Apartment prices in Istanbul in dollars

Apartment prices in Istanbul in dollars

Turkey in general, and Istanbul in particular, is witnessing a great demand for real estate ownership from foreign investors, as apartments and residential houses in Istanbul are successful projects with high investment value. Despite the general high prices, the value of residential real estate in Istanbul remains low compared to other developed European cities. In this article from Ebla Real Estate, we will talk about apartment prices in Istanbul in dollars.

Apartment prices in Istanbul in dollars:

According to the Central Bank of the Republic of Turkey (CBRT) announcement of the housing price index figures for June of this year, the average price per square meter of housing in Turkey in general reached $1,064 at the end of June of this year 2023.

While apartment prices in Istanbul in 2023, in particular, 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 $1,610at the end of June 2023.

Factors affecting apartment prices in Istanbul in dollars:

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 in dollars:

• 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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