29 August 2021
Property Pricing in Turkey
According to official data from the Turkish Institute of Statistics, the real estate market in Turkey is becoming more and more interesting for foreign investors, and especially for residents of Russia, Ukraine, Belarus, Kazakhstan, and Uzbekistan. Before deciding to purchase property in a resort republic, we recommend that foreigners take an interest in the objective pricing factors for Turkish apartments and houses.
In our expert review, we offer to understand what the price of a square meter in Turkey is made up of, which will help you to objectively approach the choice of housing on the market in the future.
In order to understand how to choose an apartment in Turkey correctly, it is important to understand in advance the main characteristics of housing that directly affect pricing. The first parameter in the list, which forms the price of objects located in Turkish resorts and metropolitan areas, is the location - the city and the region. It is quite natural that in large cities, the capital, at popular resorts, the cost per square meter will be higher than in small settlements and towns. Of course, the range of prices even within the same city is very large and depends on the prestige of its districts.
The view from the windows is of great importance, especially for housing in Turkish resorts - in Alanya, Antalya, Bodrum and other popular cities. What could be better than the opportunity to admire the panoramas of the sea or mountains every day from the windows and terraces of your own apartment? Therefore, if you want to buy apartments with beautiful views, be prepared to pay more than for objects whose windows overlook the courtyard or the facade of a neighboring house.
Remoteness from the sea
Another key factor in the pricing of Turkish real estate is the distance from the coast. The farther the object is from the sea, the lower the cost per square meter. This is explained very simply: for the construction of a building, developers choose and buy land plots, the price of which also depends on the location. In the resort, land near the sea is in great demand, as it guarantees the construction company the maximum return on investment. Of course, this cannot but affect the final cost of apartments.
The floor on which the apartment is located is directly related to the previous pricing factor - the views from the windows. Since the higher the housing is, the more likely it is that the beauty of the Mediterranean nature will be visible from the balcony. In addition, in most modern residential complexes, the top two levels are occupied by an elite category of real estate - duplexes and penthouses with luxurious panoramic windows and huge terraces. The price for them, as a rule, is an order of magnitude higher than for options on the first and middle floors.
Purchase in the primary or secondary market
It matters in which market (primary or secondary) you buy real estate.
When choosing housing in the secondary market, the price is significantly influenced by the human factor. In particular, you can find "hot" offers at an affordable price if the owner wants to sell the object quickly and is ready to make some concessions, given the urgency of the sale.
Recently, it is new apartments and villas that are highly popular among foreign investors, and this is not at all surprising. The quality of construction of a Turkish house speaks for itself: the Turks are excellent builders, high-class specialists, whose reputation is known throughout the world. In the process of work, only good building and finishing materials, advanced technologies are used. All stages of construction, the implementation of building codes and regulations are strictly controlled by state authorities.
Another important fact is that Turkish new buildings are already being rented with repairs, built-in plumbing, double-glazed windows, entrance and interior doors, kitchen sets, etc. That is, the new owner will need to buy furniture, household appliances, textiles and you can call in to live . Some of the apartments are completed "turnkey" - they provide designer renovation and have everything you need for life. Therefore, it is not surprising that the cost of houses in Turkey with a good repair in the primary market is often higher than the "secondary market".
For some investors from abroad, the decisive factor in favor of choosing first-hand housing is the opportunity to make a purchase at the initial stage of construction, when the cost per square meter is the lowest and interest-free installments can be arranged.
The cost of building materials
The cost of building materials is included in the final price of Turkish housing. If building materials rise in price, finished real estate also rises in price.
It is not only the price that matters, but also the choice of building and finishing materials. So, for luxury real estate in Turkey with high-quality finishes, natural wood, decorative stone, marble, porcelain stoneware, etc. are used, which, as a result, cannot but affect the final price tag. In addition, experienced Turkish developers strive to create not only high-quality apartments inside, but also implement unique architectural and landscape solutions on the facades of buildings and the local area.
It is important for buyers to understand that the choice of housing, where only expensive, high-quality finishing materials were used, quickly pays off, as it guarantees the owners a long repair-free period.
Pricing is directly related to how houses are built in Turkey. Literally in all modern residential complexes, an internal infrastructure is provided. The more and more diverse are the objects of public use within the residential complex, the higher the price of housing. For an apartment in a residential complex with working indoor and outdoor pools, parking, 24-hour security, a gym, a spa, a hammam and other amenities, you will naturally have to pay more than for apartments with minimal infrastructure in a budget apartment building.
The area of housing affects its final price in any country, not only in Turkey. However, you should know that in the Republic of Turkey, the area measurement system is different from the calculation we are used to. The total quadrature of the property is measured along its outer perimeter. The area includes a balcony or terrace, part of the landing, and even the thickness of the walls is taken into account. The reason for such an unusual approach is simply explained: in Turkish law, square meters of common use must belong to someone, so they are quite rightly divided among all owners equally.
When choosing an apartment, pay special attention to the area and take into account the difference between the "net" (that is, the net total area of \u200b\u200bthe housing) and the "gross" (square, taking into account partitions, balconies, part of the landing, etc. .). Thus, you will understand what the real size of the apartment is and will not be deceived in your expectations.
When choosing a property in Turkey, we recommend paying attention to all the above factors. Focusing on them, you will be able to choose for yourself the best property option according to the characteristics and within the allowable budget.
The most inexpensive apartments are located on the lower floors in houses with minimal infrastructure and at some distance from the sea. More expensive apartments and houses are located next to the sea in modern residential complexes built according to the “city within a city” project. As a rule, such objects have excellent visual characteristics, unique designer renovation of high quality.
Do you have any questions regarding the choice and purchase of housing in Alanya? Nordic Property Construction specialists are ready to offer you real estate for any request and budget. Contact us, we are in touch!