Apartment prices in Istanbul 2023
Istanbul is a preferred destination to buy an apartment for residence or investment. Apartment prices in Istanbul differ from one region to another due to many reasons. Therefore, in this article from Ebla Real estate, we will talk about apartment prices in Istanbul 2023.
Apartment prices in Istanbul 2023:
According to the Central Bank of the Republic of Turkey (CBRT) announcement of the housing price index numbers for June of this year, the average price per square meter of housing in Turkey in general reached 24 thousand and 595.6 Turkish liras at the end of June of the current year 2023.
Moreover, apartment prices in Istanbul in 2023 continued to rise by more than 85% compared to last year in the same month, as the average price per square meter of homes in Istanbul reached 37,220 Turkish liras at the end of June 2023.
The gradual growth and price increase of the average residential meter continues to exceed 40,000 at the end of October of this year.
Factors affecting apartment prices in Istanbul 2023:
Region:
The importance of the region plays a major role in determining the prices of apartments in Istanbul. For example, real estate in central areas such as Beyoğlu and Besiktas, commercial areas in Kasaryır, or modern developing areas such as Beylikdüzü are more expensive than other areas, due to the abundance of services, the quality of infrastructure, and the prosperity of urban and commercial projects.
The location:
It is the most important factor for determining the value of apartments in Istanbul. The prices of apartments increase according to their proximity to public transportation, service facilities, and shopping centers.
Apartment area:
The prices of apartments in Istanbul rise, if they are larger and more equipped.
Construction age and quality:
Of course, the prices of new homes and apartments in modern residential complexes are more expensive than used and old properties. Moreover, the quality of the apartment and its decoration contribute to determining its value and increasing its price.
Views:
The views of residential properties are of prominent importance in determining their value. For example, apartments with views of the Bosphorus or tourist attractions are more attractive and expensive.
Reasons for the high prices of apartments in Istanbul 2023:
- Increasing demand for real estate ownership in Istanbul due to its strategic location, its robust economy, and its cultural and tourism importance.
- Higher construction costs due to inflation and rising prices.
- Foreign exchange rates rise as a result of inflation.
- Foreigners tend to buy apartments in Istanbul to invest or obtain Turkish citizenship.
- Increasing the value of apartments within modern, high-quality buildings.
- Land prices rise mainly due to general high prices, inflation, and the increase in their value as a result of high demand.
Edited by: Ebla Group Real Estate
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