Turkey recorded a rapid rise in property prices in 2022-2023. Some experts predicted a drop in prices this year due to a decrease in increased demand. However, the Republic of Turkey continues to maintain a leading position in the world ranking for housing price growth. Let’s have a closer look at the relevant analytics to find out the projected real estate value in the country in 2024, which will help you buy apartments in new development projects in Turkey.
Results for 2023
According to statistics, the Republic of Turkey ranks first in real estate price increases in many world ratings. For example, the country took first place with an index of housing price growth of 41.70% in the ranking of one of the famous real estate websites. North Macedonia ranks second with 18.32%, and the UAE ranks third with 14.56%. As you can see, other countries lag significantly behind in this indicator.
Analyzing the domestic market, it is obvious that the property value in Turkey has increased the most in such major cities as Ankara, Istanbul, and Izmir. The average housing price in such large cities exceeded last year’s threshold and reached 3 million TL ($106,800).
Turkey’s market
Residential property sales were expected to decline by the end of 2023, which could lead to lower prices. But this forecast did not come true. In 2023, the Turkish market is close to hitting $90 billion projected to reach $150 billion by the close of 2028, with an average growth rate of 11.16%. This forecast was offered by the Istanbul Builders Association (INDER).
Turkey’s exceptional transport system, advantageous location, numerous tourist attractions and modern infrastructure attract numerous overseas investors to own local properties. Istanbul, located at the crossroads of Europe and Asia, has become a rather tempting option for investors. As land in city centers is scarce, major construction projects are relocating to the suburbs. Mass housing construction is developing rapidly. Special attention is paid to providing housing for families with low social income. Earthquake-resistant residential areas are in particular demand.
TOP 5 cities to buy real estate in Turkey
According to analytical reports, the following cities are in the greatest demand for buying properties in Turkey:
- Istanbul – 416,000 transactions;
- Ankara – 214,000 deals;
- Izmir – 170,000 transactions;
- Antalya – 132,000 deals;
- Bursa – 132,000 transactions.
In addition, there is a rapid growth in real estate sales in Alanya, which is 20%. This high performance was devoted to the rapid development and high investment potential of the city.
Prices in Turkey in 2024: expert forecasts
Analysts predict that the continued rise in housing prices will continue in 2024, which makes it unlikely to buy a home at 2023 prices by mid-2024. This is influenced by the following factors:
- The increase in the cost of building materials;
- Shortage of land for building;
- Rapid development of the country’s large cities and increasing their investment potential;
- High demand and insufficient supply in the real estate rental market;
- Numerous important construction projects in Turkey.
Is it worth purchasing a home in Turkey?
Investing in Turkish developments is more profitable than ever. First of all, this is due to the fact that there will be a tendency for further price increases in the next few years. It is possible that the growth will be organized. However, the perfect conditions for investing have developed at this moment by the following factors:
- A profitable exchange of money. The national currency of the Turkish Republic has been falling for many years. No matter how much it harms the country’s economy, this situation benefits foreign investors who keep their money in dollars or euros. Therefore, the depreciation of the lira provides financial benefits, despite the rapid rise in housing prices.
- The rapid rise in real estate prices. There are practically no vacant land plots for development in large tourist cities. Accordingly, land prices will rise in 2024. Ankara is the province with the fastest growth in land prices, with an increase of 92%. Antalya ranks second with an index of 80%, and Bursa and Izmir are third with 74%.
- The investment ratio. Investing in housing in Turkey will definitely bring profit to foreign investors. The investment will reach $1 billion next year. Resale or rental of various properties will bring substantial profits in the long and medium term.
- Modern construction technologies. Both affordable apartments and premium-class housing options are available in the Turkish market. According to the plans of the state authorities for the next years, the government will continue to update old and build brand-new urban projects, and improve the quality of roads. Thanks to this, each investor will be able to choose the perfect residential property at the best price and features.
- Receiving passive income. Investors can rent out their property for a long period or cooperate with real estate companies to ensure a guaranteed lease.
- A quick way to get a residence permit. Property owners in Turkey can easily obtain a tourist residence permit. Investors who have invested over $400,000 in housing have the opportunity to issue a “golden” passport under a simplified scheme. Additionally, investors can benefit from many incentives from government bodies: tax rebates, duties, and much more.
- Reasonable prices. European and US countries offer much higher property prices and tax rates than Turkey.
- Comfortable living conditions. Turkish citizens have access to all comfortable living conditions: a pleasant climate, picturesque views, high-quality food, relatively low prices for necessities, a favourable atmosphere, and an attractive investment climate.
Make a good deal in Turkey with an expert
Summing up, the value of real estate properties in Turkey continues to rise. Many factors contribute to this: rising land prices, an attractive investment climate, the opportunity to obtain a residence permit, and much more. Investing in Turkish housing is a profitable investment tool. It is becoming more and more difficult to buy a house in Turkey every year, so you can take advantage of the opportunity to invest your money profitably right now. Turk.Estate can help you out — go to the official website and discover the best hot ads directly from local developers and agencies on the most beneficial terms. This aggregator offers you a broad collection of properties across the country at competitive prices. Click the link and pick up the perfect one. Turk.Estate is your faithful and reliable real estate partner.
