Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: Covid-19 brought new habits such as remote work and social distancing, which increased the demand toward spacious detached houses with balconies. Accordingly, home prices in Turkey changed, too. The detached home prices in Turkey increased by 64.43% in the recent year, while housing prices rose by 31.68% and land prices rose by 36.91%.
According to recent research, the remote-work model is becoming popular, and workers are opting to live in summer resorts, paving the way for coastal summer towns to experience the highest increase in home prices in Turkey.
Detached home prices in Turkey per square meter are ₺5,801 ($668), and the average price of a detached house reached ₺1,116,2000 ($128,000) across Turkey.
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: Home prices in Turkey vary according to the districts. Beşiktaş, a district that covers the most expensive areas in Istanbul such as Bebek, Arnavutköy, and Etiler) has the most pricey properties in Istanbul with an ROI time of 31 years, a selling price of ₺30,500 per square meter, and rental price of ₺32 per square meter. Beşiktaş is followed by Beyoğlu with an ROI time of 19 years, a selling price of ₺25,500 per square meter, and rental price of ₺29 per square meter.
Around mid-2020, many companies launched campaigns, and housing loan interests decreased, causing house stocks to sell-off. Due to high earthquake risk, the demand for safe houses built with new technologies will always be boosting. Whatever the home prices in Turkey are, there will be certain trends dominating the market.
Most Popular Cities to Buy Property in Turkey
Buyers used to prefer small houses in the city centers due to their proximity to business centers and transportation networks. However, after the pandemic, houses with gardens and balconies close to natural areas are receiving the highest demand. Flexible work models and online education, too, raised the attention towards summer resorts. Home prices in Turkey in these areas increased dramatically.
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: Majority of people settled in summer towns in the Aegean and Mediterranean Regions, where they can stay away from the crowd and practice social distancing. The increasing demand for these regions caused a boom in the sale and rental prices of houses and villas in summer resorts.
When analyzing the areas that the users searched online the most, Kuşadası, Erikli, Foça, Geyikli, Altınoluk, Bodrum, Enez, and Urla outshine other towns.
When analyzing the real estate index data, Konyaaltı, Kepez, and Alanya in Antalya; Didim in Aydın; Ayvalık, Edremit, and Burhaniye in Balıkesir; Çeşme, Balçova, Karşıyaka, Bornova, and Narlıdere in İzmir get all the attention according to the real estate index data.
How Much is it to Buy Property in Turkey?
In 2020, the year of the pandemic, house sales broke a new record with 1.5 million sales, thanks to the low-interest campaigns launched by state banks. However, the rate of ownership decreased to %57.8
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: The home prices in Turkey increased by 29.66% between June 2020 and July 2021. The average size of the houses is 130 square meters.
As of June 2021, the average price per square meter is ₺3,035. The ROI time for similar houses is around 20 years.
According to the Turkish Statistical Institute data, Istanbul is the leading city in April in the house sales made to foreigners with 2,009 houses sold. The following cities are Antalya with 859, Ankara with 228, Mersin with 197, and Bursa with 131 houses sold.
What About Rental Home Prices in Turkey?
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: Rental home prices in Turkey rose, as well. As of June 2021, the rental prices increased by 16.67% within a year. The average size of rental houses is 110 square meters, and the average rental price per square meter varies between ₺14 and ₺40. The ROI time for rental houses is around 20 years.
How to Buy Real Estate in Turkey?
As per Article 35 of the Land Registry Law, foreigners can buy a house in Turkey, provided that they stick to the legal limitations. It is not a requirement for foreigners to have a resident permit to buy real estate in Turkey.
Foreign nationals who want to buy a property in Turkey should obtain the following information:
Citizens from which countries can buy real estate in Turkey (obtained in the General Directorate of Land Registry and Cadastre, Directorate of Land Registry, or Turkish Embassies/Consulates)
Whether the property is within the borders of military security zones (obtained in the Directorate of Land Registry by contacting the relevant command)
Foreigners should first make an appointment to operate the title deed transfer process. You can do it online on the Land Registry Appointment System of the General Directorate of Land Registry and Cadastre, or by calling 181 in turkey or +90 312 593 99 00 from abroad.
Foreigners should consider these issues before buying a property in Turkey:
They should visit the General Directorate of Land Registry and Cadastre and ask whether there is a legal issue such as a lien or hypothec on the property preventing it from being sold.
They should be working with a reliable intermediary firm. If there is a conflict between parties, a suit should be filed in Turkish courts.
Making a preliminary sales contract in the presence of a notary public is not sufficient for sales. Official transactions should be handled in the Land Registry Directorates.
The title deed fee is paid by the buyer and the property owner.
What are the Potential Pitfalls When Buying Property in Turkey?
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: Buyers should first research if the seller is also the owner of the property. They should check the title deed registry beforehand as there might be a hypothec on the property. There are many cases where parties file a suit for such problems.
To minimize the risks when buying a house based on a mini model of it, investors should evaluate whether there are any legal issues in the title deed registry and ensure that the seller’s promises are written in the contract.
Sellers have started to use mini model houses for visual appeals. It has the utmost importance that the residential project is evaluated in detail, the contract is properly prepared, and the financial status of the company is identified. Buyers should also know their rights and take certain measures.
We recommend that you ask for a definite letter of guarantee unlimited in time. However, if the seller delivers the physical house rather than showing a mini model, you should visit the property in person. You should also identify clear defects and learn about your rights under the Consumer Rights Law.
Additionally, during the title deed process, the property value should be calculated based on the reevaluation rate and declared afterward. If the declaration is incomplete, the buying and selling fee you paid can return to you with a fine.
Price of home in Turkey – Turkey real estate prices – Home prices in Turkey: If the property is a matrimonial home, approval and consent should be obtained from the spouse of the house owner. Otherwise, even if the title deed is transferred, buyers may face revocation of the title deed in a future lawsuit.