INCREASE IN HOUSING PRICES IN TURKEY RISES TURKEY TO THE WORLD LEADERSHIP
While life was halted for a time by the coronavirus, the gradual waning of the impact of the coronavirus has also mobilized the real estate industry. Property sales accelerated along with monetary and financial stimulus. A real estate consulting company that offers services abroad has achieved remarkable results in its research on rising real estate prices in the world. Turkey topped the rankings while real estate prices rose by an average of 7.3 percent worldwide.
In the past period, real estate prices in Turkey have risen by an average of 32 percent. Turkey was followed by New Zealand with 22% and Luxembourg with 16%. In the United States, average home prices rose 13 percent, the fastest increase since 2005.
IN TURKEY, PROPERTY PRICES EXPECTED TO CONTINUE TO RISE
According to research by the Turkish Statistical Institute, house sales generally decline when house prices continue to rise. Due to the high exchange rate, the increase in construction costs, the decline in the housing stock and the city's transformation efforts, citizens are faced with rising housing prices. While high inflation and the pandemic are driving real estate prices higher, this situation is among the factors affecting home sales and rental prices.
While the rate of increase in the construction cost index approached 60 percent, the labor index reached 22 percent on an annualized basis. These developments show that barring extraordinary developments, real estate prices will move towards record prices in the coming period.
WHERE HAVE APARTMENT PRICES INCREASED THE MOST IN TURKEY?
According to the research, square meter prices of apartments for sale in Turkey also showed a remarkable increase in 2020.
In the analysis, which was prepared taking into account the residences in Istanbul, Ankara, Izmir, Bursa and Antalya, the period between February 2020 and March 2021 was evaluated in 5 provinces of Turkey. Property prices in Istanbul increased by an average of 35 percent, Ankara property prices by 8 percent, Izmir property prices by an average of 11 percent and Antalya property prices by 4 percent. Real estate prices in Bursa have not changed.
REGIONS WITH THE HIGHEST INCREASE IN HOUSING PRICES IN ISTANBUL
Sancaktepe ranked first among the most valued neighborhoods in Istanbul. Compared to last year, prices in Sancaktepe have increased by 21 percent. Sancaktepe was followed by Başakşehir with 21 percent, Pendik and Sarıyer with 18 percent, Esenler with 17 percent and Maltepe with 14 percent. Among the regions with the lowest scores in Istanbul, Çekmekoy ranks first. While the value of Çekmeköy fell by 12 percent, Tuzla followed with 7 percent, Ümraniye with 3 percent and Esenyurt with 1 percent.
REGIONS WITH THE HIGHEST INCREASE IN HOUSING PRICES IN ANKARA
The districts whose value increased the most in Ankara were Pursaklar and Yenimahalle. While the value of these two districts increased by 12 percent, Gölbaşı, Keçiören and Etimesgut, which recorded a 10 percent increase, ranked 3rd, 4th and 5th respectively. In Ankara, the value of Altındağ fell by 5 percent and the value of Polatlı fell 2 percent.
REGIONS WITH THE HIGHEST INCREASE IN HOUSING PRICES IN IZMIR
The district with the highest increase in value in İzmir was Foça with 34 percent. Foça was followed by Seferihisar with 20 percent, Güzelbahçe with 19 percent, Aliağa with 18 percent, Balçova, Bergama, Bornova, Buca and Konak with 15 percent. The districts whose value fell the most in Izmir were Urla at 7 percent and Menderes at 4 percent.
REGIONS WITH THE HIGHEST INCREASE IN HOUSING PRICES IN ANTALYA
The district with the highest increase in value in Antalya was Manavgat. While Manavgat increased its value by 36 percent, Konyaaltı followed with 29 percent, Alanya with 28 percent, Kemer with 23 percent, and Muratpaşa and Kepez with 20 percent. The only region in Antalya whose value fell was Döşemealtı with 19 percent.
REGIONS WITH THE HIGHEST INCREASE IN HOUSING PRICES IN BURSA
In Bursa, Mudanya was the region that increased its value the most, at 14 percent. The only district that fell in value in Bursa was Osmangazi, at a rate of 2 percent.
HOUSE SALES TO FOREIGNERS IN TURKEY CONTINUE TO DOUBLING
While property prices in Turkey continue to rise, the rise in the euro and dollar means that foreigners continue to demand housing. All citizens can own property in Turkey except for citizens of Syria, North Korea, South Cyprus, Armenia and Cuba. These people can also acquire citizenship with the 2018 amended Turkish Citizenship Law. People who wish to become citizens of the Republic of Turkey can apply for Republic of Turkey citizenship after making a real estate investment of $250,000. If you want this right, you should not sell this property for 3 years. If these people are found to have sold the property within 3 years, they will lose their right to citizenship of the Republic of Turkey.
Valuation report prepared by real estate appraisal company for foreigners to buy apartments in Turkey, Buyer's and Seller's passport or ID card, Title deed of the property for sale, Earthquake insurance, Real estate declaration value certificate, Seller's and buyer's passport photo, Sworn translator for non-Turkish speakers and If If the sale is to be made by an authorized representative, a power of attorney is required.
FROM TURKEY, IRANIANS BUY THE MOST APARTMENTS
The Turkish Statistical Institute has been conducting research on sales to foreigners in Turkey since 2012. Accordingly, it was found that most Iranians bought an apartment in Turkey. While the Iranians were followed by the Iraqis, the Russians were the third-country nationals who bought the most real estate. Afghans, Azerbaijanis, Germans, Kuwaitis, Yemenis, Kazakhs and British were the foreign nations who each bought the most property from Turkey.
CAN PEOPLE WHO BUY PROPERTY IN TURKEY GET A RESIDENCE PERMIT?
One of the strangest questions from people considering real estate investment in Turkey is whether they should get a residence permit. People who buy real estate in Turkey are granted a one-year residence permit. This process is renewed at the end of each year. This means that people who own real estate also have a residence permit.
ARE THERE RESTRICTIONS ON BUYING PROPERTY FOR FOREIGNERS IN TURKEY?
There are two different restrictions on the purchase of real estate by foreigners in Turkey.
First of all, people buying property should not be Syrian, North Korean, South Cypriot, Armenian or Cuban. Real estate cannot be sold to citizens of this country.
Second, people who buy houses are not allowed to buy real estate in military areas and some rural areas. However, the quantity bought by foreigners should not exceed thirty hectares and if this is the case, the quantity must be sold in excess of thirty hectares. In connection with this, the following obligations are assumed by foreigners when selling real estate:
“The amount of permanently limited rights in rem and immovables that I have acquired within the borders of the Republic of Turkey, including these immovables, does not exceed thirty hectares. If the opposite is established, I unreservedly accept and undertake that the excess amount will be liquidated and converted into a prize.
You can also contact us to take advantage of the advantageous real estate market in Turkey and find answers to your questions, and you can become a property owner in a short time after our meeting.
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