House prices in Istanbul, Türkiye
House prices in Istanbul, Türkiye vary according to different factors. Therefore, in this article from Ebla Real Estate, we will provide a guide on the house prices in Istanbul.
House prices in Istanbul, Türkiye:
House prices in Istanbul increased by 144% in one year. In the first quarter of the current year 2023, more than 50 thousand residential units were sold, their prices rising by 144% compared to last year, and the average sales price per square meter reached 27 thousand Turkish liras.
Accordingly, the average house price in Istanbul, Turkey is $150,000, so house prices range between $50,000 and $500,000 and sometimes more, depending on location, quality, area, and view.
Factors affecting house prices in Türkiye, Istanbul:
Region:
One of the primary determinants of house prices is the region. Istanbul is vast and diverse, with neighborhoods exhibiting distinct characteristics. Factors such as proximity to city centers, accessibility, and local amenities play a pivotal role in pricing. Whether you prefer the bustling energy of the European side or the more serene atmosphere of the Asian side, your choice of region significantly impacts the cost of your dream home.
Location:
Within a region, the specific location of a property can greatly affect its price. Is it in a sought-after neighborhood with historical significance? Does it offer stunning views of the Bosphorus or the city skyline? Proximity to key landmarks, transportation hubs, and green spaces can elevate the desirability of a location, thus affecting house prices.
Apartment area:
The size of an apartment is a straightforward yet impactful factor. In general, larger apartments generally command higher prices.
Number of rooms:
The number of rooms is a fundamental aspect influencing house prices. A one-bedroom apartment will naturally be priced differently than a three-bedroom one.
Construction age and quality:
The age of a property and the quality of its construction contribute significantly to pricing. Newer developments with modern amenities and energy-efficient features may command higher prices. However, older properties with historical charm or those in well-maintained buildings can also be at a high price.
Views:
Views play a crucial role in determining house prices, especially in a city as visually captivating as Istanbul. Properties with unobstructed views of the Bosphorus, the sea, or iconic landmarks are often priced at a premium.
Reasons for the rise in house prices in Türkiye, Istanbul:
- The demand for real estate ownership in Istanbul in particular has increased significantly, due to its vital location and its strong economic, cultural and tourism importance in Turkey.
- Higher construction costs due to inflation and rising prices.
- Foreign exchange rates rise as a result of inflation.
- Foreigners tend to buy real estate in Istanbul to invest or obtain Turkish citizenship.
- Increasing the value of homes within modern, high-quality buildings.
- Land prices rise mainly due to general high prices, inflation, and the increase in their value as a result of high demand.
Thus, we provided a guide on the house prices in Istanbul.
Edited by: Ebla Group Real Estate
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