The need of investors around the world to join the Turkish real estate market and benefit from its reliability, power, and bright future and content is growing. After real estate investments in Turkey have reached this remarkable global stage, with a collection of new concepts and terms relating to the Turkish real estate market.
In general, Turkey’s investment in real estate, and Istanbul in particular, is one of the world’s distinguished economic activities and one of the essential branches of investment in Turkey property. Which has attracted many of the leading energies. When you decide to buy a property in Turkey, you must first see buying real estate in one the most affordable countries in the world, as a superb investment.
You have chosen to start your real estate investment search, and therefore you need to see the standard real estate terms in Turkey before determining your goals and options to make the purchasing process more straightforward. What are the most important of these terms and concepts to guarantee you the future of Turkish property investment?
Turkey real estate market statistics in 2020
Turkey’s real estate market has refreshed since the start of everyday life, seeing a considerable increase in sales. With an unprecedented increase in prices, July property sales hit 229,357. The number of properties sold increased by 124.3% compared to the same month of 2019, and it seems to be noted that real estate sales are now at their height of operation and prosperity for this year. Property sales are now at their peak, making it the perfect opportunity for those wanting to purchase profitable real estate in Turkey to enter the real estate market.
The value of Turkish property
Real estate is all that represents a secure and stable asset in its position, contributing to its inability to move without being damaged from one place to another, and examples include property, buildings, walls, homes, and factors that influence the value of real estate are as follows:
Supply and demand equilibrium
Place and the property’s total area
Rental real estate returns
Standard variables, such as the atmosphere and the weather
Global variables that are correlated with the country’s economic climate
Laws and laws relating to construction, demolition, and leasing
Social trends and general flavour
The expected benefits in the future from land
Reasons for the high value of real estate property:
The inflation effect
The impact of demand and supply on the market for real estate
Transitions and prosperity in economic terms
Substantial levels of cash flow from real estate
Improvements to the house, including decorations
Low real estate value reasons:
Demand in the real estate industry and supply conditions
Obsolescence in economic terms
Modification of government regulations
Compulsory selling of the property
The lack of constant maintenance of the property
The detrimental effects of an infrastructure that is failing
Real estate evaluation
The property’s market value is assessed, and the appraisal process is carried out by real estate experts with a government license to work on real estate assessment in Turkey. The Turkish government has recently released a decision requiring the involvement of a real estate expert approved by the Ownership Department, whose role is to decide the value of the purchase.
The assessment committee on the site of real estate where the prices of apartments in Istanbul differ by region, for example, the central regions are higher than those nearest to the middle, and the type of property, whether it be residential or commercial, the age of construction and the area of the apartment are taken into account. It goes without saying a frontline beach property in a popular resort, will also have a higher price tag than a countryside residence. If you are ready to invest in Turkish real estate, begin your Turkey property search today!