You can buy an apartment in Turkey for both $40,000 and $400,000. An expert on the situation in the Turkish real estate market 2022

You can buy an apartment in Turkey for both $40,000 and $400,000. An expert on the situation in the Turkish real estate market

Turkey is not losing its popularity among investors around the world. Buying an apartment or a house on the coast seems to have already become a trend in the world market. But why Turkey? Nawar Ghadri from GM Binaa Investment Company shared his opinion on this issue and spoke about the situation in the local real estate market.

«Investments in real estate are more profitable than any bank deposit»

— Everyone says that it is more profitable than ever to buy real estate in Turkey. Why?

— Turkey has practically become the center of international real estate investments over the past few years. Investors from all over the world come to our country, with the exception of a few nationalities which are forbidden from purchasing real estate in Turkey. Among them are Armenians, Kurds and Syrians. 

Why is buying an apartment in Turkey now more profitable than ever? The answer is simple: the value of real estate in the country is growing, its infrastructure is developing, the tourist flow, even against the backdrop of the pandemic, is not diminishing. All this means that, if you invest $50,000 in a promising property now, in two or three years you will already be able to sell it for $70,000. Such investments are more profitable than any bank deposit, and so they attract buyers to our country. It turns into a vicious circle (and, we should say, a very positive one): investments help our country to develop and become better, and its development attracts even more investments. 

However, in addition to economic reasons, there is an emotional factor that plays a huge role. Turkey is a beautiful country where representatives of all nationalities and religions live together peacefully. It is a country where everyone can find something to their liking: some will enjoy being close to the most beautiful nature with unique reserves; others will seek its numerous nightclubs and bars, and there will be some who need shopping to relax. All this and even more is available in Turkey, and that is why so many people come here. 

— What is the cost of a square meter of housing in Turkey now?

— The cost of housing in Turkey, as in other countries, depends on the location of each specific property. For example, you can buy an apartment in Istanbul for both $40,000 and $400,000 the offer is so diverse that it can satisfy any request. This, in my opinion, is a unique feature of the Turkish real estate market: here every buyer will be able to find a house or an apartment on their own budget. Turkey has already implemented almost all options that buyers can request: from the most low-cost, but high-quality apartments, to exclusive luxury apartments. 

Turning to specific figures, the average price per square meter of housing in Turkey is approximately $350 — 400. In Istanbul, the most budget friendly options are sold for $350 per square meter, while you can buy a new building in Istanbul in a good area at $3,300 per square. In Ankara, the average cost of a square in the secondary market is $250; in Antalya and Aydin, it amounts to about $400. 

Resort cities are more popular with foreign investors, because the apartments purchased there can almost immediately be rented out and receive income. Of course, the cost of a square meter is higher there.

Apartments in new buildings in Istanbul

The expert considers the primary market to be the most promising from the point of view of investments. Of course, buying an apartment at the initial stage of building a house is much cheaper than buying it after the house is put into operation. According to Nawar Ghadri, it is worth taking a look at the new buildings in Istanbul: this is a dynamically developing metropolis, where the demand for real estate will only grow.

The Kucukcekmece Apartment complex is actively under construction in Istanbul. This is a residential project in the European part of the city, which divides one of the largest sites in Istanbul. Around the residential complex, you can find the medical, educational and commercial institutions you need the most for your daily life; the main transportation and communication routes are also located nearby. 

This luxurious apartment complex, located in the central district of the city, consists of two buildings with apartments of different layouts and sizes, in the styles of 1+1, 2 +1, 3+1, and 4+1, which are suitable for small and large families. Within walking distance are several large shopping malls: Mall of Istanbul, 212 Outlet Mall, Arena Park Mall. There are schools and kindergartens nearby.

  

Another interesting project in terms of investment is the new construction in the central district of Istanbul Beyoğlu, near Taksim Square. A metro station is just a few minutes walk away. 

It is a residential project characterized by unique archaeological architectural models dating back to the Ottoman era. The total living area of the project amounts to 82,000 square meters and includes 760 apartments of various sizes and types, ranging from 1+1 to 4+1. The area of these apartments varies from 55 sq.m to 207 sq.m. The second part of the project consists of 190 residences within different options ranging from studios to types 1+1 and 2+1.

The complex has an indoor shopping center which covers an area of 31,000 sq. m. and features a 550-meter long shopping aisle with various brands on it. On the territory of the complex there is a huge cinema theatre with 9 halls, a sports center, more than 20 exquisite restaurants for every taste, a dining room, and a playground for children.

  

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