The reality of the real estate sector in Turkiye (Turkey) raises many questions from investors, people of business, and even those wishing to own property about the future of real estate prices during the coming period in Turkey.
Observers interested in this sector believe that real estate prices have peaked during the current stage because of the recovery of the economy and tourism sectors reflecting on the real estate market, besides the recent decisions issued by the Turkish government. For this, some show that the real estate market will maintain its recovery compared to other industries.
The current period is also witnessing an increasing rise in real estate prices in Turkiye (Turkey). The reason for this is the great demand that followed the recent health pandemic, which confirms an excellent opportunity to achieve high profits by investing in real estate for years to come.
Turkey seeks to preserve the real estate sector by controlling prices and combating speculation. This matter was pointed out by the Turkish Minister of Treasury and Finance, Nureddin Nebati. They announced earlier in August 2022 the start of a comprehensive study to discuss significant increases in real estate prices in Turkiye (Turkey), besides combating speculation by examining financial statements, title deeds, and real estate advertisements, which led to high costs in Turkey.
Some say that real estate prices may drop a little to match the market during the coming period as well, referring to the statements of the Turkish Minister of Environment and Urban Expansion, Murat Kurum, who said: “We are taking every step to reduce housing rental prices. About 1.5 million square meters will be converted into residential housing units In Istanbul and 4 million square meters across the country. This means 50 thousand new homes.”
An expert in real estate stated that “Real estate in Turkiye (Turkey) is priced in dollars, and with the reduction of Turkish interest and the increase in interest in American banks, there is a discrepancy between the exchange rate of the Turkish lira and the dollar, besides the volume of global inflation.”
She added, ” Turkey offers what is called real estate citizenship, in which the price of the property is determined in dollars, and the value of the real estate investment for obtaining citizenship was previously worth 250 thousand dollars, and it has reached 400 thousand dollars, according to the last mandates of the government. Today, with the increase in the prices of real estate (sell and rent), the value will automatically rise, considering the recent increases of the dollar prices against the Turkish lira.”
Real estate prices in Turkiye (Turkey) are related to construction costs and reconstruction projects, which in turn were affected by several factors, the most important of which are: shipping problems, the Russian-Ukrainian war, the grain, and energy crisis, the instability of interest rates in America and its reflection on the rest of the countries, and other factors.
The construction cost index in Turkey increased by 3.97% monthly and by 105.73% on an annual basis last May, compared to the previous month of the year 2022, according to the Turkish Statistics Authority.
And it became clear in this period that the constantly rising trend of real estate prices in Turkey is attracting the money owner’s ambition to achieve significant gains in short periods, especially in the face of the crises that the stock market is suffering from and the current collapse in the world of cryptocurrencies.
Russian investors have increased the pace of Turkish real estate market purchases. They find Turkiye (Turkey) a safer environment for investment, especially in front of the attraction factor achieved by granting citizenship in exchange for real estate.
We consider that this current period is one of the most suitable times to buy and own real estate in Turkey, especially since there is no reason for prices to drop soon, besides the fact that historical data shows that the value of many real estates is constantly increasing.
In this aspect, OmranTrk company, headquartered in Yalova, is working on following all the details related to the real estate market to present its clients with the best and most relevant offers and investment opportunities available in this real estate sector.
Real estate sales in Turkiye (Turkey) achieved a growth of 31% during the first half of this year – 2022, while they witnessed a significant decline in most countries of the world, besides a substantial increase of over 32% in demand for foreigners to buy real estate in Turkey during the first half of This year as well.
