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What are the Real Estate Prices in Istanbul?

Posted On Wednesday, 15 February 2023 20:00

Even as the real estate prices in Istanbul continue to increase day by day, this does not stop foreign buyers. So what are the reasons for this? One of the reasons for this may be Turkey's location and attractiveness. Turkey, which has a strategically important position, is also interesting with its multiculturalism, being surrounded by seas on three sides. In addition, the real estate sector in Turkey, which hosts many buyers not only for living but also for investment purposes, seems to have a popularity in the world yesterday, today, and in the future. When it comes to real estate prices in Istanbul, the average figures could be 130.000$ for a home with 2 bedrooms and a room.

What Are the Factors Determining Real Estate Prices in Istanbul?

The Turkish real estate sector, especially in the last ten years, has come to the fore significantly and offers more and more attractive opportunities for investors. Although the negative effects of the recent economic crisis, the coronavirus, the war with Ukraine and Russia, and the global financial contraction are felt in the European and US real estate markets, the real estate market in Turkey is promising. Istanbul had the highest share in house sales with 259 thousand 654 houses and 17.5%. This indicates that Turkey in the real estate market has extraordinary growth potential. Real estate prices in Turkey depend on many different things. Istanbul Property as a real estate agent is ready to help you with its professional team to find the best options for you to choose from.

The main factors which determine real estate prices are listed below:

  • Specifications of the Apartment
  • Apartment Type
  • Location
  • Property Age

Specifications of the Apartment

Factors such as the age of the building, the floor of the house, the square meter, the floor on which it is located, and the presence of an elevator in the building are also of great importance in determining the value of the house.

Apartment Type

An apartment is a flat in a building that consists of several rooms, a kitchen, and a bathroom, large enough for one person or a family to live. The interior designs of the apartments vary according to the square meter. Sizes such as 4+1.3+1.2+1.1+1 are available. When choosing an apartment, options such as intermediate flat, middle circle, and corner flat come into play.

Location

Centrality due to the location and location of the real estate is of great importance. The historical, social, and cultural texture and development of the region, its commercial density, scenery, environment, and natural beauties affect the value of the real estate.

Property Age

The age of the building is very important. It is better not to buy a very old house. A house that is 35-40 years old has a high earthquake risk. The age of the house to be purchased should be considered. Thus, the age of the building is very important in determining house prices.

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