Increase in foreign exchange increases the purchasing power of foreigners

 

The Republic of Turkey, which offers many incentives for foreign investors to invest in the country, took one of the most important steps to activate the real estate sector in 2018. In 2012, the article stipulating that foreign investors must buy $1 million worth of property in order to become a citizen of the Republic of Turkey was reduced by a quarter to $250,000. This situation has excited the real estate market. After this decision, citizens from many countries of the world had the opportunity to benefit from Turkey's development opportunities by investing in Turkey and became citizens of the Republic of Turkey.

 

INCREASE IN THE EXCHANGE RATE INCREASED THE PURCHASING POWER OF FOREIGNERS 

The appreciation of the dollar and the euro against the Turkish lira was also among the major factors affecting the real estate market. While 1 dollar was 1.79 TL on January 1, 2013, today this number exceeds 8.5 TL and the euro is trading around 10 TL. People considering investing in Turkey started buying property in Turkey after these developments.

 

According to the research, Iraqis topped the list of foreign nations buying the most houses in Turkey. The Iraqis were followed by Iranians, Russians, Afghans, Azerbaijanis, Germans, Kuwaitis, Yemenis, Kazakhs and the British. Those who had not sold the property for 3 years were eligible to become citizens of the Republic of Turkey.

 

WHAT IS THE CONDITION OF REAL ESTATE IN TURKEY, IS IT AFFORDABLE OR EXPENSIVE?

The devaluation of the Turkish lira against the US dollar and the euro means that apartments for foreigners have become cheaper despite their appreciation in TL. Tax Improvements, Cost Reduction, VAT Exemption and T.C. Benefits like citizenship make foreigners more desirable in the real estate industry. Property maintenance fees, duties, bills and residential taxes when buying and selling property in Turkey are also cheaper than in Europe and the USA. Because of this, real estate investment in Turkey allows people to earn profits in a short period of time.

 

It can be said that real estate prices in Turkey vary depending on the location, physical conditions, social opportunities, regulatory conditions and investments in the region. For example, property prices in Istanbul can generally be higher than anywhere in Turkey. However, the real estate price differences in the districts of Istanbul can be horrendous. Because of this, it is possible to comment on apartment prices after examining the location and physical conditions of the house. Affordable housing can be found in districts such as Beylikdüzü, Esenyurt and Gaziosmanpaşa. In these developing regions, real estate prices are expected to rise in the coming period and gradually approach Istanbul standards. For this reason, foreign investors who have a limited budget and are considering buying real estate are recommended to go to these regions.

Apart from Istanbul, there are cities that have affordable housing with many social opportunities. Antalya, Bursa and Trabzon are among the cities where housing is cheaper than in comparable cities.

Turkey's strategic location is among the factors that allow foreign investors to invest the most. With flights to almost every corner of the world, Turkey's natural beauty and vitality of the tourism industry make Turkey an outstanding real estate investment.

 

WILL HOUSING PRICES IN TURKEY RISE?

 

The ongoing devaluation of TL in Turkey and inflation are causing real estate prices to rise continuously. This situation offers an advantage for foreign investors. However, due to the devaluation of TL and the coronavirus pandemic, home sales in Turkey are continuing. As a result of the research, 1.4 million apartments were sold in Turkey in 2020. It is noted that as the impact of the pandemic diminishes and the economy revives, real estate prices will rise significantly and people considering investing can make short-term gains by acting quickly.

 

WHAT AFFECTS PROPERTY PRICES IN TURKEY? 

One of the topics that interests foreign investors the most is whether property prices in Turkey are cheap or expensive. Real estate prices in Turkey, as in all regions of the world, depend on many factors.

 

There are many factors that affect property prices. Many details, from structural conditions to social facilities, change real estate prices. The following factors influence property prices in Turkey:

 

Structural conditions: Among the structural conditions that most affect the value of the property are the age of the house and the architecture of the living quarters. The earthquake-proof design of the building, the age of the building, the construction by the group company, the square meter size, the number of rooms, the difference between gross area and net area are among the details that have the real impact on real estate prices. The fact that the house is on the mezzanine floor, with a view of the sunny facades, parking facilities and similar details are among the physical features of the building.

 

Location: Location, which is among the factors that most affect the price of a property, can sometimes even precede physical conditions. In regions like Istanbul, Ankara and Izmir, there can be a gap between the houses near the center and those outside the city. The proximity of the residence to educational and health institutions, offices, industrial sites, shopping areas, public transport such as subway and bus directly increases the price of the building. For this reason, people who want to make a profitable investment are advised to invest in the regions involved in the project in the short or medium term.

 

The target group also changes the prices of the houses. Today people want to live with the masses who have the same thoughts and lifestyle. This ensures that the social and cultural environment influences housing prices.

 

Social Opportunities: Because of human nature, they want to continue their lives in environments where they feel safe. Today, this increases the value of site-specific structures. In addition to a safe environment, many structures such as parks, swimming pools, gyms, and markets are built on the recently built sites and people can meet all their needs in a specific area. This situation also increases the value of buildings with social opportunities.

 

Official requirements: In order for a property to be valued, it must meet the necessary legal requirements. In the project phase, the land servitude is established, after the completion of the project, the land titles are converted into land ownership by obtaining the usage permit. In structures that do not have such a property, problems can arise in a short time. For this reason, when buying a house, it should be checked whether the house meets the official requirements and whether the building is bought accordingly.

 

Investments in the region: Investments in the region, which are among the factors that increase the value of real estate, include many works such as transport, infrastructure, social projects, subway construction, hospitals, airports, shopping malls. These structures, which can be built at a point near a building, are among the details that add value to the house.

 

As 2clicks.io, we have been bringing foreign investors together with real estate consultants and visitors from all over Turkey since our establishment, and as part of our work with our expert, we support staff in safe property purchases and sales.

 

You can also contact us to benefit from our services and find answers to your questions. After the conversation, you can act quickly to buy property in Turkey and benefit from the advantages of Turkey's development.

 

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