What are the factors that determine prices of properties in Turkey?
Turkey today attracts thousands of people from several countries around the world in order to own and purchase properties in Turkey, as it has become the focus of attention in this matter due to several factors and features that these countries enjoy from them came naturally and are matters related to its strategic location between the countries of the world and the beauty of its nature and the charm of its history. To this day, with great historical monuments scattered in most Turkish cities
As for the other side that distinguishes Turkey and makes it a magnet for real estate investment and those who want to buy properties, it is the technical matters and human efforts exerted and represented by several steps taken by the Turkish government over the years to encourage tourism and investment in Turkey, we have witnessed a decrease in the value of the required property in order to qualify the foreign owner to obtain citizenship Turkish from one million dollars to 250 thousand dollars, and soon the interest rate on repurchases by the Turkish Central Bank was reduced
Now that you have reached the stage of certainty that you want to buy a property or apartments in Istanbul, Turkey, for example, you can get to know the details of the most important point in the purchase process, which is the price of the property, so let us tell you
Some information on the factors that determine prices of properties in Turkey:
Many things affect the prices of properties in Turkey, including the essential and the secondary, but we will mention the most common things
Here we talk about the location of the property in terms of the city in which it is located and the neighborhood or area of the property within this city
Firstly, to understand that real estate prices in Turkey change dramatically between increases and decreases between cities. For example, the prices of apartments in Istanbul are the highest among apartments in other Turkish cities, due to the importance of the economic and tourist city.
Secondly, the matter also depends on the neighborhood in which the property is located. Is it a classy or popular neighborhood, is the neighborhood close to the vital centers or the city center or in the suburbs or is the property close to the sea or important tourist areas in the city
The location of the property in construction:
In the case that the property is within a building or a residential complex, the floor on which the property is located and its destination affects the price.
Properties on the lower floors in regular buildings and in city centers are higher either in residential complexes and towers, especially if there is a beautiful view of the complex. The price of the property rises on the upper floors
Also, the real estate side, i.e. is it well-ventilated and lit or not, or is the appearance of the property closed with another building or open, which are also matters that enter in determining the prices of properties in Turkey
Properties in Turkey has very many types and prices vary, of course, depending on the size of the demand for the type of the property itself, meaning that if the city in which you prefer to buy your property is in it, the demand for villas in Turkey is high, so this means that the prices of the villas are the highest and in this pattern as well as in the cities Commercial There is a great demand for commercial properties suitable for real estate investment, such as hotel apartments and offices, and their prices will be higher.
Architectural design of the property:
Of course, the aesthetic aspect of the property affects its price, as whenever the exterior design of the building or complex is plush, more unique, and beautiful, its costs increase, which is reflected in the prices of properties and homes within it.
This matter is one of the priorities of construction companies in Turkey, as they compete with each other to build luxurious and beautifully designed projects
And do not forget the issue of the area of the property and the distribution of rooms in it, which also plays a role in determining its price
The quality of the materials used for dressing and finishing:
Also, the quality of the materials used in finishing and covering the apartment, thus increasing the cost of building it in the event that it is of high-quality materials, must add to its price.
In general, properties in Turkey are mostly built and finished with high quality materials and is one of the best types. Perhaps this point is one of the main reasons That drives many to buy properties in it.
Available services and facilities:
The prices of properties in Turkey, which are located within residential complexes, must be higher than the apartments in a separate building.
The reason behind this is that these complexes provide residents with a wide range of first-class services and facilities that work to meet the daily needs and requirements of residents.
Properties that offer close proximity to services such as shopping malls, cafes, restaurants, cinema complexes, supermarkets, schools, hospitals, pharmacies, subway stations and buses will always be of higher value than properties away from these facilities.
Usually, buyers want to live in a place that provides them with the concept of "a city within a city" in order to have an easier life and this matter, even if it increases the price of the property, but it receives high demand from buyers, especially foreigners.
This point is related to the topic of services and facilities, i.e. properties within residential complexes. The availability of facilities such as swimming pools, gyms and playgrounds in addition to cleaning, repair and guarding services all require expenses added to the price of the property and thus increase it
This matter does not concern properties in Turkey in particular, because when you want to buy a property in any place in the world, the age of the property in conjunction with its location affects its price
For more detail when we talk about an apartment in a building in a popular area that is several years old, the price of the property in it must be less than a new apartment in the same area or a more modern area
On the other hand, in other cases, especially in ancient cities of historical importance, such as the Turkish city of Istanbul, the price of the property increases with the increase in the age of the property if it is located in a historical area, or that the building itself is considered a valuable archaeological landmark in the region and this case can be faced when purchasing apartment in Istanbul in old neighborhoods like Balat, Kadiköy, Uskudar and others.