Price of A Home in Turkey
The price of a home in Turkey is determined according to many factors. Experts or professionals within the real estate sector provide information on the costs of homes in Turkey, encompassing both positive and negative aspects. Experts say that rising prices will decrease, but also it is not a completely good thing. As Zaren Invest, we give detailed information about home cost Turkey. Also, we answer the faqs. Let’s look at this topic.
One of the most influenced sectors by exchange rising is real estate. Home for sale and rent have increase almost daily since the last October. Here, we give detail information about home cost in Turkey.
Price of home in Turkey
According to Endeksa, overall house prices in Turkey increased by 182% year-on-year at the end of June. However, in May, the previous month, prices rose by 14.7%, breaking a record. However, experts expect prices to slow down in the coming period. The reason for this is explained as a decrease in demand in the market.
“The increase in house prices in Turkey” will be 18.7% in 6 months. The reason is that it is difficult to buy housing. According to this statement, experts expect house prices to decline in the next period. Also, they estimate the average increase in the second half of this year to be 18.7%. According to sources within the sector, the reasons for this decline are the restrictions on housing loans and the narrowing of the buyer base,
- Prices in the market have already peaked,
- Concerns about new regulations for the sector.
- Current average house prices in Turkey and year-end target
In general, in his statement about the average house sale prices in Turkey as of June,
- Average selling price per square meter: 9.979 TL
- Average house price: 1.317.228 TL
- Öğüt presented the average house prices at the end of the year based on an average increase of 18.7% for the next 6 months as follows
- Average square meter sales price: 11.853 TL
- Average house price: 1.552.743 TL
- The situation is different in Istanbul and some other cities:
Istanbul, Antalya and Mersin, which are the provinces in Turkey where house prices have increased the most, were considered under a separate heading. Also, experts explain the average house prices and projected prices in the cities at the end of June as follows:
Istanbul:
- Average selling price per square meter of housing: 17.497 TL
- Projected price at the end of the year: 22.360 TL
- Average house sale price: 2.099.000 TL
- Projected price at the end of the year: 2.593.000 TL
Antalya:
- Average selling price per square meter of housing: 14.896 TL
- Projected price at the end of the year: 18.532 TL
- Average house sale price: 1.939.220 TL
- Projected price at the end of the year: 2.316.500 TL
Mersin:
- Average selling price per square meter of housing: 8.933 TL
- Projected price at the end of the year: 11.138 TL
- Average house sale price: 1.339.550 TL
- Projected price at the end of the year: 1.704.114 TL
He stated that they foresee that the highest value increase will be realized in Tekirdağ with 31% until these places.
“Instant or daily changing prices will no longer exist”
Makbule Yönel Maya, General Manager of TSKB Real Estate Appraisal, made similar statements about the upcoming process. Also, Maya stated that the rate of increase in house prices will slow down. And, she defined that the BRSA’s tightening policy makes it difficult to grant loans. However, she emphasized that there were no daily or weekly changes in house prices in July and continued her words as follows:
“Because the number of buyers decreased. Loan interest rates have been raised to 60 percent. You need to have 40% cash to buy a house. Loan purchases are not as lively as before. This has slowed growth. In the coming period, three months from now, six months from now, prices will change.”
Growth will remain stable for a few more months. However, the situation is clear in the medium and long term.
İsmail Özcan, President of the Association of Real Estate Marketing and Sales Professionals, shared that there may be a decline in housing purchases depending on the course of economic development. At the same time, Özcan shared that they expect a 3-4 month stagnation in housing prices. Also, he said that they see that the rise will continue in the medium and long term.
According to the Istanbul Realtors Club, those who bought houses for investment purposes started to find a direction to sell them due to the increase in prices. Thus, IEK shared other reasons behind this as follows;
Also, ‘will there be difficulties for people who own more than one property in terms of income tax and foreign purchase quotas? A possible 10% increase in the dollar will also reduce domestic purchases. Therefore, there are already concerns about market prices being broken and distorted. Even one of these could upset the market.
To find out house prices in Turkey
You can contact Zaren Invest, a member of Zaren Group, to learn about house prices in Turkey and to own the house of your dreams. For more than 10 years, Zaren Invest, a pioneer in the Turkish real estate sector, offers you very advantageous investment opportunities. However, don’t waste your time, and contact Zaren Invest.
