Real estate prices in Turkey 2022
A remarkable rise in real estate prices in Turkey during the past months is due to the increase in demand in many Turkish states, especially Istanbul, in return for a decrease in supply, amid expectations of a further rise in 2022.
The demand for real estate purchases in areas close to services and major infrastructure projects has increased, as a result of the high growth rate of the Turkish economy, in addition to the many advantages that foreign investors obtain when owning real estate in Turkey.
In this article from Taksim Real Estate, we explain the reasons for the recent rise in house prices in Turkey, and the extent of its impact on real estate sales in the country, so read on.
Reasons for increasing real estate prices in Turkey
As we mentioned earlier, the increase in the price of real estate in Turkey is due to the increased demand by Turks and foreigners alike, and if we talk about the reasons for the increase in foreign investors, especially Arabs, to buy a property in Turkey, the most prominent of them are the following:
• The facilities provided by the Turkish government to investors, including the real estate appraisal document, and the abolition of the reciprocity law.
• Discounts and tax exemptions when buying a property in Turkey.
• Major infrastructure projects, such as the Istanbul Canal Project and Istanbul's Third Airport.
• The social and political stability in the Republic of Turkey.
• The possibility of a foreigner obtaining real estate residency or Turkish citizenship when buying a property there.
Real estate sales in Turkey in light of rising prices
House prices in Turkey increased during the third quarter of previous year 2021 by 37%, compared to the same period of 2020, and the highest rise were Aydin, Mugla, and Balıkesir, respectively.
During this period, about 396,328 homes were sold in the Turkish states, with home sales increasing in 2021, by 26% compared to the same period last year, according to the latest report of the endeksa platform.
Real estate sales to foreigners also increased by 43% compared to the same period in 2020, where 16,991 housing units were sold to foreigners, with home sales to foreigners achieving 60%, an increase of 43% compared to the same period of the previous year.
Will real estate prices rise in Turkey in 2022?
Local real estate market experts expect a further rise in the price of real estate in Turkey during the current year 2022, as a result of the increased demand for purchase, in addition to the high exchange rate of the US dollar against the Turkish lira.
With this rise, Turkey remains the ideal destination for foreigners wishing to invest in real estate; this is because the prices of housing units are very low compared to other Arab and European countries.
This was a quick presentation of real estate prices in Turkey, and the reasons for its prosperity, with a presentation of the real estate market experts' view of prices in the future.
If you want to know more about the price of real estate in one of the Turkish states; do not hesitate to contact us at Taksim Real Estate Consultancy, and our legal team will be happy to provide adequate answers to your inquiries... Contact now!
or you can check the following link with our full listing of properties for sale in Turkey
Editing: Taksim Real Estate Consulting©