With the boom in the Turkish real estate market for foreigners in the last three years, in particular, the number of real estate’s brokerage companies has increased dramatically and this is normal, but as we all know that the Turkish real estate market needs experts who have spent many years following the news of this market and comparing it with economic and even political developments in Turkey. Also, to follow up on the construction companies' files in terms of their efficiency and accuracy of project delivery on time and within the agreed specifications, etc.
But how can new real estate brokerage companies in this sector compete with old companies with long experience and a professional consulting team?
This was done by striking the basic axioms and giving incorrect prices for real estate, as well as working intensively on questioning the competing brokerage companies in the market and working to gain the customer’s confidence by giving false promises and misleading information, and if these new companies did not do it this way, they would not have any share in this market and will be out of the competition immediately.
As for companies with long experience in this sector, they respect the customer’s mind and appreciate that the process of buying a property is a sensitive process and must be directed to serve the customer’s goal of buying in order to ensure his future satisfaction and build long-term relationships with hundreds of happy customers.
This introduction was a must to answer the article's main question, which is, what are the real prices for real estate in Istanbul?
Real estate prices in modern projects that are sold for the first time, whether ready for housing or under construction, are determined by the real estate developer who is responsible for managing the project. They are standardized prices that are presented in the form of lists that are updated periodically based on several factors, including:
- The approaching delivery date of under-construction projects leads to an increase in prices.
- Investment projects are increasing in prices faster than housing projects.
- The existence of an infrastructure development near the project, such as the opening of a new metro line, a mall, or a university.
- The sale of neighbouring properties causes an increase in the prices of the remaining real estate due to the increase in demand for them (Maslak area projects are an example).
- Real estate prices in the centre of Istanbul (on both sides of the Bosphorus) are constantly increasing, whether these properties are ready or under-construction (and here the rise is higher) because there are few options in the centre of Istanbul and the demand is high.
Thus, no real estate brokerage company can give you a price lower than the price of the developer responsible for the project, and therefore comparing prices for the same projects with several real estate companies is really just a waste of your time because the professional company will give you the correct price and focus on the features of the project that made it worth this price, as for the start-up companies They will try to give you fake prices for the same project due to the lack of awareness of the real project features.
As for old or resold real estate, it is primarily owned by people and is not like modern real estate owned by a real estate developer. Therefore, attention must be paid when purchasing resale properties to the following points:
- The real estate appraisal in it is not identical to the value of the title deed (Tapu) and therefore it is not suitable for Turkish citizenship, as it is possible to buy a property worth $ 250.000 and it is valued at an amount less than $ 100.000.
- The person who is responsible for managing these real estates is the owner, and therefore it is exposed at any moment to a significant increase in prices or cancelling the idea of selling it or even selling it at any moment, and there is no alternative to it, as in new projects.
- Payment exclusively for the owner is 100% of the value of the property, and there is no option for instalments or division of payments at all.
- The only guarantee is the title deed that you will get when buying the property from the owner, and there is no guarantor like the real estate developer in the case of any problem.
- There is no after-sale service in this type of real estate provided by real estate brokerage companies in coordination with the real estate developer.
When you get acquainted with the Turkish real estate market closely, you will realize that each property has its own advantages that have determined its price, whether it is a new property or a resale property, we do not deny the importance of inquiring about real estate prices, but we always advise customers to review the pros and cons of any property and then inquire about the price and balance in whether the price is suitable for the features or not.
There are constant factors that affect real estate prices, which you can learn about in detail through our previous article: learn about 20 factors affect real estate prices in Istanbul
Now that we have defined the types of real estate and the reasons for the discrepancy in prices that are sometimes presented in the Turkish real estate market, we will answer some of the frequent questions that customers usually ask us.
1- Is there a property in Istanbul with a value of $ 20.000?
Yes, there is a new property outside the residential complexes, far from public transportation, and not resistant to earthquakes, with a value of $ 20.000 or $ 25.000, but look at the image below to know the type of property that you will get with this value.
It appears that it is a property in a new building and consists of a room and a hall with a small area and it seems appropriate at first glance for its price and comparison in the residential complexes where the prices start from $ 45.000 for a room and a hall, but now we will reduce the image above and check what surrounds this property:
The same property in the first picture, we will find that it is located in a popular neighbourhood and not within a safe residential complex. If you wandered around this neighbourhood for one hour before purchasing this property, I am sure you will not buy it, as it is also far from public transportation and in an environment that is not suitable for you and your family. Add to that the lack of any entertainment services or security system, as well as the materials used in construction and the insulation, are of the worst types, and therefore if your goal is to buy a property of this value and you are ready to obtain a property within a popular neighbourhood like this, we can say that your request is in the Turkish real estate market.
2- What will I get with the value of $ 45,000 for a room and lounge?
You will get a property within a residential complex that has a surveillance system and some recreational facilities, but it will be overcrowded with many buildings and a large number of houses in each building. The building area will be the predominant one compared to the area of swimming pools and gardens, as for earthquake resistance, it will be suitable for weak and medium resistance.
The materials used in the construction will be of low quality, but it will be close to simple public transport such as buses and away from infrastructure transportation such as the metro or the famous Metrobus line in Istanbul.
3- What will I get with the value of $ 70.000 for a room and a hall?
You will get a property within a full-service residential complex that predominates green spaces and entertainment facilities over the building spaces, and with an appropriate number of buildings and houses in every building, it is resistant to earthquakes of all degrees.
As for the materials used in construction, it will definitely be better than the previous options, and it will be near an important transportation line and possible a large shopping mall.
4- What will I get with the $ 100.000 value for a room and a hall?
If we talk about the Beylikduzu area away from the centre of Istanbul, we can get a room and a hall in a full-service residential complex that includes a commercial mall with a sea view. It will also be close to public transportation, and strategically located, and earthquake-resistant in all degrees.
Also, in this same area, we can get two properties worth $ 110.000 that can be rented in the form of an office with a high rental return.
The quality of the materials used in the construction will be good, the properties have a nice view, and close to major roads and transportation.
It is worth noting that all these properties so far are in Esenyurt or Beylikduzu, and these two areas are about 40 kilometres from the centre of Istanbul on average.
Note: We can find properties closer to the centre of Istanbul in other places at a price of $ 100.000 for a room and a hall that may be under construction in the Kagithane or Eyup area or ready in the Gaziosmanpasa and Basin Express area, but here we are trying to gradually move in order to serve the article title, which is real estate prices in Istanbul, the customer realizes what specifications he may obtain for each budget allocated to the property.
This map includes the areas in the sector far from the centre of Istanbul and the properties that we have shown so far are in the areas of Esenyurt, Beylikduzu, and Buyukcekmece.
5- What will I get with the value of $ 150.000 for a room and a hall?
An office can be found in Yenibosna, which is about 20 km from the centre of Istanbul, and this area is characterized as a large gathering of companies at the E5 main road and the entrance to Basin Express Street and is resistant to earthquakes in all degrees.
Finishing will be of good quality, and the focus will not be on green spaces or swimming pools here, but on the interior prestige of the building to secure the highest degree of luxury in front of your customers who will visit your office
We can infer from the map the location of Yenibosna within the municipality of Bakirkoy under the green circle represented below.
6- What will I get with a value of $ 200.000 for a room and a hall?
This is a good amount of money with which you can get a spacious room and hall property in the centre of Istanbul in the Maslak area under construction or in the Kagithane area ready for housing.
Here the area will be elegant and has distinctive views of the Belgrade forests. As for the materials used, it will be very good and also the project will be close to highways and metro stations and most importantly of all, the fact that the real estate of Istanbul Centre is in high demand due to the lack of real estate offered compared to the areas far from the centre and it is earthquake-resistant in all grades.
We will attach a map of Istanbul Centre here to indicate the locations of this property and the upcoming properties.
7- What will I get with the value of $ 250.000 for a room and a hall?
You will get a property in a very special area of the centre of Istanbul, such as Beyoglu or Maslak, with high-quality services near all important facilities, the Bosphorus, archaeological areas or business centres, the materials used in construction will be of high quality in very elegant neighbourhoods, and resistant to earthquakes in all degrees.
It is worth noting that these real estates will be suitable for obtaining Turkish citizenship according to the Turkish government law issued in 2018 that the foreign investor is entitled to obtain Turkish citizenship when buying a property of at least $ 250.000 and maintaining it for 3 years.
8- What will I get with a value of $ 300.000 for a room and a hall?
Here we talk about very luxurious real estate in the centre of Istanbul, Sisli, with the aim of investing, where the business centre and the presence of very few new projects, where the property here can offer you a double profit through its rental return and its high price when selling.
We will find real estate within very high-rise towers with very distinctive finishing and luxurious services in a central location close to the Bosphorus and all the important areas, and earthquake-resistant in all degrees.
If your target is residential with a panoramic sea view, you will find within this budget a one-room property with a stunning view of the Marmara Sea and is resistant to earthquakes in all degrees.
Our journey did not end here, as Right Home has more than 300 residential and investment projects all over Istanbul, and for the article not to last longer, we will be satisfied with this limit.
You can always get a free consultation from our professional consulting team by contacting us.
