Price Range In Turkish Properties Within The Past Year
Turkey is an attractive country. It has so many highlights when it comes to natural attractions. This is why so many visitors and tourists flock to the country daily.
The country is so attractive band conducive that so many visitors refuse to go back to their countries. This involuntary migration has Lee to a steady increase in the country’s population.
While the population looks set to increase, it has also impacted the real estate industry. This population increase has had a multiplier effect on the property market. This is why the price range of property in the country is rising faster than in the entire European Union.
What Is The Performance Of Turkish Properties Over The Past Year?
There was a 21.7% increase in the price of a property in the first parts of 2022 in comparison to the same time in 2021. During the same period, the prices of real estate in Turkey increased Ren times when compared to the EU.
According to official statistics, Turkey sold about 320,063 apartments and houses within the first quarter of 2022. It had increased by 21.7% from the same period the last year. However, within this time, a majority of the properties – 134,170 had been sold during March.
Also, about 94,437 properties were sold in the primary real estate market, which means from buildings that were still being constructed. The remainder of the apartments and houses have been bought from investments in the secondary housing market.
A Look At The Activities Of Foreigners In The Turkish Real Estate Market
Foreigners also played an important part in the real estate market of Turkey. Investors have increased their transactions in the market by 45.1% within the first few months of 2022, which is a comparison with a similar timeframe last year. Foreigners purchased a total of 14,344 properties in Turkey. This was 4.5% of the total sales that the country had.
In Turkey, there is a growing demand for real estate. Within the past five years, a total of 188,144 residential real estate properties were purchased by foreigners.
Which Areas Of Turkey Do Foreigners Prefer?
Foreigners may have more probability of purchasing apartments and houses in Istanbul, Izmir, Ankara, and Antalya. These are the cities that have the most appeal to foreigners. This means that foreigners are more likely to buy properties in these locations.
Also, foreigners are less compelled to put have residential properties in relatively smaller towns. For instance, Ardahan was able to sell just 25 houses in March 2030. While Bayburt sold 82 within the same period. Ardahan and Bayburt are located in northeastern Turkey.
Foreigners In Turkish Real Estate: Who Is Buying What?
When it comes to housing in Turkey, there are certain foreigners that are heading a majority of the housing units. Iranian citizens are the leading foreign buyers of property in Turkey. Next comes foreign buyers from Iraq, with 1887 confirmed purchases. In third place is Russia, with 1535 properties sold to them as foreign buyers. Germany comes at the fourth position, with its citizens taking up 617 properties. In fifth place is the Turkic country, Kazakhstan, with 570 properties sold to its citizens.
Turkish Housing Sector: A Change In The Price Range
In many large cities, increasing housing prices have also led to an increase in rental prices. Property rental costs in Turkey increased by over 100% in March 2022 every year.
The average price for renting houses in Turkey comes at ($210), which is 3,100 Turkish Lira. In Istanbul, the price of renting a house can be up to $440, which is about 6,500 Turkish Lira.