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Why the Constant Rise in Property Prices in Turkey?

: 2016-04-29 Modified date : 2019-03-02

Why the Constant Rise in Property Prices in Turkey?
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Turkey is witnessing a steady rise in real estate prices, especially in major cities such as Istanbul, Ankara, Izmir, Antalya, and Bursa. This rise also leads to higher rents. While investors in Turkey are complaining about this rise, investors who invest in this Saying: "We have made the right investment." The question is why this constant rise in property prices in Turkey? In order to answer this question, the Central Bank of Turkey conducted a real estate research and investigation study in the real estate market in Turkey, where the main reasons for this continuous rise are as follows:

First: high-quality real estate in Turkey

One of the main reasons for the constant rise in real estate prices in Turkey is the high cost of construction, which reaches 20% or more annually, and the construction of real estate more quality and luxury compared to the past, where the old buildings are not only luxury neighborhoods but today in Everywhere these buildings are built with luxury and good condition, and this, in turn, reflected on prices leading to their rise.

Second: Increase demand for residential complexes

In recent years, there has been an increase in the demand for residential properties. These complexes include all social services from closed and open swimming pools, gymnasiums, gardens, and other social activities units that increase the cost of the property and reflect the price. In one area, the old properties outside the complex in the area are affected by the prices of the compound's high properties, or until these properties are demolished that are more luxurious.

Third: Increase the demands of foreign investors

In addition to these two reasons, there is another reason for the increase in foreign investments, as there is a large increase in foreign investments in Turkey cannot be underestimated, especially from Arab investors and the Middle East where we note that they buy real estate significantly, which affects the balance of supply and demand in the real estate market In Turkey, this is reflected on prices.

Fourth: Lack of supply of land suitable for reconstruction

Another important factor in this continuous rise in property prices is the lack of supply of land for reconstruction, especially in major cities that suffer from the problem of the lack of viable land for reconstruction. This problem is also reflected in the prices of land, which is also witnessing a significant rise in prices. About 50-60% of the shares of buildings that were built on their land, which is also reflected in the prices of real estate, directly or indirectly.

Edit: Imtilak Real Estate©

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