Is It Now the Time to Buy an Apartment in Turkey?
Buying an apartment in Turkey needs careful consideration and to take advantage of the best available options
Is It Now the Time to Buy an Apartment in Turkey?
Buying an apartment in Turkey needs careful consideration and to take advantage of the best available options.
Prices of apartments in Turkey vary from time to time according to the rise in the supply and demand index, and according to the type of apartment and the category you belong to, and in this article we will clarify the current situation of the real estate market for those who wanted to buy an apartment in Turkey, at a better price; taking advantage of a study on the reality of the market in the past years and comparing it to the market today.
Is it now the best time to buy an apartment in Turkey?
The Turkish real estate market has maintained its price stability. Today's exchange rates in Turkey have not reflected the selling price of new residences significantly.
If we adopt the data for February mainly in the comparison over the past years compared to the current year, we see a rise in prices of new apartments for the year 2018 compared to the price in the previous year 2017, equivalent to 3.52% ...
While the increase in this year 2019 was only 2.62 % over the year 2018.
If we compare the period 2018 - 2019 2017 - 2018 we notice that the only type of property whose price has increased is: 1 + 1 apartments and the increase in the price of these apartments is equivalent to 1.71 % to 2.13 % because of high demands for apartments of this type.
A number of contractors recently pointed out that the current period is the most appropriate time for those who want to buy an apartment in Turkey, stressing that the high cost of the property resulting from the high dollar exchange rate did not reflect on the prices of apartments equally, so the winner is the one who buys A house in this period, taking advantage of the current situation of the real estate market, which was not affected by the high dollar exchange rate.
How accurate is to say that the prices of apartments were not affected by the high dollar exchange?
A number of specialists have compared real estate prices, benefiting from shared advertising, and are also dependent on the new house price index published by Reıdın Real Estate Investment and Development Information Network and GYODER Real Estate and Real Estate Investment Association as a benchmark for comparison.
By comparing the same time periods in previous years, we obtained the figures for February 2017 - 2018 and February 2018 - 2019. When comparing the prices of apartments on the basis of the above indicator, it was clear to us that the increase in apartment prices was a slight increase and limited.
The rate of increase in the new price index of apartments for the period 2017-2018 is 3.52 %, and for the 2018 - 2019, it is 2.62 %.
This shows that the price index for this year is lower than last year.
The Increase in demands for apartments 1 + 1 reflected on their prices
It was also found in the previous study that the only type of apartments that contractors increased their price compared to last year is the price of an apartment’s type 1 + 1.
While the new house price index for this type of apartment in February 2017 was 175.5 points; in February 2018 it was 178.5 points, achieving a price increase of 1.71 %.
In February of this year, it was 182.3 points, an increase of 2.13% on the 2018 index.
"The ease in the process of buying for this type and the high demands of houses is what caused this rise in price.” said Real estate experts.
Buying apartments in Turkey of 4 + 1 is a real opportunity now
The data of the study showed that the apartment’s type 4 + 1 prices have dropped from the previous year by a large margin.
In February 2018, the index for this type of apartment was 156.7 points, up from 4.40% in the previous year. The index also rose to 160.3 points in December of the same year 2018, then saw a small decline; in February 2019 to 159.5, and based on data for February 2019, the annual increase rate is 1.79 %.
"The opportunity now is great for those who want to buy an apartment in Turkey to take advantage of the price of this type of apartments, taking benefiting from this noticeable drop in price.” said experts who assessed the previous index's moves:
Increased interest in 2 + 1 apartments in Turkey
According to the price index of apartments, we also find that the rate of increase in the prices of apartments 3 + 1 in 2018 is 4.27 %, while 2.52 % in 2019.
While the price change of 2 + 1 apartments in 2018 was 3.45 %, and in 2019 it was up to 2.52 %.
Real estate brokers said demand has recently increased for 2 + 1 apartments, hence, this has caused a slight rise in the new house price index for this type of apartment.
Edited by: Imtilak Real Estate
Source: Emlak Habari
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