Feb 5, 2023

Turkey Real Estate: House Prices in 2024

Turkey real estate market is frankly considered one of the most distinguished markets in the world. This market remains active and lively throughout the year, as the region is considered a tourist and investment pole as well.

Turkey real estate has witnessed remarkable growth in the recent period due to its strategic location, the country's cultural and historical richness, in addition to its strong infrastructure and the cultural and technological renaissance sweeping the country. Despite the fluctuations that affected the Turkey real estate market in 2023, such as elections and economic changes, it is truly difficult to predict the decline of this vital and distinctive market. So what about Turkey real estate prices in 2024? This is what we will answer in this article.

The real estate recession in 2023

Do not be surprised, there was a real estate recession in the year 2023 in the Turkey real estate market, for foreigners and Turkish citizens at the same time. This is a normal thing that happens all over the world. Real estate may get sick, but it does not die. Rather, it is a safe portfolio in light of the presence of global economic inflation, which makes real estate better. A portfolio that holds real estate with minimal risk.

This was clear as Turkey real estate prices were at a steady point and slightly rising at the beginning of 2024. This is due to the tight financial plan undertaken by the Turkish government regarding controlling economic inflation in the country.

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Factors affecting Turkey real estate prices in 2024

There are many factors that affect Turkey real estate prices, the most important of which are:

Location:

If we take Istanbul as an example, we see that it is divided into four real estate areas:

City centres.
Surroundings of city centres.
Coastline.
Suburbs.

Here, it must be emphasized that the prices of Turkey real estate in the city center, especially the areas of Taksim and Sisli, are very high, as the most expensive real estate in Turkey is located there, and as we move away from the centers, we find that prices gradually decrease until we reach the suburbs where the cheapest real estate is located, such as the Esenyurt area.

Proximity to strategic projects:

The price of real estate in Turkey and Istanbul is affected by its proximity to vital projects of all kinds. Proximity to tourist sites such as beaches, seas, lakes, and public parks, and heritage sites such as historical mosques, palaces, castles, museums, and places of entertainment and entertainment.

In addition to the proximity of Turkey properties to the airport and public transportation such as the metro, the rapid bus service (Metrobus), main streets, and highways.

The announcing of huge development projects in the country, such as the New Istanbul Canal and the third Istanbul Airport, will attract thousands of foreign investors to the country. Turkey real estate prices in the surrounding areas of these projects are increasing, and a noticeable increase in prices is expected after the completion of the implementation phases of these large projects.

The location of the apartment, whether it is on the coast with a sea view, in green areas with a forest view, or even in the city center, plays a very important role in determining its price.

Property area:

The more public facilities, medical, educational, and recreational services are available, such as hospitals, schools, universities, and shopping centers around the property, the higher its price. In addition, its proximity to highways and transportation networks such as the metro, Metrobus, and others adds great material value to Turkey real estate prices, and vice versa.

Build quality and lifespan:

Some may notice the price difference between properties located in old independent buildings and properties in modern residential complexes located in the same area, and this is normal, as the age of the property, the quality of its construction, and the materials used in it play a major role in determining its price.

Social, recreational and technological services:

In the last ten years, many modern residential complexes have been introduced in Turkey in general and Istanbul in particular, which have begun to compete with each other to provide security and entertainment services such as elevators, swimming pools, playgrounds, gardens and seating areas for residents, in addition to introducing “smart home” systems to facilitate life further and make it simple using... An electronic application through mobile phones, and this constitutes a major factor in the price of the property.

Ready Properties:

A ready property is considered more expensive than a property under construction, and this constitutes an investment factor for many, as some want to buy under construction properties at low prices and wait until they are completed, which raises their price and achieves their investment goals.

Area:

Logically, the price of a property with an area of 50 m2 will not be at the price of a property with an area of 250 m2 or more. The larger the area of the property, the higher its price and vice versa.

Styles:

The 1+0 studio apartment is the lowest priced type, and it is natural that the increase in the number of rooms increases the price of the property. The number of rooms in Turkish real estate or any real estate in the world has a major role in determining its price.

View and height:

It is striking in Turkey to find two properties in the same building, with the same area and number of rooms, but different in price. The higher the apartment, the higher its price compared to apartments on lower floors, because the higher the apartment is by floor, the wider the view and the greater the viewing area.

Average real estate prices in Turkey 2024

The following figures are shown based on the exchange rate of the dollar during the period in which the article was published, which represents 32 Turkish liras for every dollar. The exchange rates of the dollar may change later against the Turkish lira, so it must be noted.

(1+1) apartment with an average area of 65 m2 is priced at 2,881,816 Turkish liras, equivalent to 90,036.2 US dollars.
(1+2) apartment with an average area of 115 m2, is priced at 5,996,875 Turkish liras, equivalent to 187,359.59 US dollars.
(1+3) apartment with an average area of 155 m2, is priced at 9,285,718 Turkish liras, equivalent to 290,112 US dollars.
(1+4) apartment with an average area of 210 m2, is priced at 15,933,478 Turkish liras, equivalent to 497,807 US dollars.

In conclusion, Turkey real estate prices remain a pivotal topic for investors and those interested in real estate alike during the year 2024. However, after several years of strong growth in the real estate sector, the real estate market in Turkey is showing signs of stability and balanced growth.

Despite the global and local economic and political challenges that have affected Turkey real estate market, Turkey continues to attract investors thanks to its advanced infrastructure, the government's support policies for the real estate sector, and the continuing demand for real estate by local and foreign investors.

Real estate prices in Turkey are expected to continue to rise moderately during 2024, as the balance between supply and demand improves and economic conditions improve locally.

Therefore, investors and those interested in Turkish real estate should stay informed of developments in the Turkish real estate market, take advantage of emerging opportunities, and make their decisions wisely.

As we always say, Turkey remains a distinguished investment destination in the real estate market, and can provide profitable opportunities for investors and buyers alike, provided that there is good knowledge and accurate evaluation of the market and current and future economic conditions.

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