Türkiye: real estate market analysis and purchase prospects in 2024
According to the latest report from Sahibinden and the Center for Economic and Social Research BETAM, January 2024 was marked by a decrease in housing prices in Turkey’s major cities. This phenomenon attracts the attention not only of local residents but also of potential investors who want to assess the market prospects. Let’s explore the opportunities that arise in the country’s largest cities.
In the section of the article about Turkey you will find a lot of materials on the topic of cost of living and prices in this country.
Table of average housing prices in major cities of Turkey as of January 2024:
| City | Area (sq.m) | Price (million TL) | Price ($ thousand) |
|---|---|---|---|
| Istanbul | 115 | 4.1 | ~$134 |
| Ankara | 130 | 2.6 | ~$85 |
| Izmir | 125 | 3.7 | ~$121 |
| Bursa | 142 | 3.3 | ~$107 |
| Antalya | 115 | 3.6 | ~$117.7 |
Thus, according to the report, it can be concluded that average housing prices in major cities of Turkey have decreased by the beginning of 2024. This creates a favorable situation for purchasing real estate in the country, as sellers are willing to negotiate.
Ankara:
Ankara, the capital of Turkey, has always attracted attention with its stable investment opportunities and dynamic social development. The decrease in housing prices here averaged 12.9%, reaching even 20% in some areas. This creates a favorable atmosphere for buying property, especially for those looking for large spaces at affordable prices.
Istanbul:
Istanbul, the largest city and economic center of Turkey, also experiences a decline in housing prices, albeit to a lesser extent – 6.1%. Istanbul continues to be attractive to investors due to its international status and diverse opportunities for business and entertainment.
Izmir:
Izmir, located on the Aegean coast, is famous for its beaches and historical landmarks. The average property price here was 3.7 million TL (~$121,000) for 125 square meters. Izmir attracts both tourists and residents and is an excellent option for those looking for housing near the sea.
Bursa:
Bursa, located at the foot of the mountains, is known for its parks, gardens, and clean air. The average cost of housing here is 3.3 million TL (~$107,000) for 142 square meters. This city is attractive to those who appreciate natural beauty and a peaceful atmosphere.
Antalya: The Jewel of the Turkish Coast
Antalya, located in the south of the country, is famous for its resorts, beaches, and warm climate. The average cost of housing here is 3.6 million TL (~$117,700) for 115 square meters. Antalya attracts both tourists and permanent residents with its diverse opportunities for an active lifestyle.
Conclusion
The decrease in housing prices in Turkey’s major cities creates a favorable situation for buyers and investors. Ankara, Istanbul, Izmir, Bursa, and Antalya offer diverse opportunities for those looking to acquire property in this unique country. Whether you are an investor seeking commercial real estate or a family dreaming of your own corner in a cozy Turkish city, 2024 provides unique opportunities to realize your desires.
