Residential Real Estate Prices in Turkey Continue to Rise
In our recent article, North Americans View Turkey as a Viable Real Estate Investment Opportunity, we cited the statistic that 60% of foreign real estate investment comes from the Middle East while 20% comes from a mixture of Europe and the US citizens. The number of Middle Eastern, European and American buyers has inclined. It is expected to continue to rise. This is especially true as new legislation is expected to pass in several countries, rendering it less difficult to invest in real estate in Turkey.
Of course, foreign investment along with local demand has created a strong market. As a result, prices are also expected to continue on an upwards slope as well. In fact, it was recently revealed in the Turkey Real Estate Investment Outlook 2012 report from Castle Research, units that had a going rate of $1,500 USD per sqm less than ten years ago have now reached a high of about $10,000 USD per sqm. While these numbers seem high, there is no indication that they will do anything but continue to rise.
While the Turkish real estate market has remained strong across the board, it is important to pinpoint the highest areas of growth and opportunity. Centrally located property in Istanbul that can be classified as "high-end" or "luxury" is expected to feature the most growth over the immediately coming years. While these properties are receiving the most attention from foreign buyers at the moment, many are expecting locals to begin focusing their interest in central locations as domestic mortgage rates are lowered.
Now that the location of attractive investment properties has been identified, which types of property should real estate investors look for, exactly? According to research findings, the properties that most appeal to young, unmarried business professionals are the most in demand. Fewer of these types of dwellings are available in central Istanbul, which makes the going rate just as precious as the units, themselves.
Apartment blocks that feature more classic styles of home are also in hot demand by foreign investors. Rental income is favourable for this style of home - low rise with less than two dozen units - in the right area of town. Rental income is so favourable, in fact, that it is not unusual to see increases by as much as 10% per year. Resale value and demand for these units also remain positive.
For investors who are determined to look outside of central Istanbul, the coastal regions of Turkey are a viable option. Areas such as the Bodrum peninsula and the Fethiye basin, among others, have a lot going on. Ever growing tourism, rising agricultural pricing, and urbanization have helped turn foreign and local investment attention towards the Turkish coast. Unfortunately, while the amount of costal property value increases that have taken place in the past have reached the double digits, percentage-wise, this growth has reached plateau in recent years and these properties not expected to experience a surge anytime soon.
Property in Turkey remains a viable investment source for foreign and local buyers. It is important, however, to know what to look for and where. It is vital to seek the advice of a local real estate investment firm.
Fraudulent Methods of Turkish Citizenship are Detected
New Generation High-Profit Real Estate Investment: UNIVA Student Housing
Spain Homes is Online with Its Renewed Face Now!
Foreign Investors Want to Hold Their Properties in Turkey!
Bitcoin Peaked, Profit Realized in Properties
The Property Buying Guide: Istanbul in 6 Languages has been Launched
The Covid-19 Vaccine is Ready with the Contribution of Turkish Scientists in Germany
You Can Buy a Property By Crypto Currency With Just One Click
READ ALL NEWS