In this article, we will keep exploring the investment potential of areas for buying real estate in Turkey that may not be immediately obvious but are attractive.
Content:
- Erzurum
- Location
- Reasons for popularity
- Prices and popular locations
- Why is the region interesting to investors?
- Immediate prospects
- Erzincan
- Housing prices and sales trends
- Rental housing market
- Commercial real estate
- Investment prospects
- Conclusions
- Duzce
Erzurum
Location
Erzurum is one of the most picturesque eastern regions of Turkey. It is located in Eastern Anatolia and has an impressive historical and cultural heritage.
The city’s housing market has revived in 2024, with numerous new off-plan projects in Turkey. According to the Turkish Statistical Institute (TÜIK), property sales in Erzurum increased by 15% in Q1 2024 alone.
Reasons for popularity
There are many university students and civil servants living in this region: both are willing to buy apartments in Turkey if they can afford it, and when they do not have the right amount, they rent them. This trend has become stronger following the growth of Erzurum Technical University and Atatürk University. Therefore, rental housing in this place is in high demand all year round, unlike, for example, Turkish resorts.
Prices and popular locations
Prices for apartments and houses in Erzurum increased by an average of 10% in the first months of 2024. The greatest demand for housing is in the central areas, but as you move away from the heart of the city, the cost of real estate is gradually decreasing. However, off-plan elite residential complexes do not differ in low prices, wherever they are located: a comfortable life costs money. It should be noted that luxurious communities in Erzurum cannot be found in "unsuccessful" places: developers carefully choose places.
Why is the region interesting to investors?
Erzurum is appealing with its natural beauty and year-round tourism. Many hotels, houses in the mountains, comfortable "holiday villages" for tourists are underway here, where you can also buy apartments in development projects in Turkey and receive a stable income from renting them out to travellers.
Meanwhile, long-term rental houses in Turkey can bring significant profits: the rental housing market in Erzurum is quite active, as numerous students and government employees are interested in it, as we have already mentioned above. In 2024, real estate rental prices increased by 12% before the 25% limit on annual rent increases was lifted in July. Apartments in areas close to the city centre are especially of great interest.
Immediate prospects
The attention of international buyers will be focused on Erzurum in the coming years. This is facilitated by the constant demand for long-term rentals, work to improve urban infrastructure, new elite residential complexes and the huge tourist potential of the region.
Erzincan
It is another promising city in Eastern Anatolia. There are a lot of young people here, and it is precisely this socially active population of the city that ensures the demand for housing. Many internal migrants settle in Erzincan as well. This leads to an increase in the cost of residential real estate, especially in the centre and new green actively developing neighbourhoods.
Housing prices and sales trends
According to TÜIK data for 2024, housing prices in Erzincan increased by 15%: the cost per square metre of a "typical" apartment is about TL 4,500 ($132). However, it can reach up to TL 5,000 ($147) in central areas. The demand for villas in Turkey is higher in the "university quarter" and Bahçelievler: you should not ignore them.
Rental housing market
It is viable in Erzincan and Erzurum. There is a high demand from students in this area as well: the rent in the Erzincan University vicinity, where many students reside, is significantly higher.
Nevertheless, rental costs in the entire city are increasing by 10% each year (excluding the recent surge in rates following the removal of the 25% cap discussed previously).
Commercial real estate
The commercial real estate market is also actively developing in the city. New jobs and offices, especially in the centre, have significantly increased demand. The price per square metre of such a property can reach TL 6,000 ($176). The dynamics of the cost is associated with the opening of new shopping centres and a lot of entertainment venues in the city.
Investment prospects
Erzincan has the opportunity to become a "gold mine" for investors. Ongoing urban transformation projects and active investments by local authorities in infrastructure are spurring the development of the real estate sector. The city centre and the surrounding areas are rather investment-attractive.
Conclusions
As of 2024, according to analysts, the residential and commercial real estate market in Erzincan is developing rapidly. Information provided by the Turkish Statistical Institute indicates that there will be a sustained increase in the demand for domestic housing and commercial properties in the near future.
Anyone considering investing in Erzincan real estate is advised to take into account the location and plans for the development of its infrastructure — social and transport.
Duzce
Düzce is located in northwestern Turkey, 240 km west of Ankara and 228 km east of Istanbul.
The state of the housing market
Düzce’s natural beauty and its industrial potential provide high demand for local real estate. The city's population is steadily growing. Moreover, Düzce, located near the "official" and "cultural" capitals — Ankara and Istanbul — has good transport accessibility. The city follows the principles of sustainable development and ecology. The government's active investments in local infrastructure and transport projects indicate that the value of real estate will grow in the future.
Demographic data and housing demand
According to TÜIK, Düzce’s population exceeded 400,000 in 2024. Due to the wide opportunities available in the city, young people prefer to stay and work here. Moreover, Düzce is attractive for internal migrants — Turks from other regions come here in search of a calm atmosphere. This trend leads to an increase in demand for residential real estate in development projects in Turkey.
Housing prices and rents
As of 2024, there is an average increase in housing prices in Düzce by 10-12%. While the cost per square metre of real estate in the centre ranges from TL 7,000 ($206) to TL 9,000 ($265), their fluctuations range from TL 4,000 ($118) to TL 6,000 ($176).
Prior to the lifting of the 25% cap on rent increases in June, the monthly rental price of a standard two-bedroom apartment (2+1) in sought-after areas of Düzce ranged from TL 3,500 ($103) to TL 4,500 ($132). However, as you can guess, it jumped sharply in July.
Investor interest and new projects
Düzce attracts numerous investors with the development of industry and trade. Foreign investments in industrial zones (OPZ) and new factories here make the region more economically viable.
When it comes to large educational institutions, the growth plans of the University of Düzce and investments in education lead to a higher need for real estate in Turkey from both students — current and potential — and teachers, including some other university staff.
Environment and green areas
As mentioned, Düzce is distinguished by its amazing nature and numerous green spaces. Parks, woodlands and comfortable recreation areas scattered throughout the city are an important factor in choosing housing for personal use and running a rental business. Increased interest in eco-friendly construction and energy-efficient housing projects in 2024 is due to rising environmental consciousness and a shift towards sustainable development, which aims to benefit future generations without harming nature. There are numerous projects in the city.
Prospects
They are quite positive in Düzce in 2024: Analysts anticipate growth across all areas, buoyed by economic progress, population growth and investor enthusiasm. In particular, scaling up infrastructure and launching new transport projects are among the most important factors that will increase the value of real estate in the city.
Take into account
Similar to Istanbul, Düzce is also at a higher risk of being destroyed by earthquakes. The steps taken by the government in 2024 to upgrade and reinforce buildings are remarkable, but the housing insurance standards are higher in this province due to its specificities. We strongly recommend you choosing a modern property instead of an old one. Studying the developer's reputation carefully is crucial.