Apartment prices in Istanbul
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.
Apartment prices in Istanbul:
Due to financial inflation in Turkey and the increase in demand for real estate, apartment prices in Istanbul rose by 144% to 250% in some areas within one year.
In the first quarter of the current year 2023, more than 50 thousand apartments were sold, their prices rising by 144% compared to last year, and the average sales price per square meter reached 27 thousand Turkish liras.
Accordingly, the average house price in Istanbul, Turkey is $150,000, so house prices range between $50,000 and $500,000, depending on location, quality, area, and view.
Factors affecting apartment prices in Istanbul:
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:
- 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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