What is the average price for homes in Turkey?

By Justin Mays:

The real estate market in Turkey has evolved over recent years, and many developments have been made to not only meet the growing population's needs but also attract international buyers to invest in the Turkish market.

The advancements in this sector, the country's steady economic growth, the fall of the Turkish Lira and the Turkish government’s new investment-friendly conditions have created a massive demand for Turkish real estate among foreign investors. 

This has caused house prices in Turkey to increase drastically.

The average home in Turkey is now 1.14 million or $71,000. This means that the average house costs 8,252 TL per square meter.

Today’s blog will help you find out more about the average home price and the factors influencing house prices in Turkey.

House Prices in Istanbul

Istanbul is on the list of almost every foreign buyer for its dynamic real estate and picturesque views. So it is no surprise that Istanbul has witnessed the highest number of property investments by foreign buyers. 

Although Ankara is the capital, Istanbul is the center of Turkey’s trade, commerce, business, and health sectors. On top of that, lately, there have been significant developments in the transport and infrastructure of this city. These include massive projects such as the Canal Istanbul, the Yavuz Sultan Selim Bridge, the Eurasia Tunnel, etc. 

As a result, home prices have spiked 173%, with the average price being 1.6 million liras in Istanbul.

However, some districts in the suburbs of Istanbul have much more spacious villas and apartments with all the amenities at a significantly lower price.

House Prices in Ankara 

Ankara comes in second place when it comes to property investments by foreigners. As the capital of Turkey, Ankara is the hub of all political activities, with the Turkish parliament located there and is home to high-ranking officials. The population of this city is over 5 million.  

Ankara is a well-planned city, and the living expenses here are not as high as in Istanbul. However, this city offers a high living standard, and just like Istanbul, Ankara has superior infrastructure. 

Ankara also has some of the best residential projects and public transport facilities. The average home in Ankara is priced at 802,000 TL.

House Prices in Antalya

Antalya has caught the attention of foreign investors, especially Europeans, and is preferred by many as a holiday destination. What makes Antalya so attractive to them is the presence of exceptional holiday homes with top-notch facilities. 

The properties that are close to the sea tend to be high priced. The homes in Antalya also saw a significant price increase, with the average house being 1.42 million TL. 

If you are interested in buying a home in Turkey, Prime Property Turkey can help you find the one that is perfect for you.  

What Influences the Prices of Homes in Turkey?

Now that we know how much a house in Turkey can cost, let's look into the factors that influence the prices of homes here. 

Location

Location is one of the critical factors that influence the price of a home in Turkey. Any property in the city center would be higher priced than one that is not. 

In addition, how close the location of the house is to highways, the crime rate in the location, and the quality of the educational institutes there are also significant factors that can affect the price.

Proximity to Amenities 

Homes close to the shopping districts, public parks, airports, other public transport, and the central business district are likelier to have a steep price tag. 

If we take Istanbul as an example, properties located close to the new Istanbul airport or the central business districts will have higher price tags.

Facilities of the Properties

The value of a home in Turkey is determined by the type and number of facilities the property has. 

We are now seeing a growing demand for luxury villas and holiday homes throughout Turkey. These homes have private gardens, pools, parking, sauna, jacuzzi, Turkish bath, private security, etc., which is why they are usually high-priced.

The more the facilities, the higher the prices of homes will be.

Property Status 

Whether the home is fully furnished or not can also have a massive impact on the final price. Buyers are ready to pay big money for already furnished properties to avoid the hassle of buying furniture.

If you choose to make a purchase through Prime Property Turkey, our experts can provide you with after-sales services, and help you furnish and decorate your space with quality furniture that suites your lifestyle.  

Views From the Property

Other factors include the views from the property and its distance from historical and sightseeing spots. 

Certain luxury properties have a view of the sea, mountains, forests or the gorgeous skyline. Access to such breathtaking views from your property will cost you an arm and a leg.

Citizenship & Residency

Investing in a property in Turkey can now make you eligible for either citizenship or a residence permit. Those interested in acquiring a Turkish passport must invest in a real estate property worth USD 400,000.

Read our blog on Buy Property in Turkey and Get Citizenship to know all the details.

Additionally, foreign buyers can also acquire real estate residence in Turkey through the purchase of property worth USD 75,000 and more in major cities such as:

• Ankara
• Antalya
• Adana
• Istanbul
• Izmir
• Bursa
• Gaziantep
• Mersin

For smaller cities in Turkey, you have to acquire property worth at least USD 50,000 to get real estate residency.

Conclusion

Buying a home in Turkey is the best choice, since it can give you the chance to benefit from the best medical and educational facilities.

Whether you choose to purchase a home in bustling cities or the serene villages of Turkey, getting the services of a professional real estate consulting company is ideal when purchasing any property. 

Prime Property Turkey leads the way in offering a wide variety of properties and quality services to foreign investors. 

More to read from us:

10 Benefits of Property Investment in Turkey

5 Best Cities to Buy Property in Turkey

How the Ottomans Inspired the Smallpox Vaccine