We will comprehensively review the statistics on real estate sales during the year 2023, where we will address the most prominent developments and changes that the market has witnessed and we will take a look at the local and regional real estate markets, and analyze the demand and supply factors that have influenced property prices and we will also highlight promising real estate investments and potential future trends in this vital sector of the Turkish economy.
Reasons for the increase in real estate sales in Turkey
- Turkey occupies a strategic location between the continents of Europe and Asia.
- Turkey has wonderful natural diversity, from beautiful beaches to mountainous landscapes.
- The real estate market in Turkey is active and diverse.
- Real estate in Turkey remains affordable compared to some other real estate markets
- Providing some opportunities to obtain Turkish citizenship, a Turkish passport, or residency in Turkey when purchasing a property.
- Turkey’s economy is active and diversified.
- Turkey’s infrastructure continues to develop significantly.
- Good returns can be achieved from real estate investments in Turkey.
- Property laws support foreign investors.
- Turkey provides an advanced network of transportation.
- Easy access to Turkey from around the world.
- Turkey has a moderate climate, which makes it a favorite destination to stay in.
- Turkey maintains a rich history and culture.
- There are increasing job opportunities in Turkey.
- English is widely used in the commercial and tourism sphere.
- Turkey provides many recreational and cultural facilities.
- There is a great variety in markets and shops.
- Turkey has high-quality universities and schools.
- Turkey adopts advanced technology.
- It provides advanced hospitals and good health care.
- Procedures for owning real estate in Turkey are relatively easy.
- The presence of an advanced network of banking services.
- Great cultural diversity with the coexistence of many cultures.
- Provides large areas of natural spaces.
- Turkey offers possibilities for various sports activities.
- Turkey is considered a safe and stable destination.
- Provides advanced insurance programs to protect property.
- Many attractions and historical sites to explore.
- Benefit from the tax incentives offered by the Turkish government to investors wishing to buy real estate in Turkey
- You can buy a property in Turkey worth 200 thousand US dollars and obtain real estate residency in Turkey
Learn about real estate sales in Turkey
Data issued by the Turkish Statistics Authority indicate a significant decline in home sales to foreigners in Turkey during the first nine months of this year by 43.5% compared to the same period last year and in the last month, sales saw a 42% decline compared to September 2022, with the total number of homes sold to foreigners during that period reaching 2,930.
According to statistics, Russians had the largest share in purchasing homes during September, as they purchased 722 homes, followed by Iranians with 327 homes, and then Iraqis with 191 homes.
Factors affecting real estate prices in Turkey
- The effect of supply and demand plays a crucial role in determining real estate prices in Turkey amd high demand versus low supply can lead to an increase in prices, and vice versa.
- The state of the general economy in Turkey affects confidence in the real estate market and high economic growth can support investment in real estate in Turkey.
- Changes in interest rates affect the cost of borrowing and therefore may affect the demand for real estate.
- Currency fluctuations can affect the attractiveness of real estate to foreign investors.
- The development of real estate areas and the improvement of infrastructure can positively affect real estate prices in those areas.
- Government decisions regarding taxes and real estate legislation can greatly affect the real estate market in Turkey.
- Changes in demographic preferences and lifestyles can affect demand for certain types of real estate.
- Global events such as financial crises or political tensions can affect real estate stability.
- Inflation rates affect purchasing power and thus the value of real estate.
- Investor trends, whether local or foreign, can affect real estate price trends.
Information you should know before buying real estate in Turkey
- Research real estate market conditions in the area where you plan to buy.
- Make sure the property complies with all local laws and regulations.
- Verify ownership conditions and ensure there are no legal problems.
- Choose a reputable and reliable real estate agent.
- Verify the agent’s licenses and previous customer experience.
- Visit the site yourself to check out the property and surrounding area.
- Talk to locals to understand the character of the community and lifestyle.
- Evaluate the price based on local prices and economic factors.
- Negotiate the price if appropriate.
- Inspect the property carefully to ensure that there are no structural or technical problems.
- Check all documents related to the property.
- Check transportation and access to the area, and make sure it meets your needs.
- Study available financing methods and potential tax costs.
- Make sure you understand the financial obligations associated with the purchase.
- Consider speaking with a local attorney experienced in real estate laws to ensure the soundness of the deal.
Ultimately, the decision to purchase a property in Turkey remains a vital decision that requires careful research and a comprehensive understanding of the market and guiding the willingness to consult professionals in the real estate and legal field helps in overcoming challenges and ensuring investment success and therefore, the real estate market in Turkey remains an exciting field that offers investors various opportunities that deserve deep consideration and thought.
Related articles:
Types of villas in Istanbul… Get to know them
Apartments for sale in Esenyurt Istanbul
Apartments for sale in Basaksehir, Istanbul
Apartments for sale in Istanbul in installments
Buying an apartment in Turkey or opening a company?
The most important ways to obtain Turkish citizenship
Methods of real estate ownership in Turkey
Stages of obtaining Turkish citizenship
Buying an apartment in Turkey in installments…benefits and features
Apartments for sale in Istanbul 2024