Expensive real estate in Bursa – High real estate prices in Bursa
Despite the high real estate prices in Bursa and all of Turkey, the foreign investors still tend to own real estate there for many reasons. Moreover, there are some steps to deal with the expensive real estate in Bursa and avoid the high real estate prices as we will see in this article from Ebla Real Estate.
Reasons for the high real estate prices in Bursa:
- The influx of foreign investment can drive competition and increase property prices.
- Urban renewal and gentrification initiatives in certain neighborhoods may lead to an increase in property prices in those areas, as they become more attractive and modernized.
- Economic turmoil due to high inflation in Türkiye
- The exchange rate of the Turkish lira fell to unexpected levels.
- High prices of all products, materials and commodities.
- Population density and attracting thousands of tourists and foreign investors.
- Unprecedented increase in demand for buying and renting real estate.
- The desire of thousands of foreign citizens to buy real estate in Bursa and Turkey in general, because its prices are low compared to the value of real estate in Europe.
Tips to avoid the high real estate prices in Bursa:
Avoiding high real estate prices in Bursa can be challenging, but with careful planning and research, it’s possible to find more affordable options. Here are tips to avoid the high real estate prices in Bursa and potentially find more affordable properties:
Be Patient and Wait for Opportunities:
Real estate markets can be cyclical, and prices may fluctuate over time. Be patient and keep a close eye on the market for potential price drops or more favorable deals.
Find out the real price of the property:
Before buying a property in Bursa, you should study the real estate market. You should also see the average prices of properties in the area, so that you can compare prices according to area, view, building age, and so on.
Consult Local Real Estate Experts:
Seek advice from local real estate agents or consultants who have a better understanding of the market and can guide you to more reasonably priced options.
Negotiate Effectively:
Be prepared to negotiate with sellers or their agents. Try to find out the seller’s motivation to sell and use that information to your advantage during negotiations.
Explore Resale Properties:
New developments in prime locations tend to command higher prices. Consider looking for resale properties, which might offer more competitive pricing.
Consider Off-Plan Properties:
Buying off-plan (pre-construction) properties can sometimes offer discounted prices compared to finished units. However, make sure to research the developer’s reputation and track record before committing.
Buy a property in installments:
A foreign citizen can buy real estate in Bursa in installments. Thus, he would have avoided paying the full value of the property if it was high.
Buy in the Off-Season:
Real estate markets can experience seasonal fluctuations. Consider purchasing during the off-season when demand might be lower, potentially leading to more negotiable prices.
Remember that while finding a more affordable property is essential, it is equally vital to ensure that the property meets your needs, is in good condition, and is located in a suitable area. It is worth noting that Ebla Real Estate provides all these services in Bursa, so to buy a property at a reasonable price, all you have to do is to contact us.
Edited by: Ebla Group Real Estate
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