Prices of apartments in Istanbul 2022
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Prices of apartments in Istanbul 2022

Created: 2022-05-24 Modified: 2023-11-23 Views: 4184 Luxury Signature Admin
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Investors are constantly looking for profitable and safe options at the same time, which are characterized by stability and strength in the face of economic fluctuations and global markets, so they turn to real estate investment and home purchase, as it is the safest investment and a guarantee of profits, and to save their capital from loss.

 

In the last ten years, Turkey has become the first destination for those wishing to invest in profitable real estate, due to several factors:

1- The state of Turkey is in the middle of the continents of Asia and Europe and combines the East and the West, and it is a meeting place for all religions, nationalities and civilizations, in addition to the geographical advantages that characterize Turkey with the presence of the Bosphorus Strait and the seas that border it and the wonderful nature, so it is the focus of attention of investors and the destination of tourists, which is positively reflected on the commercial and tourism sector and certainly the real estate sector.

2- Infrastructure projects carried out by the Turkish government, such as the opening of Istanbul’s largest airport in Europe, the Istanbul Canal project or the so-called “New Bosphorus” , network projects and subway lines that are constantly expanding and developing, and others, which have led to an increase in population density and the expansion of neighborhoods and inhabited areas, which in turn increased the importance of residential real estate projects.

3- The laws enacted by the Turkish government are always in the interest of the foreign investor, including the law of obtaining Turkish citizenship in return for buying a property with a value of at least $400.000 and not selling it for 3 years, and the owner of the property has the right to grant Turkish citizenship to his wife and children under the age of 18 years old, and the Turkish passport is issued within 90 days. Also, the property buyer, with the value of 75.000$, has the right to obtain real estate residency in Turkey, which is renewed annually, he also has the right to grant real estate residency to his wife and children under the age of 18, in addition to the real estate appraisal law and other laws that guarantee the rights of investors.

 

Prices of apartments in Istanbul 2022

As a result of the aforementioned factors, the prices of apartments in Istanbul have increased significantly, especially in the last two years, after the fluctuation of the Turkish lira against the dollar, and this rise included all areas of Istanbul, but it is more noticeable in the central areas, which are the most suitable for investment.

According to several studies that were conducted at the Center for Economic and Social Studies at Bahçesehir University in Istanbul, on the database of sahibinden.com, the most famous real estate website specialized in publishing ads for selling and renting real estate in Turkey. The price per square meter has witnessed an increase of 109% since the beginning of the year 2021, and the average price per square meter across Turkey has reached 7.496 Turkish liras. Today, in 2022, the average price per square meter in Istanbul apartments has reached 10.900 Turkish liras.

This increase in real estate prices is a safe indicator for investors to guarantee their profits through real estate investment in Turkey.

 

What are the factors that determine the price of a property in Istanbul?

As mentioned earlier, real estate prices in Istanbul are on the rise, and it is a golden opportunity for investors who want to reap profits quickly or in the long run. There are several factors that in turn affect the price of the property, whether it is residential or investment, and they are as follows:

1- The location of the apartment within the city: is it central or far from the center? Is it located in a vital area? Does it have a view of the sea or the Bosphorus? Are there public transportation and main services around the apartment? All of these factors play an important role in determining the price of the property and whether this price can rise or not.

2- Specifications of the apartment itself: the size of the apartment, the view, the floor on which the apartment is located, the number of rooms, is it ready for housing or is it still under construction? The delivery date, the quality of the cladding, the quality of the finishes and the materials used in the construction, is the property new or resold? All of these things will affect the price of the property.

 

What are the most expensive areas to buy a property in Istanbul?

According to Anadolu Agency, the central district of Sisli was the most expensive area to buy a property in Istanbul, with an average price per square meter of 28.270 Turkish liras, followed by Beyoglu with 27.000 Turkish liras, then Besiktas with 22.746 Turkish liras, then Kadikoy on the Asian side of the city with 19.600 Turkish liras, and Bakirkoy with 18.400 Turkish liras, while the average price per square meter in Zeytinburnu area was 15.326 Turkish liras.

Frequently asked questions

What are the most expensive areas to buy a property in Istanbul?

According to Anadolu Agency, the central Sisli district recorded the most expensive areas for buying a property in Istanbul, with an average price per square meter of 28.270 TL, followed by the Beyoglu area with 27.000 TL, then Besiktas with 22.746 TL, then Kadikoy in the Asian part of the city. At 19.600 TL, and Bakirkoy at 18.400 TL, while the average price per square meter in Zeytinburnu was 15.326 TL.

What are the factors that determine the property price in Istanbul?

1- The location of the apartment within the city.
2- The specifications of the apartment itself.

What are the reasons for the high real estate prices in Turkey?

There are several basic factors that led to a significant increase in real estate prices in the recent period, especially after the end of the Corona epidemic, the most important of which are: global inflation, which significantly affected the prices of building materials, on the date of 6/2023, the increase in iron prices reached 80%, and for the rest of the construction materials increased by 25%. Also, supply and demand, which greatly affects real estate prices, especially in Istanbul, due to the lack of lands suitable for construction near areas with important infrastructure, and the great development and urban renaissance taking place in Turkey, especially Istanbul, also affects the high price of real estate.

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