The new amendments to the Turkish real estate law have led to many impacts on the real estate sector. The results of these amendments are obvious over time, especially on small-size properties, with positive changes affecting them. Prices of apartments increased by 3 to 5 percent.
The 1 + 1 apartments saw a particularly high price increase after the government issued a decree banning the construction of 1 + 0 apartments.
In this context, the apartments of type 1 + 0 will be reorganized into 1 + 1 apartments in order to make these apartments more livable and proportionate to the social lifestyle in Turkish society. Hence, the size of apartments will be 28.0 m 2 on the least.
Real estate experts attribute the reason for the investors’ turn out to apartments of this type is because it has reasonable prices compared to other types of apartments, where the apartments of type 1 + 1 are fast in terms of leasing.
There is, of course, a great deal of interest from middle-class real estate investors who want to increase rental income to apartments of this type because they have better advantages compared to larger apartments. There is currently a great trend to projects in the Asian part of Istanbul, for example, the Curtakoy - Pandek.
It is expected that next year will witness a greater demand and increase in the purchase of such properties, especially after the results of legal amendments appear more prominently. Turkey is currently witnessing a large increase in the demand for real estate by both local and foreign investors due to the facilities and incentives provided by the Turkish government.