The Turkish property real estate market is very attractive. Thanks to the contributions of foreigners in the market, there is more appeal in Turkish properties. With so much going on in this market, what is the likely future trend of things to come?
Turkey is a safe real estate haven for many Asians, especially Iranians. The real estate and property market in the region has increased over the years due to the attractive market and friendly government policies. For many years, property prices in the country have continued to increase. For instance, the price of residential properties in Istanbul, Izmir, and Ankara rose from 1,000 Turkish lira per square metre to roughly about 25,000 Turkish liras per square metre. This was recorded from 2010 to 2022.
Real estate price report from major cities in Turkey
Istanbul is home to the most expensive market in Turkey and is still the biggest city. Housing prices had a 54% increase. The price per square metre is about $1432.
This is the capital of the country and had a price increase of about 60.5%. The price per square metre is about $663.
Izmir is the third biggest country in Turkey. The city had a 64.3% price increase in residential properties. The price for a square metre is about $1,110.
Important real estate market predictions in Turkey for 2023
Based on a report by market watchers, there will be a price increase in 2023 Turkish real estate. Many Turkish regions where new projects are being developed are already yielding the positive effects of such developments. For instance, Mersin has seen a recent upsurge in property developments. This has led to a 194% of property prices within the past 365 days. Mersin came third after Istanbul and Alanya in terms of the increase in apartment prices. Also, another important market prediction in Turkish real estate is price increases all over technological cities.
There will be a special intention for large infrastructure developments. Real estate investors and buyers in those locations are getting ready to put pump more funds into the market. These areas offer attractive benefits for both recreational and living purposes. Therefore, there is a massive investment potential.
Another important prediction for the Turkish real estate market is the fact that the number of potential Turkish property buyers will increase. Many market watchers believed that as inflation increases, Turkish home buyers should be less. However, this has not been the case among people with the money to invest. But people with average income may struggle to invest in Turkish property during this time.
Foreign investors in the Turkish real estate market will likely increase.
Due to the value of foreign investments in Turkey, the Turkish President has signed a law which recognizes core market players like real estate agents and developers as exporters. This way, they will be able to access various state-backed support to expand and develop their businesses. Designated as exporters in Turkey, these important market players will be able to have easy access to various government tools and instruments to deliver more services and products to enthusiastic buyers.
More people will be given Turkish citizenship.
As the 20th biggest economy in Europe looks to establish its force globally, there is more likely for more foreign investors to buy properties worth over $450,000 in the coming years. Ever since the Turkish president increased the amount of investment capable of making a foreigner a Turkish citizen, there has been a corresponding increase in the purchase of properties. The value was increased from a quarter of a million dollars ($250,000) to almost half a million dollars ($450,000).