Factors affecting real estate prices in Turkey

The issue of buying a new property is a complex matter in every sense of the word. We all want to get the most suitable choice and the ideal, flawless property. There is no doubt that perfection is mostly a relative matter, and it is rare to find all the ideal features in one property. However, following advice and taking it into account is inevitable. It is wise to combine the minds of others with your own by considering the advice of experts and those with previous experience, which is the focus of our discussion in the following lines.

In this article, we present the most important criteria and factors affecting property prices of all types, whether negatively or positively. These are generally fundamental criteria known to real estate experts, especially those specializing in property valuation. The price of a property is not only linked to its area but also to a set of important factors.

What are the most important factors affecting property prices in Turkey?

Certainly, property prices in Turkey fluctuate and vary depending on market movement, supply and demand, the condition of the property, its services, and even its flaws, which may sometimes lead to a price drop. However, there are other highly significant factors that play a role in increasing the value and price of a property, such as its view of historical landmarks or attractive natural scenery, as shown by data and statistics on property sales prices and understanding the concept of price determination, conducted over the past five years.

Some of the most prominent factors affecting property prices, whether decreasing or increasing, are:

Type of property

There is no doubt that determining a property's price depends on its type, as buyers' preferences vary, and the demand for specific types of properties affects their price, whether the property is an apartment in a building, a detached house, a studio, or a villa. Add to this the number of rooms in the property itself. The greater the demand for a specific category of properties, the higher its price compared to others.

Property location in Turkey

A prime location is one of the most influential factors on property prices and in determining its value. The property's proximity to the city center, transportation, schools, universities, and hospitals is directly proportional to a higher price, and vice versa. It is well known that the price per square meter in the city center is different from that in its outskirts and suburbs.

One of the most important questions asked by those wishing to acquire a new home is: How far is the house from the train or metro station or main transportation points? The environment of the property and the available infrastructure at its location are also among the important matters everyone asks about when deciding to buy a property, whether for investment and rental purposes or for living in it.

Learn more by reading our article about: The best cities in Turkey in all fields

Property condition

This is a criterion that can positively or negatively affect the property price, especially if the property needs repairs and renovation. Sometimes, many buyers refrain from completing the purchase because the property is highly worn out, and renovation can be very costly. In this case, the property price is low compared to some other positive points it may have, due to the low number of buyers interested in such properties. However, sometimes profitable deals can be made with such properties, as there is a possibility of the property price rising again after renovation and restoration.

In certain cases, the humidity level may be high in the apartment for sale, due to lack of good ventilation, its location away from sunlight, or being on a ground floor surrounded by tall buildings. This also affects the price, as these are defects that become clear during the property inspection, whether by seeing peeling paint, stains on the walls and ceiling, or the smell of mold, indicating that humidity has gradually settled in the home.

In addition, the age of the apartment or house is an important factor in determining the price, especially regarding the overall structure, insulation, electrical system, roof condition, heating system, etc.

External finishes of the property

The exterior appearance of the building is an important factor in determining the property value, especially if it is located in large cities. Usually, apartments in buildings with luxurious facades, such as modern glass or historic facades, are more expensive.

The absence of a garden next to the house or the lack of green spaces may be considered a drawback by some buyers. Therefore, the property price depends on some details that may not be related to the actual construction cost, but rather to the presence of certain luxuries that appeal to buyers' desires.

We offer special deals for those looking for luxury apartments for sale in Turkey. Find out about prices and details.

Apartment location within the property

This is also one of the influential factors on property prices. The price per square meter for an apartment on the ground floor is different from that on higher floors, and the price in buildings with elevators is different from those without.

Monthly service fees "proceeds"

These are important and essential matters in determining the property price. Apartments in upscale residential complexes with a range of high-quality additional services and luxurious social facilities such as swimming pools, gyms, large green spaces, and parking areas will not be at the same price as properties in the same area or neighborhood without these services. At the same time, the value of the monthly proceeds paid by the property owner to the complex management is an important factor for some buyers to negotiate the property price.

For more information on this topic, read our article: Important information about proceeds in Turkey

Property area

Some real estate experts believe that the larger the property area, the lower the price per square meter. Often, the price per square meter in a studio property is higher than in a three-room apartment in the same building, which will itself be more expensive than a five-room apartment, and so on.

Internal finishes of the property

Certainly, high-quality finishes and luxurious, diverse decorations play a role in increasing the property value, especially if it includes luxurious types of building materials such as marble, ceiling decorations, and other modern fittings.

In conclusion: After these general tips and useful information about the factors affecting property prices, anyone wishing to buy a new property should determine some elements that help narrow the search for the right property. You must know your financial capabilities and your maximum limit within your means. You should be patient in your search and carefully examine the property before making a decision, and consult a trustworthy real estate expert who knows the market in the area where you want to buy. As the saying goes: He who seeks advice never regrets it.

To this end, Imtilak Real Estate has taken it upon itself to provide the best freehold opportunities in Turkey properties, especially those with government guarantees, for those wishing to buy an apartment in Turkey within a high-end residential complex with various social services, or a luxury villa near the seashore in the most beautiful Turkish cities such as Istanbul or Trabzon or others, offering its clients hundreds of reliable projects with high standards, in addition to its exceptional services that start from the moment of arrival at the airport and continue after acquiring the property, represented in after-sales services.

Other important information and topics, learn about them:

• Important tips when buying an apartment in Istanbul
• Villa prices in Turkey: Updated prices first-hand
• The cheapest apartments in Turkey and how to buy a cheap apartment

Edited by: Imtilak Real Estate©

Source: Le Figaro French

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