January 2022. The US dollar has risen against the Turkish lira by %81 and %128 respectively over the same period of time. The Euro had risen against the lira by %74 and %128. The average housing prices nominated in foreign countries has changed moderately. Look at the information below:
- Price dynamic in US dollar -3% over the year and +4% over two year
- Price dynamic in euro +4% over the year and +4 % over two year
The growth rate of property prices in Turkey
The growth rate of property prices in Turkey’s major cities vastly exceeds the inflation rate. Look at this example in Istanbul and Antalya housing prices nominated in US dollars grew by 40 % and more. It is because of the recovery of the country’s tourism industry after the COVID-19 pandemic and the growing demand for long-term rentals from digital nomads relocating to resort cities on the Mediterranean coast. Perhaps this is one of the most important reasons why you need to know everything before you live in Turkey.
This is why in few recent years, the sales figures for villas for sale in European Istanbul and villas for sale in Istanbul Asia have increased greatly. Also, Antalya villas were at the top of the choices for people who wanted to create great holidays for themselves and their families.
The property market overview in 5 Turkish cities with the largest number of residential property deals demonstrates the following dynamic:
| Sales volume in January 2022 | Average price per square meter, in $ | Average property price in $ | Annual volume increase in $ terms | Payback period from rental income I years | |
| Istanbul | 15,110 | 430 | 49,511 | 45% | 16 |
| Ankara | 8,255 | 207 | 26,953 | 7% | 17 |
| Izmir | 5,468 | 376 | 47,009 | 10% | 21 |
| Antalya | 4,295 | 370 | 45,506 | 43% | 19 |
| Bursa | 3,734 | 245 | 31,838 | 14% | 20 |
The Turkish legislation allows purchasing property in the country using US dollars, euros, and other foreign currencies, including Russian rubles.
Izmir and Bursa are two of Turkey’s metropolises with extraordinary urban and welfare conditions. As you know, Turkey has long been a destination for migrants to live in. But at first, it was only the city of Istanbul that they were looking for. Today, however, the conditions of all Turkish cities have changed there are some places in Turkey that ex-pat love to live in and for instance, some foreigners are looking to buy Izmir villas and Bursa villas. Perhaps the most important thing is that you need to know everything to buy a property in Turkey as a foreigner.
Be wise and do not rush with a property purchase in Turkey
Property choice in Turkey will highly depend on your goal. Investors should decide between some different things such as whether they want a busy city or a coastal town, each of them has different advantages- regular income from all year-long rentals or summer rent-roll with opportunities to spend your own vacation in the property.
So if you are the type of person who is looking to rent your property during the summer holidays, we recommend you to buy Kusadasi Villas. Or if you are the type of person looking for a quiet life for your retirement, we offer you, Yalova Villas. Also, if you are looking to spend wade holidays in a pleasantly weathered city with great beach resorts, we recommend you, Alanya Villas.
So if you asked how to move to Turkey, the answer is at first you should select your lifestyle and connection to ex-pat communities if required. Property prices vary greatly in Turkish cities and depend entirely on your own lifestyle and which city to choose to live in. There are also different types of property taxes in Turkey and how to pay them.
House prices in Turkey
Thank you for accompanying us until the end of this article. In this article, we reviewed the range of property prices in Turkey for you.
House prices in Turkey are still very competitive in comparison to other countries like Spain or Portugal. Be aware since international demand for Turkish properties is growing you might face unexpectedly high prices. This is a fact that there will be always locals who want to earn more from (know nothing foreigner).
Maybe it is not a believable point but you need someone who speaks Turkish, it is really a must for anyone who is going to buy property in Turkey. And someone who could help you in the process to advise on a market situation and ways to negotiate the price. The bottom line is, to check property offers from multiple agencies, compare their prices, all additional fees, and conditions, and make the right choice. In this critical process, Alkhail‘s dealership with years of experience buying and selling property in Turkey, and more importantly the immense experience of selling Turkish properties to immigrants, can be a good option to help you. You can get in touch with us via WhatsApp.
