Today, we will talk about the cost of residential real estate, especially since analysts have already published the price list for the first half of the year. Specifically, the data for July 2023.
Here are some figures from analysts at the specialized real estate portal Endeksa (as of July):
- Year-on-year change in housing prices (since August 2022) +104.57%.
- Average cost per square meter – $1,506–$1,524.
- Average gross area (total) of a residence – 110 sq. m.
- Average price per housing unit – nearly $170,000 ($165,692).
- Return on investment period – 23 years.
- Minimum/maximum recorded cost per square meter – $921–$2,595.
- Average time on market – 96 days.
- Number of available properties for sale – 3,103 units.
Now to the more precise figures.
| Type | Average area (sq. m) | Minimum and maximum cost per sq. m (in $) | Average cost per sq. m (in $) | Average cost per property (in $) | Return on investment period (yr.) |
|---|---|---|---|---|---|
| 1+1 | 60 | 1,283–2,966 | 1,894 | 113,661 | 20 |
| 2+1 | 114 | 896–2,273 | 1,365 | 155,600 | 22 |
| 3+1 | 160 | 831–2,272 | 1,329 | 212,667 | 26 |
| 4+1 | 240 | 796–2,602 | 1,286 | 308,731 | 28 |
| 5+1 | 264 | 661–2,229 | 1,179 | 311,207 | 30 |
| 6+1 | 400 | 811–3,240 | 1,543 | 617,005 | - |
Main conclusions:
- As the number of rooms increases, the price per square meter decreases consistently from smaller apartments to more spacious residences: the more bedrooms, the lower the price per square meter. However, there is an exception for properties with 6 bedrooms, as they already fall into the category of "elite housing".
- Through the "Investment Passport" programme, one can receive a "bonus" from the government when purchasing a 6+1 format property or very spacious 4+1 and 5+1 units in luxury complexes. In most cases, only these properties meet the required threshold of $400,000. In the case of purchasing smaller apartments to obtain such citizenship without a residency permit, it would be necessary to purchase at least two properties. If you do not buy property in the expensive areas of Alanya (see the statistics in the table below).
- Average return on investment period – 24–25 years.
The dynamics of housing prices in Alanya by month for this year (average cost per square meter of residential real estate):
January – $1,089;
February – $1,146;
March – $1,195;
April – $1,251;
May – $1,325;
June – $1,421;
July – $1,425.
In September, at the end of the three quarters of 2023, according to analysts' forecasts, the price is expected to reach almost $1,700 per square meter of residential real estate ($1,684), and in December, it will reach almost $1,900 ($1,864).
Here are the data for individual districts - of which there are quite a few in the Alanya area:
| District | Average cost per sq. m (in $) | Average area (sq. m) | Average cost per property (in $) | Return on investment period (yr.) |
|---|---|---|---|---|
| Bektash | 1,908 | 220 | 422,278 | 33 |
| Buyukhasbache | 1,420 | 168 | 241,931 | 24 |
| Jumhuriyet | 1,541 | 110 | 178,086 | 22 |
| Charshe | 1,824 | 110 | 206,343 | 23 |
| Guller Pynary | 1,553 | 110 | 170,769 | 25 |
| Hajet | 1,129 | 120 | 134,254 | 22 |
| Kadypasha | 1,247 | 110 | 138,116 | 29 |
| Kyzlar Pynary | 1,622 | 110 | 182,006 | 25 |
| Kyuchukhasbache | 1,468 | 140 | 207,636 | 26 |
| Saray | 1,688 | 110 | 190,098 | 27 |
| Sugozu | 1,350 | 150 | 214,631 | 26 |
| Shekerkhane | 1,230 | 110 | 139,042 | 23 |
| Tepe | 1,635 | 264 | 463,654 | 26 |
| Dinek | 1,583 | 115 | 221,725 | 44 |
| Fygla | 1,392 | 132 | 186,359 | 25 |
| Avsallar | 1,353 | 75 | 104,640 | 23 |
| Jikjilli | 1,471 | 120 | 181,150 | 19 |
| Chyplakly | 1,316 | 110 | 147,705 | 27 |
| Kargydzak | 1,626 | 132 | 217,702 | 24 |
| Kestel | 1,751 | 100 | 182,393 | 25 |
| Konakli | 1,393 | 110 | 156,882 | 20 |
| Mahmutlar | 1,361 | 110 | 153,586 | 22 |
| Oba | 1,656 | 110 | 186,986 | 22 |
| Okurjalar | 1,523 | 96 | 149,925 | 24 |
| Payallar | 1,187 | 98 | 117,395 | 22 |
| Tosmur | 1,430 | 120 | 176,705 | 20 |
| Turkler | 1,566 | 155 | 238,779 | 30 |
| Incekum | 1,232 | 220 | 297,702 | - |
| Demirtash | 1,306 | 100 | 238,330 | 26 |
| Kyzildjashakhir | 1,544 | 90 | 150,722 | - |
Main conclusions from the table:
- The fastest ROI is in Jikjilli (19 years), Konakli and Tosmur (20 years) districts.
- The longest wait for ROI is in Dinek (44 years).
- The average payback period for Alanya is 24 years.
- The most affordable housing in terms of price per square meter can be found in Hajet ($1,129).
- The top 3 most expensive districts in Alanya (per square meter) are Bektash ($1,908), Charshe ($1,824) and Kestel ($1,751).
- The smallest average area of apartments in Alanya is in Okurjalar, Payallar, Avsallar and Kyzildjashakhir.
- That's partly why the cheapest properties are in Avsallar and Payallar: here you can find an "average priced" apartment for less than $110,000 (Avsallar) and less than $120,000 (Payallar).
- The most expensive properties, in terms of average price, are in Tepe ($463,654) due to their larger size: the average area here is 264 sq. m. Interestingly, it is precisely for such an apartment that one can obtain citizenship through an accelerated procedure.
- The Bektash district is not far behind: $422,278 and 220 sq. m, respectively.
Here are some more conclusions of expert analysts:
- As of July 2023, over the past year (12 months), housing prices have increased by 104.57%.
- The districts with the highest price growth are Turkler, Kyzlar Pynary, Okurjalar, Chyplakly and Saray.
- The districts with the lowest price increase are Dinek, Tepe, Mahmutlar, Hajet and Kargydzak. In these areas, especially in the secondary market segment, there have even been instances of price decreases for certain properties that are currently for sale.
- The districts with the fastest ROI are Incekum, Kyzildjashakhir, Jikjilli, Konakli and Tosmur.
- The districts with the longest ROI period are Dinek, Bektash, Turkler, Kadypasha, and Saray.