Real estate prices in Istanbul in 2023

How have Istanbul's real estate prices changed in recent years?

According to a study conducted by the Center for Economic and Social Studies at Bahçeşehir University in partnership with one of the famous Turkish real estate sales sites in October of 2021, the areas of Istanbul witnessed an increase in the prices of their real estate, and among these areas we mention:

1. Kadikoy on the Asian side of Istanbul.
2. Silla on the outskirts of Asian Istanbul.
3. Sariyer on the European side.
4.  Çatalca on the outskirts of European Istanbul from Edirne.

There are other regions that recorded a noticeable increase in their prices.

We note here that real estate prices in Istanbul have started to rise significantly for some areas during 2020, starting from the month of June, after the end of the first closure due to the Coronavirus pandemic.

For example, real estate prices in the Kayaşehir district of the municipality of Başakşehir recorded a significant increase, as it was noted that a property consisting of 3 rooms and a hall, was sold in the period before Coronavirus at about $163,000, and then began to rise until today the price of the same property reached about $200,000, which means that the rate of increase in prices according to the dollar amounted to 22.7% in just about a year and a half, which means a lot to those looking for a safe and guaranteed investment in profits.

Average real estate prices in Istanbul in 2023

1.Apartment prices in Istanbul in 2023

According to data issued by the Turkish Statistics Authority, sales of apartments in Turkey in general during 2021 amounted to 1,491,856 apartments, in which Istanbul topped the Turkish states with the sale of 276,223 apartments.

The average price per square meter in Istanbul apartments has reached 10,900 TL.

2.Villa prices in Istanbul in 2023

The average prices for villas in Istanbul for 2022 vary according to the type of villa, its size, its size, its location, the quality of the cladding, the finishes, the view, its proximity to the city center, and its distance from it, and generally, the prices start from $400,000, and the price can reach $2 million for a large, luxurious villa, and in general, the prices of villas in Turkey compared to their counterparts in Europe, can be described as low.

3.Land prices in Istanbul in 2023

In 2021, the real estate sector in Turkey witnessed a great demand for investment in lands of all kinds, as land sales during the mentioned period reached 1.5 million sales, achieving an unprecedented record.

According to the statements of real estate experts, the reason for this great demand, which Istanbul has acquired the largest proportion of, is due to many reasons and factors, including the emergence of investment in the land as a less expensive investment option in light of the significant rise in house prices, in addition to the change in real estate investment destinations towards independent homes. Far from the hustle and bustle of the city imposed by the repercussions of the spread of the Coronavirus epidemic around the world.

It is noteworthy that the trend towards investing in land in Istanbul was not only due to the desire to establish healthy homes, but the huge projects such as Istanbul Airport, the awaited Istanbul Canal, and the North Marmara Road had a significant impact on the tendency to invest in land in the areas surrounding these projects. Learn more about Medium Prices Of Agricultural And Residential Land In Turkey.

Since the major projects in Istanbul drew the attention of investors to the land in it even before even the construction phase, many rural areas in Istanbul witnessed a great movement in the purchase of land, including the areas of Taya Kaden, Yenikoy, Poyrazkoy, and Dorso.

These projects also had a significant impact on the urban movement and strategic importance in many residential areas near the airport and the North Marmara Road, such as Silivri, Arnavutkoy, Çatalca, Gebze, and Çekmekoy, which witnessed the establishment of many luxury residential projects.

The average price of land in Istanbul is reported to be 2,340 TL per square meter, while the average price of agricultural land was 215 TL per square meter.

4.Shop prices in Istanbul in 2023

The prices of shops in Istanbul vary, as the prices of Istanbul apartments, due to the specificity and vitality of each area, its proximity to important centers, as well as the different size of the shops, their location, and views. An example of the prices of Istanbul shops, we find Laxeira Square stores that start from $80,000.

5.Office prices in Istanbul in 2023

After Istanbul has turned into a destination to the world, it has been attracting smart investments and economic business from the east and west, until it has become a destination for those looking for an excellent place to practice commercial and investment activities, and to search for the best offices for sale in Istanbul.

In return, at Imtilak Real Estate company, we help you search and select to buy an office, shop or any commercial property, to launch your business, or even for the purpose of real estate investment in Turkey for it, such as renting it or reselling it to other investors, to bring you profit.

In order to shorten the way for you to know the prices of offices in Istanbul, you will find hyperlinks in the folds of this article that will take you to our projects, prices, and features in detail.

Are real estate prices in Istanbul reasonable?

Real estate prices in Istanbul, Turkey are described as competing with real estate prices in Europe, especially the western part, noting that real estate in Turkey is distinguished by the same quality of services, and the durability of the infrastructure in European real estate.

Therefore, we say that real estate prices in Istanbul are logical to some extent, if we look at the reasons for the high prices, including the increasing demand for real estate investment in Turkey, especially by Muslim and Arab expatriates in Europe, where these investors found in Turkey a haven safe for them, in light of the political and economic turmoil that their countries of origin struggle with.

In addition to the welcoming cultural and civilized environment for investors in Turkey, which made it a suitable place to spend vacations, or spend beautiful and comfortable retirement periods. This was also reflected in an increase in the demand for real estate in Turkey, and thus the fact that real estate investment in Turkey continued to be profitable because prices in it increased over time.

Average real estate prices in Istanbul relative to other Turkish cities

The Center for Economic and Social Studies at Bahçeşehir University in Istanbul conducted a study on apartment price changes in Turkey in 2021.

The study was conducted on the database of -sahibinden.com- one of the most famous websites specialized in publishing advertisements for selling and renting real estate in Turkey.

The results of the study were published in a report titled: February 2022 Report "an overview of the residential apartments for sale market in Turkey".

According to the data contained in the aforementioned report, the selling prices of residential square meters in Turkey during the year, starting from January 2021, witnessed an increase of 1.109%. As the average price per square meter of housing in all of Turkey reached 7,496 TL. This figure was almost twice the average price per square meter in apartments across Turkey for January 2021, which had reached 3,584 TL.

In the data related to the major states of Turkey, Istanbul ranked first among these states with an increase of 127.5% during a year from January 2021, bringing the average price per square meter in Istanbul apartments to 10,900 TL, as we mentioned previously.

What are the reasons for the high real estate prices in Istanbul?

Speaking of the reasons for the rise in real estate prices in Istanbul, in addition to the ever-increasing external demand for real estate purchases in Turkey in general, and Istanbul in particular, there are several factors that we can talk about in this regard:

• The location of Turkey in general - and Istanbul in particular - is a link between the continents of Asia and Europe, and when it comes to a vital location like this, it is not surprising that prices are constantly rising, which means an abundance of great and distinguished investment opportunities in Turkey's real estate.
• The Turkish domestic market is a young market, and the percentage of young people in the Turkish people is high. According to the data of the Turkish Statistical Institute for the year 2020, the population in Turkey - between the ages of 15 and 24 years, reached about 13 million people out of 83 million people, that is, 15.4% of the total population in Turkey is young which is the highest percentage of young people in Europe.

Therefore, this remarkable rise in the percentage of young people in Turkey necessarily requires an increase in the demand for ownership and rent.

• In addition to the foregoing, the high prices of building materials - globally - such as cement, iron, and covering materials (finishing), and others; raised construction costs in dollars, and thus contributed to the increase in prices.

In short: increased demand and high costs led to an increase in Turkey's real estate prices.

How does Imtilak Real Estate company help you buy the best property in Istanbul at the most reasonable price?

Imtilak Real Estate company provides its services through many distinctive options, in reliable projects with a government guarantee.

The company offers the best it can and harnesses all material and human capabilities to provide the best services, help those wishing to buy, and own real estate to obtain the best and most appropriate options.

We at Imtilak Real Estate company offer you a wide variety of options when looking for cheap apartments for sale in Istanbul, whether it is for family housing, or for the purpose of renting them, obtaining excellent financial returns per month, or even reselling them, and making profits, in all areas of Istanbul both European and Asian.

We can also provide after-sales services such as furnishing, leasing, and property management of all kinds according to the investor's desire. For more information, you can contact us through our official accounts.

 

Edited by Imtilak Real Estate ©

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