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A study that monitors a wide range of apartment prices in Turkey within several Turkish cities, such as apartment prices in Istanbul, apartment prices in Trabzon, factors of rising and falling real estate prices in Turkey and comparing them with their counterparts in international apartment prices to provide useful information to Arab investors.
Introduction to the Turkish Economy
The Turkish economy has achieved record leaps in the past few years. Turkey’s economy has been the largest Islamic economy, Turkey’s apartment prices have risen in 2016 and Turkey’s apartment prices in 2017 have spawned unprecedented price spikes. Turkey is an active member of the G20, the world’s most powerful economy. Turkey’s GDP for the year 2017 was about 851 billion dollars. The value of foreign investments in Turkey in 2017 amounted to 10.9 billion dollars. The number of foreign companies in Turkey for the year 2017 about 58 thousand companies. These great achievements have been achieved through national self-sufficiency, which Turkey has been able to reach before joining the European Union.
The geographical position of Turkey between Europe and Asia is a strong factor in addition to the preferred market and geographic factors of Arab investors. For all these reasons, the price of apartments in Turkey has achieved unprecedented growth as a real investment and development real estate tool due to high demand, preferably by Turkish and expatriate investors, especially from the Gulf countries. Despite all this, the price of apartments in Turkey for sale is still below the real value, which makes experts and specialists expect the price of apartments in Turkey to reach new record levels; focusing on apartments in projects that are still under construction, where it is expected to make excellent profits immediately after delivery or a few years later.
The Price of Apartments in Turkey after the Law of Foreign Ownership
After the Turkish Foreign Ownership Act was passed in 2012, property prices in Turkey rose rapidly, with most Arab nationalities having the right to own real estate, especially apartments in Turkey. Real estate is expected to increase the price of apartments in Turkey under the new legislation from 60% to 90% over the next five years. Under the law of 2012, the Turkish government approved more modern legislation more flexible, which opened the door to the citizens of more than 129 different countries around the world to enter the Turkish real estate market. At the same time, encouraging real estate and investment laws have been approved, reflecting positively on the prices of apartments and achieving the common and sustainable development interest of both sides. Turkey is the promising country and the incoming investor is looking for a new opportunity in a prosperous and stable country. The Turkish government, along with real estate companies in the private sector, is taking a leading role in encouraging real estate investment by making special offers and facilities to own apartments in Turkey and encouraging new real estate projects that will positively reflect the prices of apartments in Turkey and meet the needs of investors through Various payment methods, including a wide range of convenient installment options, are designed to make apartment prices in Turkey accessible to all budgets for all social and investment segments. The political, economic and social stability enjoyed by the country ensures the maintenance of apartments and real estate purchased in Turkey at their prices and escalated at stable rates over time. This was reflected in the smooth transition to the presidential system following the early June presidential and parliamentary elections in June 2018, which resulted in greater government empowerment and stability in Turkey.
Turkish Citizenship of the Foreign Investor
The Turkish Citizenship Law was issued to real estate investors in 2017. Under this law, the real estate investor can obtain Turkish citizenship through a real estate investment of $ 1 million for the campaign of most foreign nationalities. How much is the Price of Apartments in Turkey Compared with their European Counterparts?
The law prices of apartments In Turkey is what attracting the Arab investors in the first place when it’s compared with its European counterparts. In Istanbul which is Turkey’s economic capital and the world’s largest city by population, you can buy a small apartment on the map for $ 100,000, with a good tourist site, and value Promising investment could rise to 140 thousand dollars when it is ready. The average price of real estate in Turkey is still 50-60% lower than in Eastern Europe and 80-90% in Western Europe, according to The Times. Turkey offers its foreign investors better real estate opportunities in terms of prices than other Mediterranean countries, as well as rental income of about 5.4% and is among the highest in the region.
What Factors Determine the Price of Apartments in Turkey?
First: the Type and Importance of the City
The tourism, commercial and industrial advantages of each city and its proximity to the sea, is very important in the prices of apartments in Turkey. Tourism cities are so varied around Turkey, but the best in Istanbul, which is the largest, most important and most beautiful of the beaches, monuments, and entertainment. It is perhaps the most expensive city in Turkey. Here is a list of the prices and the cost of living in Istanbul. The cities of Trabzon, Bursa, Antalya, and Yalova are no less important than Istanbul because of their charming and attractive nature and tourist attractions. While prices are relatively descending as the demand is less in the inner cities, such as Konya, Eskisehir, Gaziantep, and others. Second: Location of the Apartment in the City
Here are several factors that determine the price:
The proximity to tourist places such as beaches, sea views, lakes, public parks, and archaeological sites such as famous mosques, palaces, old castles, museums, and entertainments. The proximity to the apartment from the airport and public transport such as the metro or bus line (metro) or main streets, highways. Thousands of new investors are expected to arrive after the opening of the major development projects in the country, such as the new Istanbul Canal and the Istanbul III Airport. These mega-projects have been operating for several years, and a significant rise in prices is expected following the completion of multiple phases of completion of each of these major projects. The dimension and proximity to the city center itself or the center of the area, such as the famous district of Basaksehir, the new center of Istanbul with excellent prices for apartments. The occurrence of an apartment in a coastal area overlooking the sea, or in green areas, or even in the center of the city, all affect the impact on the price of the apartment in Turkey.
Third: Specifications of the Apartment
In terms of several main things:
Apartment Area, Number of rooms, Number of Bedrooms, Number of Bathrooms and, Number of Balconies, Year of Establishment, Floor Number within Architecture, Housing Availability or Delivery Date, Quality of Cladding and Other Items.
The conclusion to the Prices of Apartments in Turkey
In the end, it can be said that for $ 100,000 you can buy a good apartment in a large city like Istanbul, the prices of apartments in Turkey are still relatively low compared to countries that possess the same advantages as Turkey’s properties. The real estate and construction sectors are expected to continue to grow and gain profits as Arab and European investors will continue to pay attention to these two sectors in Turkey as a result of the expected profits from the continued improvement in apartment prices in Turkey. There are still promising areas and vast areas for investment in Turkey that have not been invested and entered by investors and developers but are under consideration for their present value and promising strategic location. Statistics estimate that Istanbul alone needs about two million new homes, so public and private construction companies will continue to start new housing projects and offer apartments for sale in Turkey, which is an important indicator of the growth of apartment prices in Turkey in the future. Customers always want to get approximate numbers as answers to their recurring question: How much is the price of apartments in Turkey? Therefore, we have to show that the price is controlled by several factors related to the property, the city, and other objective conditions, however, we can provide approximate models of the average price of apartments in Turkey at the exchange rate against the Turkish lira for June 2018 according to the following tables:
Sample Prices for Apartments in Turkey
Prices of Apartments in Turkey in US Dollars – Istanbul
Category Region /
Number of rooms
A+ A B 1+1 195,000 $ 90,000 $ 60,000 $ 1+2 265,000 $ 150,000 $ 85,000 $ 1+3 400,000 $ 180,000 $ 110,000 $ Prices of Apartments in Turkey in Saudi Riyals – Istanbul
Category Region /
Number of rooms
A+ A B 1+1 731,250 337,500 225,000 1+2 993,750 562,500 318,750 1+3 1,500,000 675,000 412,500 Prices of Apartments in Turkey in US Dollars – the City of Trabzon
Category Region /
Number of rooms
A+ A B 1+1 90,000 $ 50,000 $ 31,000 $ 1+2 170,000 $ 60,000 $ 40,000 $ 1+3 230,000 $ 85,000 $ 55,000 $ Prices of Apartments in Turkey in Saudi Riyal – Trabzon City
Category Region /
Number of rooms
A+ A B 1+1 337,500 187,500 116,250 1+2 637,500 225,000 150,000 1+3 862,500 318,750 206,250
For detailed projects with their specifications and prices, please visit the following links:
Apartments for Sale in Turkey – Apartments for Sale in Istanbul – Apartments for Sale in Trabzon.
After you have completed your search for the prices of Turkey’s apartments and cities, and when you make a purchase decision, do not forget to consult a reliable real estate company such as Imtilak Real Estate Company, to facilitate the purchase and ownership of apartments in Turkey and to ensure the best reliable rates for the best apartments under projects Governmental in Turkey.
It is advisable to set the necessary budget for buying apartments for investment purposes, while moving away from bank loans as much as possible when buying such apartments, because of the high interest added on these loans, which are often equal to the expected investment profit or more, In addition to the possibility of difficulties in the regularity of payment of periodic installments, which may result in the imposition of other financial sanctions.
It is important also to note that the investment amount allocated for buying an apartment must be a surplus from the basic needs of the owner, because there is always a risk in the investment operations, and may get a loss if the investor suddenly had to buy the necessary liquidity.
It is not recommended to focus on the famous high-priced areas in major cities, but it is recommended to go to the developing regions and to under real estate development.
It is also necessary to research and investigate the reliability of the real estate company or the real estate broker before buying the property, and to check the price offered and specifications of the property, also to be sure of the technical issues related to the property in all respects, in addition to the legal situation and the form of registration in the registration of real estate records.
What are the most important tips for choosing apartments to invest in Turkey?
First: Under construction apartments: because the prices of apartments in Turkey, much different if they are ready or under construction, and it is known that waiting will increases properties prices.
Second: Apartments in areas that are booming and growing with a strong urban movement, which can be growing and rising constantly unlike other stable and full areas.
Third: The real estate agent must be a consultant. You must choose a real estate broker with experience and reliability in Turkish real estate. It helps you choose an apartment to invest in Turkey so that the investor does not fall into the wrong choice.
In the past two years, Turkish real estate companies have been competing in large-scale real estate campaigns that have led to a quantum leap in apartment sales, local and foreign investors were given the opportunity to buy comfortable apartments for periods of up to 240 months, making the search for apartments for sale in Turkey in 2017 and 2018 an option for those wishing to own and invest.
Apartments prices in Turkey is relatively low compared to the prices of apartments in other European countries, and the investor can achieve high incomes relatively risk-free, by investing in buying apartments for sale in Turkey; Turkish construction companies have set up a large number of urban projects at all levels and desires to meet all investors needs and those wishing to own.
Some investors may wonder about the average price of the apartment in installments in Turkey, and to answer this question we can say that this varies from one city to another and from one area to another within the city, but in general, you can afford an apartment acceptable for $ 65 thousand dollars.
In addition, the amazing installment options to suit different times, including a real estate campaign that has the potential to pay 1% of the apartment prices, and start paying installments starting in 2019. Real estate experts predict that the year 2018 will see such campaigns, which will increase the vitality of the real estate sector in Turkey, and the demand to buy apartments and investment in Turkey of various types, especially apartments with wonderful sea views.
Tips for those wishing to buy cheap ownership apartments in Turkey:
When looking for apartments for sale in Turkey, He should not be satisfied with the description he receives from many marketers in traditional and electronic media. The investor should study the area and decide to buy an apartment in it and must know the infrastructure, the type of apartments, the most important facilities and public services surrounding them. It is necessary to choose apartments built in accordance with international standards because this type of apartments rises in price over time. The investor must make sure that the apartment that he will buy is free of structural defects as well as free of any debts, taxes, financial assets or legal consequences. Looking for a reliable real estate agent to use in the purchase and ownership of apartments and to solve any problem you may face. At Imtilak Real Estate, we offer you a variety of options to purchase property in Turkey, whether it is for family housing or leasing, and for monthly financial returns. We can also assist you in after-sales services such as leasing and property management.
Reasons why to invest in Turkey:
As the country has an area of about 783,562.38 km² which shows how large the country is and also defines the potential of development in it. In spite of the area, there are many other reasons why a person should think of the investment in Turkey some of them are listed below.
Growth in the real-estate: While the reports show that there is a decline in the real estate business all over the world including America and European countries, but in Turkey, there is a growth in the real estate sector of around 18.4%. This shows how safe it is to invest in Turkey and explains why there are many apartments for sale in Turkey. Global evidence: Istanbul and many other big cities are considered to be attracting the real estate investors. Also, Turkey is ranked as a 3rd most profitable country in the sector of real estate. The real estate business is rapidly growing in Turkey and it’s considered to be one of the best countries for investment purpose in Europe. Availability of properties: There are ample numbers of units for sale in Turkey. If someone makes his mind of investing in Turkey in flats or apartments then he can surely find the right property for him. Apartments in Turkey for sale are equipped with all the new facilities and amenities. Demographic factor: The demography of an area can affect the business of that place; it can be in a negative or a positive way. But the demography of Turkey is the most favorable for its real estate sector. All the demographical factors are in the favor of the business let it be the population or the distribution of land. High GDP: The GDP of Turkey is always on the rise. The GDP was around 822 USD billion in the year 2013. 60% of the population in Turkey is under 40 years of age; this makes it a major target for foreign direct investment. Easy availability of finance: Banks and mortgage firms provide easy finance options for people who are looking for investment in real estate in Turkey. This allows them to buy the property on the spot and allows for slowly paying off the loans. This makes apartments for sale in Turkey easily available for those who are willing to buy and invest. Slowly becoming an economic hub: Turkey is slowly getting transformed into an economic hub which provides extremely modern shopping centers and an easy access to 1.5 billion people who visit Turkey for different purposes. The factors mentioned above can make any person interested in the apartments for sale in Turkey. Understanding these factors will show people that real estate investment in Turkey can be really profitable and can lead to great benefits.
The old Ramada Inn turned failed Duke Condo project turned failed boutique hotel by Graduate Hotels, is in the process of being demolished. It appears everyone has given up at this point on trying to save the bones of this building and it's going to be razed for a 342 unit apartment complex and parking deck. The design is being handled by CLINE Design on behalf of Alliance Residential out of Charlotte.
News blurb courtesy of the Herald Sun:
Map of the site via Google Maps:
General site plan which definitely maximizes every inch of their site as opposed to the giant sprawling parking lot currently there:
Link to the current plans pulled from Durham's Land Development Office:
Found this YouTube video of someone that ventured inside before demolition started:
Bunglaower reports a 13-story multi-family residential tower is being proposed for 108 E. Livingston Street called Magnolia Rose.
The proposed 320 unit development would also include space for six parcels of ground-level retail. The plan, submitted on 4/20, calls for the City to abandon a section of North Rosalind Avenue, which translates to approximately 77,982 SF of right-of-way, to host an adjoined five-story, 395-space parking garage.
Spectrum/Emery Midtown Office Bldg, 18th South & Chet Atkins, 10-stories, 130,000 sq. ft. Mid-2018 targetBy markhollin
Spectrum | Emery Inc. has offered specifics and has released an image for its 18th & Chet office building planned for Music Row. The 10-story building, to anchor the northeast corner of 18th Avenue South and Chet Atkins Place, will span about 130,000 square feet, with Nashville-based Earl Swensson Associates to serve as architect.
Spectrum | Emery has the multi-parcel property under contract and hopes to close on the purchase by August’s end. David Wells, Spectrum | Emery vice president, told NBJ the company expects to ask about $38 per square foot.
An early to mid-2018 completion date is being eyed. --Nashville Post, June 23, 2016
The development is within the light blue square in the center of this screenshot from Smeagolsfree's excellent Nashville Metro Development Map: