Factors that affect Real Estates prices in Turkey

Created: 2022-06-07
Last Updated: 2024-04-27
Views: 1438

Content Index

Factors that affect the price of the property
Types of real estate in Istanbul
Factors affect real estate prices:

In the past five years, Turkey was able to be one of the most powerful countries in the real estate investment in the region, and has become one of the most powerful competitors in the market of real estate globally, whether for large investments or even small one, that help it to be a widespread destination for all sectors whose interested in buying real estates in Turkey, so that Turkey become a destination for many who want to transfer their lives to here, recently Turkey has become the most widespread destination for real estate investment, because of its ability to meet all the needs of those interested in buying real estates, as the real estate market in Turkey full of various options that suit all purchasing purposes, whether the goal is for investment, or for housing, Turkey has the ability to provide thousands of opportunities and options for all its visitors.

Many investors may wonder about real estate prices in Turkey, especially in Istanbul, believing that there is a clear answer that they will get from their real estate consultants, but in fact this question does not have a specific answer due to the different requests of customers from each other, as well as the presence of many factors that controlling the price of real estate in Turkey, in this article we will help you to know the most important factors affecting the price of real estate in Turkey in general and in particular in Istanbul.

Factors that affect the price of the property

There are two types of factors that affect the price of the property, there are general factors that apply to all real estate, whether it is commercial or residential real estate, and there are factors for specific properties.

The nature of the property
The location
Type of property within a complex or not
The area of the property

Types of real estate in Istanbul

There are many types of real estates in Istanbul which are divided into:

Commercial real estate: which has an investment return for its owner, and is used for investments and economic business, such as shops, offices, stores or hotels, for more information on commercial real estate and investment returns, click here.

Residential real estate: such as villas and apartments, whether these apartments are in residential complexes or regular buildings, as well as hotel apartments for investment, and the types of apartments are divided into:

• Apartments within residential complexes, which including multiple services and social facilities such as swimming pools and playgrounds, the most important feature of it is the security of theses complexes thanks to surveillance system with cameras, which means protection for the residents, services that meet the needs of its residents and work on their welfare.

• Investment apartments within residential and investment complexes, such as those in Basin Express

• Hotel apartments within investment complexes

• Apartments in regular buildings and these are less expensive compared to other apartments.

Factors affect real estate prices:

1- Location of the property

The location of the property affects its value significantly, as some areas are more expensive than other areas, like the center of Istanbul, as the closer you are to the old center of Istanbul, the higher price of the property is and the more the property is on the outskirts of Istanbul, the property becomes less expensive. Areas such as Beşiktaş, Levent, Sisli, Fatih or Maslak are the most expensive areas in all Turkey, even if the age of the property is over thirty years old.

The nature of the area is also one of the factors affecting the price of the property, each area has a its own character, there are tourist areas and there are commercial and economic investment areas such as Maslak and Basin Express, and other residential areas with distinction, or a tourist area such as Taksim, Sisli and Besiktas that is more expensive than the normal residential areas.

2- The property’s proximity to transportation and vital services

The proximity of the property to the means of transportation is one of the factors affecting the price of the property, The closer the property is to public transport stations, the higher its price will be, especially if the property is close to a metro or metrobus station. Therefore, we find that properties near metro stations are more expensive than other properties that away from the metro station.

3- Type and purpose of the project

Investment projects such as hotel projects are more expensive than normal residential projects, especially since hotel apartments often have a hotel brand that starts from 4 to 7 stars, because it has a profit and investment return for the owner of the apartment.

4- The property view

The location of the project and its view affects the price of the apartments, the projects that are close to the Marmara Sea or those that have a view of the Bosphorus are always more expensive than other apartments that have views of the city, as well as views of the green spaces in the project is more expensive than apartments with city views.

The luxury of any project is measured by the plenty of its social facilities that are provided to its residents, the more facilities and services of the residential complex has, the more luxury it gives to its residents, there are complexes that have a swimming pool, a children’s area and a gym, and there are complexes that have basketball playgrounds, squash courts, a private cinema, a music room, and a meeting room, and many construction companies trying to provide its residents more services to make them feel luxurious, and there are construction companies provide its residents an international membership in all of its projects, so they will be able to use the social facilities of any of their projects inside or outside Turkey.

6- The area of the apartment

The apartment area is one of the factors affect the price of the property, a commercial shop’s price that its area is 40 sqm is much cheaper than a commercial shop that its area 230 sqm, the same thing for apartments the number of bedrooms, bathrooms, balconies, all these are factor that effect on its price. The larger the apartment, the higher the price will be, for example a 1+1 apartment is less expensive compared to the 4+1 or 5+1 duplex apartment.

7- The quality of the apartments’ interior finishes

Better materials in the finishing means the high price of the apartment will be. There are companies that using international brands or local brands with an excellent reputation, and there are normal materials with less quality.

8- Age of the building

The age of the building one of the factors that affect at the price of the apartment. If the age of the apartment or the building is zero, the price is more expensive than those that are more than 10 years old. In areas such as Fatih the age of the buildings reaches more than forty years, while the age of buildings in an area such as Beylikduzu is not more than twenty years.

Here at Ramzy Real Estate Company, our consultants advise our clients should not buy any apartment that is more than 5 years old, whether the apartment is within a complex or an normal building, because the condition of the apartment getting old after five years, especially since the management of residential complexes does not give maintenance to the apartment for more than two years.

9- Floor height

Unlike Arab countries, where the most expensive apartment is the ground or first floor apartments, in Istanbul, the higher the number of floors, the higher the price of the apartment will be, buyers prefer to buy apartments in high floors because they get unique and better views from the apartments more than lower floors, and these apartments are far from all the noise of the streets.

10- The direction of the apartment

The direction of the apartments one of the elements that affect the price, whether the direction is north, south, east or west, because some directions allow sun rays enter the apartment most of the day so it saves electricity and natural gas that use in lightening and heating, In Istanbul western apartments are more expensive than eastern apartments, and this is because of the nature of Istanbul, here winter exceeds 6 months than the rest of the seasons. Therefore, western apartments are more suitable for the entry of sunlight as long as possible inside the house until sunset, which makes the house warm, it also contributes to relying on natural lighting for a longer time.

If you decide to buy a new apartment in a normal building in an area at the outskirts of Istanbul, such as Esenyurt, the cheapest price for two-bedroom apartment will be 75.000 $, but if you decide to buy a new 1+1 apartment within a residential complex in Esenyurt, the cheapest price will be 150.000 $, In areas such as Basin Express, starting price for an apartment 1+1 is 250.000 $.

At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice .
- Property Management.
- After-sales services .
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.

#apartments #istanbul #turkish_citizinship

دعنا نتواصل لنساعدك!

باختيار أنسب عقار