The cost of real estate in Turkey is influenced by various factors. In this article, we will discuss these factors in detail.
Content:
- Location
- Apartment Size and Number of Rooms
- Floor
- Other Factors – Primary or Secondary Market and Age of the Housing Unit
- Furniture and Household Appliances
- Weather Protection
- Construction Stage
- Urgency Sale
Location
The concept of location includes the city, district, and residential complex where the flat is situated.
Apartments in Turkish cities without a sea view are generally more affordable compared to those in resort places like Ankara and Istanbul.
The infrastructure and the surrounding area also play a significant role in determining the price. Units located closer to nurseries, schools, highways, shopping malls, sports centers, parks, and public gardens tend to be more expensive.
Other location-related factors that affect the price include:
- Distance from the sea (for resort locations);
- Proximity to the city center (longer distance means lower price);
- Prestige of the neighborhood;
- Proximity to factories with harmful emissions, car washes, gas stations, and warehouses (reduces price);
- Availability of parking lots, especially individual parking spaces (increases cost).
The level of development of the local infrastructure is also crucial. The more amenities on the territory (baths, saunas, hammams, spas, fitness studios, gyms, children's playgrounds, swimming pools, jogging and walking paths, cycle tracks, generators, and so on), the more expensive the residences and the higher the aidat – regular payment of tenants for the maintenance of development projects in Turkey.
Apartment Size and Number of Rooms
The size of the apartment and the number of rooms also affect the pricing. Larger apartments with more bedrooms and bathrooms are more expensive. Terraces, balconies, and separate kitchens also add value.
Floor
The floor on which apartments in development projects in Turkey is located affects their costs.
Lower floor apartments are usually priced lower compared to those on higher floors. In Turkey, the first floor is referred to as the zero floor. The price difference between zero floor units and upper-level ones can be as high as 50%.
Other Factors – Primary or Secondary Market and Age of the Housing Unit
The age of apartments or villas in Turkey and whether they are being sold in the primary or secondary market affect the value, too.
New apartments with a fine finish are generally more expensive than secondary housing with a similar layout.
Furniture and Household Appliances
If the dwelling is furnished and equipped with appliances, it will cost more than a comparable vacant accommodation option. The installation of a "smart home" system in flats, which allows you to control your living space remotely, raises the price of real estate.
Weather Protection
A residence in a house with thick walls, which provide noise insulation and protection against winter cold and summer heat, is more expensive than an apartment with the same layout and size but without these features.
Options with windows facing southeast, south, and east are also in higher demand among potential buyers of apartments in Turkey and therefore more expensive.
When it comes to windows, it's worth noting that the views influence the cost. If the windows view the sea, attractive natural or urban landscapes or sights, the price of the apartment will go up.
The view from the windows can increase prices by 30–40%, and views of highways or industrial zones reduce the cost by up to 20%.
Construction Stage
The cost of off-plan projects in Turkey increases as the construction progresses. The lowest prices are usually available during the design phase before the foundation is laid. This is because buyers are not willing to pay the same amount for non-existent housing, as they would for ready-made residences. Developers also offer lower prices at the early stages to attract funding and expedite the construction process.
A "freeze" in construction or prolonged construction need not be feared, as state authorities closely regulate developers and maintain control over the timeframe for complexes completion.
Urgency Sale
Sometimes, apartments can be purchased at a reduced price. This occurs when the owner is in a rush to sell his property, for example, because he requires a huge sum of money right now. These opportunities are more common in the secondary market, but construction companies may also offer urgent sales to generate immediate funds. In such cases, developers approach real estate agencies to sell several apartments in a community at prices below the market value.
Check the Turk.Estate aggregator site to explore current real estate options for sale. If you are planning to buy a property in Turkey, feel free to contact our specialists through the feedback form. We are here to help you fulfill your dream of acquiring your ideal home!