House prices in Turkey 2021 have recorded a significant increase in most of the Turkish states after the clear recovery of the real estate sector and all Turkish economic sectors after the Corona crisis, and we have collected for you in this article all the important details about real estate prices in Turkey during 2021 with the most relevant details, such as prices Previously real estate and the most important states in which real estate prices have increased, and expectations of apartment prices in Turkey for the next year 2022.
A good and beneficial follow-up, we wish you
The average house prices in Turkey 2021
According to the latest international statistics, the price per square meter in Turkey is on average about 892 US dollars, which is approximately 7,500 Turkish liras.
This value shows that the price of real estate in Turkey is competitive with real estate prices in major countries known globally and that the annual increase in the price of Turkish real estate is good and encouraging investment, and this is what we will explain in the following paragraphs:
The increase in the price of real estate in Turkey during the past years.
Fanar monitored the beginning of this year, the clear increase in real estate prices in Turkey 2021, and we mentioned this in an article: The rise in apartment prices in Turkey at the beginning of 2021, and for more information on this topic, we can inform you about Table of real estate prices in Turkey over the past years:
|
The year |
The price per square meter |
How much is it in dollars for the same year |
|
2021 |
7500 TL |
892 USD |
|
2020 |
7000 TL |
875 USD |
|
2019 |
5200 TL |
742 TL |
|
2018 |
4250 TL |
708 USD |
|
2017 |
2800 TL |
700 USD |
Note:
-
In the statistics, we have relied on the average prices of houses in Turkey within the residential complexes with distinctive services
-
If you want to get houses at a price lower than the prices mentioned in the table, you should give up the idea of living in a residential complex or obtain the privileges of being inside the residential complex
The annual increase in real estate prices in Turkey
Comparing house prices in Turkey during 2020 and 2021, we find that they increased by the following percentages:
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15.7% compared to prices in the Turkish lira
-
4.45% compared to prices in US dollars
Real estate capital recovery rate in Turkey
The capital recovery rate for real estate investment in homes and homes in Turkey ranges between 19 to 23 years and depends on several factors:
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Proximity to city centers and tourist areas
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Proximity to modern transport stations and rapid transit
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Furnished homes make more profits by renting than unfurnished homes
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Choosing a house in Turkey in urban transformation areas helps reduce the number of years of capital recovery, and achieve more profits than renting
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Buying homes under construction in Turkey also contributes to reducing the number of years of capital recovery.
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Old houses have less rent than new ones, so it takes a longer period to recover the capital.
Real estate finance in Turkey
The method of obtaining the net amount in order to buy a house in Turkey are called “real estate financing.” It is known that there are several methods of financing, the most important of which are: Capitalization is the transfer of monthly or annual income into capital that can be used to reach the desired property price.
In the following table, a study by numbers of the relationship between the monthly and annual income of the individual in Turkey with the capital required to own a house in Turkey
|
|
In Turkish Lira |
In Dollars |
|
The minimum wage in Turkey-per month |
2825 TL |
340 USD |
|
The minimum wage in Turkey-annually |
33900 TL |
4085 USD |
|
The average wage in Turkey per month |
5500 TL |
660 USD |
|
The average wage in Turkey- annually |
66000 USD |
7950 USD |
That is, the ratio of capital to income in Turkey ranges from about 12 to 20 years in order to buy a house in Turkey of 100 square meters in a vital area, but in areas with low prices, the ratio can drop to less than that
real estate loan
It is possible to obtain a real estate loan in Turkey in order to buy a house or any other type of real estate, and banks in Turkey allow this type of loan for foreigners, which is very easy. Economic estimates of the International Monetary Fund indicate that the index of affordability of mortgage loans in Turkey is approximately 0.66
Buying real estate in installments in Turkey
Your home can be obtained by owning in installments, as construction companies in Turkey give ideal opportunities to sell apartments and villas in installments, and some installments may reach more than two or three years, and you can obtain partial financing to obtain the required amount to own property in Turkey by leasing, The average annual rental return for real estate is approximately between 5.8 to 6.3% of the property price
Annual return on renting homes in Turkey
The annual rental return for homes in Turkey is estimated between 5.8% of the property price outside the city centers to 6.2% of the property price in the city centers.
Here are some details about the monthly and annual rental return for two of the most famous types of houses in Turkey, namely “room and hall” and “ two rooms and a hall
|
Rental return |
Apartment in Turkey in the style of a room and a hall |
Apartment in Turkey in the style of two-room and a hall |
|||
|
In the city center |
On the outskirts of the city |
In the city center |
On the outskirts of the city |
||
|
Within a month |
The minimum limit |
1200 TL |
800 TL |
2000 TL |
1275 TL |
|
The average |
2225 TL |
1375 TL |
3825 TL |
2375 TL |
|
|
The maximum limit |
3500 TL |
2500 TL |
7500 TL |
4000 TL |
|
|
Within a year |
The minimum limit |
14400 TL |
9600 TL |
24000 TL |
15300 TL |
|
The average |
26700 TL |
16500 TL |
45900 TL |
28500 TL |
|
|
The maximum limit |
42000 TL |
30000 TL |
90000 TL |
48000 TL |
|
Real estate prices in the largest Turkish states
Let's move away from the language of generalization and let's go into the details of real estate prices in the major Turkish states, which are the most popular cities for buying and selling in the real estate market, whether for Turks or foreigners. We have clarified the most important details of real estate prices in the most important Turkish states in the following table:
|
The state |
Average price per square meter |
Average rent per square meter |
|
Istanbul |
7200 TL |
30 TL |
|
Izmir |
6000 TL |
23.7 TL |
|
Antalya |
5000 TL |
22.5 TL |
|
Bursa |
3760 TL |
15.5 TL |
|
Sakarya |
3715 TL |
14.2 TL |
|
Kogali |
3700 TL |
14.1 TL |
|
Ankara |
3580 TL |
14 TL |
|
Trabzon |
3500 TL |
11 TL |
Comparing real estate prices in Turkey with other countries
To learn more about the price of real estate in Turkey, it is necessary to compare with real estate prices in countries where there is a demand for ownership in the Gulf, Europe, and the American continents, in order to know the difference in the price of real estate between Turkey and the most important real estate countries in the world.
Fanar Realty has prepared for you after following the most important publications International real estate prices in several countries around the world
This table shows the lower, upper and middle limits of the price per square meter in these countries compared to Turkey:
|
Country |
The price per square meter of the property in US dollars |
||
|
The Minimum limit |
Average price per square meter |
The maximum limit |
|
|
Turkey |
488 |
892 |
1785 |
|
Saudi Arabia |
586 |
1065 |
1660 |
|
USA |
1475 |
3570 |
7200 |
|
United Arab Emirates |
1635 |
2815 |
5130 |
|
Canada |
1930 |
4480 |
9180 |
|
Italy |
2085 |
3685 |
9125 |
|
Spain |
2130 |
3475 |
6335 |
|
Qatar |
2745 |
4545 |
8240 |
|
France |
3075 |
6000 |
16075 |
|
Kuwait |
3325 |
6350 |
16620 |
|
Germany |
3545 |
6205 |
14225 |
Real estate price forecasts in Turkey 2022
-
The expectations of the real estate market in Turkey indicate that house prices in Turkey will witness an increase in the next year due to several important points that positively affect the price of the property, the most important of which are:
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The movement of buying and selling in Turkey is very strong, and real estate options are open, and very many
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The increase in the number of foreign communities in Turkey
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Tourism is growing in Turkey and investment opportunities in this sector
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Trade growth in Turkey
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Ease of buying and selling procedures and legal facilities for ownership in Turkey
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There are many urban transformation projects in various Turkish states, especially Istanbul, Antalya, and Ankara
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The increasing number of major projects in Istanbul and the approaching opening of the Istanbul Canal, in addition to many large projects in other Turkish states
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The beginning of the improvement of relations between Turkey and a number of other countries that were suffering from unstable relations with them, which will increase the investments of foreign citizens of these countries within the Turkish territory, and therefore real estate will have a large share of these investments
The promising future of the increasing movement of demand for real estate and consequently the increase in house prices in Turkey, so the average price per square meter in 2022 may reach approximately 900 US dollars as the lowest estimate.
Check out the latest real estate projects in Istanbul: Apartments for sale in Istanbul
Sources: Turkstat - Numbeo - Zingat
Editing: Fanar Realty