Real estate prices in Turkey continue to rise in 2023
Turkey remains a popular destination for travelers and investors from various countries. However, while it used to be possible to buy Turkish real estate at fairly affordable prices, the situation has changed. House prices in Turkey continue to rise, exceeding 100% per year. What is this influenced by and what are the reasons for the price increase?
House prices in Turkey continue to rise in 2023, exceeding 100% per year, influenced by high demand for housing, rising materials costs, a shortage of land for development in some popular locations, inflation, and attractive prospects for foreign investors.
Turkish real estate: new prices in 2023
According to data for the first quarter of 2023, the average asking price for housing in popular foreign-owned regions is:
Table of real estate prices in popular cities in Turkey:
| City | Average asking price |
|---|---|
| Istanbul | $164,000 |
| Ankara | $87,000 |
| Antalya | $152,000 |
| Izmir | $145,000 |
| Mersin | $106,000 |
| Mugla | $236,000 |
Rising real estate prices are occurring in all regions of Turkey and are related to a number of factors.
Reasons for the rise in real estate prices in Turkey
- Rising prices for land for development, construction, building materials, and transportation costs.
According to reports from construction companies, land for development has significantly increased in price in recent years. This is due to the growth in demand for real estate and, as a result, the rise in land prices.
The cost of building materials and transportation expenses is also increasing, which is reflected in house prices.
- High inflation.
Inflation in Turkey has long exceeded the level recommended by economists. This leads to the devaluation of the national currency and an increase in prices for everything, including real estate.
- High demand for housing.
Demand for housing in Turkey is not decreasing, but on the contrary, is growing. This is due to the fact that it is becoming easier to obtain a residence permit and citizenship for investment in real estate. In addition, many foreigners dream of having resort real estate by the sea.
- Attractive prospects for foreigners.
Turkey has attractive prospects for foreign investors. For example, the tax on profits is only 20%, which attracts businessmen. In addition, Turkey provides broad opportunities for investment in various sectors of the economy.
Such prospects attract investors from all over the world, including in the real estate sector.
Summary
The average asking price for real estate in Turkey continues to rise. This is due to a number of factors, including rising land prices, building materials, and transportation costs, high inflation, high demand for housing, and attractive prospects for foreign investors.
Turkey remains a popular investment destination, but buying property here has become more expensive. If you plan to invest in Turkish real estate or buy a house on the coast for vacation, take into account the current situation on the market and future forecasts.
