Real estate price forecasts in Turkey 2023:

Turkey as achieved a strong economic renaissance during the past twenty years, which allowed it to reserve an important place among the strongest economies around the world, and enabled it to impose an important political presence in the region, the reason behind these achievements is the good planning and hard work according to 2023 vision of Turkey. When speaking about the house prices in Turkey in general and Istanbul in particular, it is evident that it enjoys a very affordable prices and considered cheap looking at the many features that Turkish real estate offers which made it very popular, this is somehow intuitive for the high amount of foreign and Arab investors to be interested in real estate investment in Turkey.

What is the 2023 vision of Turkey?

Turkey’s 2023 vision is basically launched to bring the country’s economy to the 10th rank in the world, and for those don’t know, Turkey’s economy in the past was 111th globally, within a short time period the Turkish economy was able to reach 13th rank in the world achieving the biggest economic achievements for Turkey, in the same context, investments in industry in Turkey are achieving high numbers year after year, in the last Turkish industry achievements, in the past month the industry witnessed a major growth in the quality and quantity of the Turkish industrial products, where the Turkish industrial production index grew by 13.8% on an annual basis in August of 2021.

In addition, the Turkish economy has achieved a growth by 21.7% during the second quarter of the current year, these numbers strongly indicate Turkey’s tendency to reach a strong economy capable of facing economic and global challenges with strength and stability, thus moving forward with the Turkish economy to reserve its place in the list of the world's top economic countries in order to achieve Turkey's vision of 2023.

Turkish real estate prices in comparison to European countries:

If we take a look at the real estate prices in Turkey in 2023, and made a quick comparison with its European counterparts, it become clear the large price difference that attracts big number of investors to Turkey, as property prices in Turkey are much lower than those in European countries.

Factors affecting the increase in property prices Turkey:

1. The general situation of the Turkish economy.

2. The facilities provided by the Turkish government to investors in the real estate investment sector.

3. The tourism situation in Turkey and the numbers of foreign and Arab newcomers to Turkey interested in purchasing real estate in Turkey.

4. Features provided by the Turkish apartments and properties.

5. The ease of the ownership procedures in Turkey.

6. The security situation and political stability of the Turkish state.

7. The convergence of the customs and traditions of Turkish civil society with those of the East, and this would raise the prices of houses in Turkey.

Reasons behind the increase of Turkish real estate prices:

1. Turkey is a world-class tourist country; therefore, thousands of tourists are preferring it, this contributes to the rise of home prices in Turkey.

2. The Turkish economic situation motivates the investors, as the Turkish government has put a comprehensive plan in order to create major mega projects such as: Istanbul canal, and the new Istanbul third airport.

3. The country’s stability attracts foreign and Arab residents to live in Turkey.

4. Lately, the Turkish government has provided many facilities in the laws and real estate ownership rules for foreigners which attracted many more investors.

5. The ability to acquire the Turkish Citizenship Law through real estate investment, contributed significantly in attracting thousands of Arabs and foreigners to real estate investment in Turkey, which led to the increase in real estate prices in Turkey.

6. Turkey enjoys a unique climate and strategic geographical location, as it links the two continents of Europe and Asia, therefore, many people from all over the world are interested in Turkish properties.

Do seasons affect real estate prices in Turkey?

Seasons has a direct effect on the real estate prices in Turkey, as the official statistics shows that the cheapest real estate prices can be found in the winter season, as the demand decreases on ownership and rental in Turkey, this is opposite to the summer and spring seasons which considered to be a major tourist seasons.

Factors that affect in detail and comprehensively the prices of houses in Turkey:

City’s location and importance: like all countries around the world, the initial factor affecting the price is the city’s location, that’s why some major cities in Turkey like Istanbul have relatively higher prices than other cities because it represents the tourist and economy capital in Turkey, and it has an unparalleled investment importance thanks to the huge and international projects that have been launched, and this is the explanation for the high prices of houses in Turkey, Istanbul.

Area’s location: the second question is, does all the houses in the city share the same price? Definitely no, as the area’s location has a significant affect on the house prices in Turkey, for example when talking about Istanbul, we find the house price in the European side higher than the Asian side, even in the European side there are areas with a distinctive character that makes the house prices higher than other areas.

The property’s location within the area: we’re talking about property’s location within a specific area, does it affect the price? Yes of course, when the property has a sea view on the world-famous Bosporus Strait, or when it’s close to one of Istanbul airports, the price goes relatively higher than other properties in the same area, even if it has the same design and size.

Specifications of houses in Turkey:

Houses and properties in Turkey are characterized by diversity and plurality, where you find many types which might confuse you in which one to choose, the main characteristic of houses in Turkey that its modern and new, as the Turkish government is putting good efforts to improve the real estate architecture in many Turkish cities, here’s a list of the most important types and specifications of real estate in Turkey:

1- Turkish villas: Villas in Turkey has many types which are:

- Normal villas: featuring big sizes and good prices.

- Tourist villas: which have relatively higher prices than others, and the price rises as the location is closer to the coasts, water straights, and green spaces.

- Historic villas or palaces: It is the preserve of those with huge budgets, as it is considered one of the most expensive types of real estate in Turkey due to its unique character.

2- Residential apartments: It is the traditional type of real estate in Turkey, it also has some types which are:2- Residential apartments: It is the traditional type of real estate in Turkey, it also has some types which are:

- Independent apartments: it’s residential unites in an independent order, it has low competitive prices compared to house prices in Turkey.

- Apartments inside residential compounds: its prices are higher than normal apartments as it is located inside a residential compound that offers all the service and recreational facilities that you may need.

- Studio apartments: its best suitable for students and workers, its prices are considered low and affordable for almost everyone.

- Duplex apartments: it has two floors connected with an internal staircase, suitable for big families and it is reasonably priced.

Average house prices in Turkey Istanbul:

As considered House prices in Istanbul in general are very suitable compared to the unique features of these properties. We are talking about a global city on Turkish land, known far and wide all over the world. House prices in Istanbul vary according to the area, and it should be noted that prices are approximate only, ranging from $75K for a small one-room apartment, to $400K for a four-room apartment, meaning you need $150K on average to buy a house in Istanbul, Turkey.

House price forecasts in Turkey in 2023:

As for house prices in Turkey 2023, local real estate economists expect that they are on the way to increase, and this is due to the activity and popularity of the Turkish economy in general, which has become one of the strongest economic levels in the world, and this was contributed by the Turkish state plan for 2023, which was aimed at establishing several gigantic economic and investment projects have caused a qualitative leap in the Turkish economy and modernized its situation, which in turn raised the percentage of willingness and demand to buy homes in Turkey. According to the theory of supply and demand, house prices in Turkey for 2023 will rise due to the increased demand for it.

In this context Europ Homes Real Estate offers you important real estate advices, it’s the best time to purchase real estate in Turkey, as it’s your golden opportunity to own a house either to reside or invest in a successful real estate project, either way the expected financial return is considered high and very good, your real estate agent waiting for you to book an appointment for a free consultation, all you have to do is to contact our company.