Today We are going to discuss about really Property Prices Rising in Turkey? Lets check from the below.
- It’s one of Europe’s and America’s most popular topics. Over the last five years, foreigners have bought many properties in Turkey. These days, investors in Turkey are reaping the rewards of their investments.
- But it’s not too late to take advantage of the same benefits. Nowadays, Turkey’s property market is one of the most popular globally. This guide aims to provide you with information about property prices, trends, and whether it is worthwhile to invest in the property or not.
- You will find everything you need to know about investing in Turkey here. So, let’s dive into our topic without wasting more time.
- When currency devalues in 2021 and inflation is high, buyers assume prices should go down, so why are prices going up?
Are Property Prices rising in Turkey?
Here are the facts
- Turkey was at the top of the real estate price growth list last year.
- If you’ve been following the Turkish news, this might seem impossible. Late last year, the lira had lost 40% of its value vs. the dollar, while inflation remained around 15% after reaching 20%.
- This economic background provides an opportunity to examine the factors behind the relentless upward trajectory of Turkey’s property prices.
Supply and demand inland
- Land prices have gone up 20% in the last year—supply and demand: fewer and fewer places to build as each year passes. Due to the shortage of land, developers pay high prices for available plots, which drives up property prices.
- It’s especially true along the coast, like Antalya. Due to its location between mountains and the sea, land has always been a precious resource. The construction on Antalya property hasn’t slowed in the last two decades, putting the once-affordable homes in this coastal city into the exclusive territory.
The cost of building materials is high.
- Materials prices have gone up by an and a half since last year.
- Inflation is not the only factor contributing to high prices; a global supply-chain breakdown affecting building materials has also been a factor.
- The result has been an increase in the cost per square meter of new buildings.
Housing demand is growing.
- It is unlikely that the pandemic will affect foreigners’ desire to acquire property in Turkey. Turkey is still a popular destination for buyers, and during the pandemic, buyers bought Turkish property online after virtual tours.
- There were more than 800,000 homes sold over eight months last year, a record. It includes foreign buyers, who bought 30,849 units during this period, an increase of 47% over the previous year.
- Over the last few years, Turkish buildings have changed dramatically. The construction is now rated based on each project, not a set standard. Each development can have its selling points to stand out in a competitive market.
- It used to be that only luxury apartments came with a swimming pool, sauna, gym, playground, and shops and restaurants. The higher demand for these new necessities is also pushing prices higher.
- It’s now easier than ever to jump onto Turkey’s lucrative property ladder, with Turkish banks willing to offer finance to local and foreign buyers alike. It’s opened up the Turkish housing market to a new generation of young professionals. Moreover, it has eased the burden on foreign buyers who can obtain financing now.
- Investor and property consultant has witnessed all kinds of bumps and upsets in the Turkish economy. Property values, however, have remained stable.
- The one thing we tell anyone who wants to buy a house is don’t wait. You’ll miss out.
- We guarantee that you will be left behind if you wait for the price to fall to make your move to Turkey.