How have property prices changed in Turkey in 2020?
One of the main advantages of the Republic of Turkey is a harmonious combination of Oriental traditions and tastes with high quality services in Turkish resorts. Against the background of such advantages, the real estate market is actively developing, where domestic and foreign citizens buy objects.
Foreigners are attracted by a wide range of real estate and affordable prices. There are inexpensive vacation rentals and elite options reflecting the position of their owners - villas, houses by the sea, penthouses, spacious apartments in modern residential buildings and other offers on the primary and secondary market.
What are the prices for Turkish real estate and price options in the near future - read our article.
Real estate prices in Turkey and their dynamics from 2017 to 2019
The key point that has had a significant impact on the revival of the development of the Turkish real estate market is the implementation of a number of legislative changes in the field of purchase and sale of square meters. These changes have had a positive impact on the investments of foreign buyers of real estate in the country's economy.
The following innovations have been introduced:
* VAT withdrawal when buying real estate.
* The tax rate on the purchase and sale of housing was 4% of the cadastral value.
* The process of obtaining Turkish citizenship by investing in real estate is significantly simplified.
* With the consent of the Turkish General Staff, the possibility of purchasing real estate on the territory of military facilities has been added.
* Foreign citizens can get a long-term work visa.
After the 2017 changes, the results did not last long. In terms of turnover in square meters, 2018 was the most successful year for the Turkish market due to the growing interest of foreign investors in commercial and residential real estate. According to official statistics, about 40,000 properties were purchased, which is almost twice the volume of sales in 2017. Another incentive to attract foreign buyers is to lower the threshold for buying a house from $1 million to $250,000, which allows foreign owners to apply for a Turkish passport through a simplified procedure. system.
Prices and demand - evaluation criteria
Demand generates supply - an indisputable fact that can be understood in the case of the Turkish real estate market. There are several options, each has its own customer. However, most often the real estate of apartments and apartments, houses and villas is sold. The reason for this issue is that foreigners live in the resort regions of the country to live and relax in close proximity to the coast.
What factors influence the demand and cost of housing?
We have identified several key categories:
1 - General characteristics
* Type of property (apartment, apartment, house, villa, attic, duplex, etc.).
* Area, number of floors, characteristics of planning solutions.
* The year of construction of the object and its size, the availability of infrastructure or auxiliary facilities, etc
. 2 - location:
* Characteristics of climatic conditions and the development of tourist infrastructure.
* Public buildings (transport, housing and communal services, bathrooms, buildings of urban significance).
3 - Legal requirements and level of social protection:
* Security of residence.
* Absence of obstacles and difficulties in the registration of the purchase and sale of real estate.
* Availability of favorable conditions for foreigners.
* Liquidity of future real estate, the possibility of profitable resale and rental of square meters.
Of course, the price also depends on factors such as the level of readiness of households. The higher the degree of readiness, the more expensive the price. In Turkey, you can buy apartments under construction, as well as apartments and options that are already used in the secondary market. Only ready-made houses are considered the most expensive.
The cost of living in large cities such as Ankara and Istanbul will differ from the cost per square meter in the resorts of Antalya, Alanya and others.
The average budget you can count on is about $40,000 or more. However, cheaper housing can be found on the secondary market in the absence of high demand for real estate.
What does the cost of living in Turkey depend on?
The cost per square meter of Turkish real estate, according to industry experts, will gradually increase in the near future, as all factors contribute to this.
The rise in real estate prices in Turkey - factors that objectively affect:
* An acceptable investment limit when buying real estate, which makes it possible to obtain citizenship. As in previous years, lowering the threshold to $ 250,000 will help attract foreigners to buy a home in Turkey.
* Promising Turkish economy. According to statistics, the Republic of Turkey has been a strong side with an active economy among other European countries for several years. The government has developed a strategic intellectual development program that will allow Turkey to compete with other countries with the largest economy in a few years. In addition, the authorities actively respond to changes in the external market and investor demand and create good conditions for business development for both them and local residents and merchants.
* Development of social infrastructure. New educational institutions are being opened in the country, polyclinics are being created, institutions are being created to provide comfortable living conditions for people who have reached retirement age, and so on. This is another factor that contributes to the fact that the country attracts many elderly foreigners who want to comfortably spend their personal time in the warm climate of the coast.
* The growth of the tourism sector and the level of service. The number of foreign tourists choosing Turkey as a holiday destination is increasing every year. Not only the number of tourists from abroad is growing, but also the list of countries from which they came. The reason was an even more important activation of the development of the tourism industry, an increase in the level of services and accommodation. Investors who invest in the purchase of rental real estate and bring stable profits are also interested in this.
The main reason for the rise in prices per square meter in Turkey is demand.
If demand continues to rise, prices will. As a result, it is very profitable to purchase apartments under construction, since after completion of work and commissioning, apartments can be sold for an average of 20-30% more expensive.
Today, the Republic of Turkey is considered one of the best vacation destinations for profitable investments. It has everything you need for a liquid purchase: low prices, active business support and promising government policy.
Real estate prices in Turkey 2020
Compared to most Western European powers, the cost of living in Turkey is still affordable. Take, for example, the popular Mediterranean resort of Alanya. Here you can buy a renovated apartment ready to move into a new modern residential complex with its own infrastructure for about 50,000 euros near the sea. Of course, the final amount of sales may vary depending on the region.
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