HOW MUCH DOES REAL ESTATE IN TURKEY COST?
Before you purchase real estate in Turkey, or make any investment for that matter, you should consider several questions.
Is the property worth your investment? Are rental yields high enough? In the future, will it appreciate or decline in value?
We don’t have a crystal ball that will predict the future with 100% accuracy, but you can look at other factors and get a solid idea of what Turkey’s economic future will hold.
One thing to consider is the value of the Turkish lira compared to other currencies. Since 2010, the Turkish lira fell in value from 1.50 against the US dollar to about 8.50. That’s an over 500% decline!
A steadily depreciating lira has made Turkey one of the world’s cheapest emerging markets to invest in real estate.
In fact, the Turkish property market ranks among the least expensive in all of Asia despite its status as an upper middle-income nation.
Istanbul is the largest city in the country with nearly 20% of Turkey’s total population residing here. You can purchase a renovated apartment in Istanbul’s city center for a low price of only US$1,000 USD per square meter.
Compare that to US$6,000 per square meter in Moscow, or US$3,000 in Belgrade, and Istanbul’s property values might seem like a wonderful deal at first glance.
As with anywhere else, Istanbul’s real estate prices vary based on the property’s location. The European side of Istanbul is more expensive than on the Asian side.
You’ll find the Istanbul’s cheapest properties in the Esenyurt district along the city’s far western suburbs. Meanwhile, the most expensive neighborhoods in Istanbul are Nisantasi and Besiktas, both of which are prime areas located in the city center.
The question is: whether through renting your property or eventually selling it, can you make a return on your investment in the future?
