When you start looking for an overseas property, the first question that comes to mind is what makes the property price. Turk.Estate prepared a detailed property prices analysis to help you navigate through the Turkish housing market.
Factor 1. Apartment location: living space, number of floors, home plan
It is quite obvious that the key factors affecting the price of housing are living space (the larger the area is, the more expensive the apartment is), home plan (the number of bedrooms, bathrooms, if there is a separate kitchen, balconies and terraces, storage rooms, etc.) and how many levels an apartment has. In Turkey, the cheapest housing options are apartments on the lower floors. "Zemin kat" are apartments located on the same level with the ground, "giriş kat" are apartments located slightly higher (about 30-60 cm above the ground), and there are also ground floor apartments. In Turkey, absolutely similar apartments with the same layout and living space, are getting more expensive from floor to floor. And the difference between the price of a unit on the ground floor and a unit on the top floor can be half the price of an apartment! Especially when there is no elevator in the block (although blocks without an elevator are very much uncommon).
Factor 2. Cost of construction and finishing materials
The quality of construction and finishing materials depend on which price segment a development project and apartments in this project belong to. Standard materials are used in construction of budget properties. When it comes to constructing premium-quality apartments (medium to high price range), developers use a wider range of more expensive materials. For the construction of luxury housing, the top-notch, most expensive materials are used (thermal insulating coatings, fine wood, clinker and marble, 3D panels and many other options). Sometimes you can observe how real estate prices in Turkey rise or decline depending on how construction materials prices change.
Factor 3. Location of the project
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There are the same pricing rules in the Turkey's real estate market as in any other country: the location of a development project directly affects the price of a unit. What do we mean by location in this case? The distance to the sea (if the project is located in the resort) or either river or pond, transport accessibility (proximity to public transport), remoteness from the city center (especially in big cities, the farther from the center - the cheaper), a particular district (there are prestigious districts and more affordable ones). The cost of housing may also increase if there are attractions, park areas, shopping centers, schools and kindergartens, hospitals, a weekly farmers' market, and other amenities nearby. However, there are also some facilities that may lower the price, for instance industrial enterprises, gas stations and car washes, cemeteries, warehouses, the ‘sanayi’ industrial areas and etc.
Factor 4. Window views and orientation
Are you looking for an apartment in Turkey with a lovely sea view or overlooking breathtaking mountains? Get ready to pay extra for panoramic or landscape views. According to sales statistics, apartments with good views can cost considerably more than similar (the same living space and home plan) ones without a view. Moreover, the most valuable factor is the sea view (the most expensive apartments are on the first line), although mountain panoramas also increase the cost of housing.
The urban development is rather dense in Turkey, however if an apartment overlooks the windows of closely located buildings, it may decrease the value of a property. Therefore, if you do not care much about the view, you can save some money.
Another thing to consider is window orientation that may also be reflected in the property price. Since there is no central heating in Turkey, apartments facing east, southeast, south are more popular and therefore can cost more than similar apartments with windows facing west, northwest and north.
Factor 5. Infrastructure of development project
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Turkish development projects are not just apartments or villas. They also offer a great leisure, fitness and spa infrastructure. A standard set of amenities includes a tropical garden (or patio), a swimming pool with a special children's section, parking, a playground or room, a hamam and (or a sauna), a gym, locker rooms and showers, recreation areas (with table tennis, billiards, TV, etc.). The more developed infrastructure is, the more expensive the cost of housing is and the higher the monthly maintenance fee (aydat) is. The cheapest options in Turkey are in ordinary blocks of flats without any infrastructure, the most expensive ones are in projects that offer a wide set of amenities: from the underground parking to the rooftop jacuzzi and its private beach.
Factor 6. Stage of construction
An easy way to save (or make money) on buying an apartment in Turkey is to invest in construction, as at the beginning and during construction, prices are 20-30% lower. Construction companies are interested in sales at all stages of the construction of a development project. However, when apartments exist only in the design documentation, it can be rather difficult to sell them. The key to sales in this case is the low price, which rises as long as the project rises. The construction term is limited in Turkey and may not exceed three years. If the construction takes longer than three years, the construction company will face heavy fines. On average, the construction and finishing of a development project in Turkey from the stage of excavation to full readiness takes one and a half to two years. Finished units are ready-to-move-in apartments with kitchen units, sanitary ware and built-in furniture.
Factor 7. Quality of apartment
Of course, a new ready-to-move-in apartment will cost more than a property of the same size, requiring renovations and located in the old development project. Air conditioners, household appliances, furniture and decorations, the Smart Home system and other hi-tech solutions increase the value of the apartment. The coronavirus pandemic has led to the fact that now in Turkey, houses and apartments with large balconies or terraces overlooking the garden are extremely popular. Such objects are rising in price very fast and both local residents and foreigners are interested in these options.
Factor 8. Special offers
Can you buy a quality apartment in Turkey at a significantly discounted price? You actually can. If it is a time-limited special offer and you are ready to pay in cash. Most often, such hot deals are secondary housing options. However, you can find a newly built or yet unfinished apartment at a discounted price. Why do developer offer such deals? It happens that during or immediately after construction, developers need an urgent amount of money (to close the loan, buy materials, etc.), and they contact real estate agents and ask them to sell one or two apartments at a lower price as quickly as possible.