Market Real Estate in Turkey in 2022 has undergone certain changes. The pace of building construction has slowed down. Experts attribute this to the increase in the cost of building materials and specialist services. The construction sector has also experienced difficulties due to the coronavirus pandemic and currency fluctuations.
Due to the decrease in the number of new buildings, competition for housing has increased. The price continued to rise as demand for housing has continued. The cost of real estate in Turkey has become unbearable for many. However, this was of little interest to foreigners who were ready to pay any money to stay abroad.
Buyers from Russia and Ukraine showed particular interest in Turkish apartments, between which a military conflict began in February 2022.
Should we expect a recovery in the real estate market?
In 2023, the Republic plans to celebrate the day of the proclamation of Turkey. The country's government promises to surprise the local population and guests of the country with new large-scale projects, which, according to experts, will revive the residential real estate market.
Since the summer of 2022, there has been an upward trend in demand for residential and commercial properties in Turkey. Buyers are ready to accept the increase in prices for apartments and pay more for comfort, coziness and good repair. Great interest in housing is predicted in Alanya and other resort cities in Turkey.
Construction companies are sure that the construction of large-scale infrastructure facilities stimulates demand for residences. Renewed Turkish cities will win the hearts of capital owners.
Infrastructure objects that Turkish real estate market participants rely on in 2023
Construction of an artificial water channel, the task of which is to connect Marmara with the Black Sea.
Airport in Istanbul, the architects boldly declare that it will not be equal in size. During the year, the airport will be able to serve at least 150 million passengers.
The emergence of artificial islands in the waters of the Sea of Marmara.
The first power unit of a nuclear power plant being built in Mersin.
Three cities that can be called high-tech. We are talking about the development of Gaziantep, Sakarya and Kayseri. Here, the best engineers will show their knowledge of modern technologies that allow them to take control of security. Medical institutions with the latest computer equipment will also be built. An important nuance is that architects implement energy-efficient buildings.
How will infrastructure development affect the residential real estate market?
Thanks to the construction of the water channel, new residential complexes will appear in Istanbul. And this means that more business people and young people will come here to develop business and receive education. In areas that are adjacent to Istanbul, the construction of new buildings has already begun.
Artificial islands will have a beneficial effect on the expansion of the coastline. New sites are expected here for the construction of comfortable resort areas.
The new airport is also planned for a reason. The easier it is for tourists to get to popular resorts, the more people want to visit Turkey in 2023. In the face of fierce competition, the government of the republic is trying to do everything so that every foreigner likes living in the country, because this is a stable investment in the economy.
Change in real estate prices in 2023
According to experts, in 2023 real estate prices will continue to rise in Turkey. The regions that are located near new projects are already enjoying interest. For example, in Mersin prices for real estate over the past year increased by 194%. The region became the third in terms of growth in the cost of apartments, only slightly behind Alanya and Istanbul in terms of indicators.
Also, another jump in prices is expected in technological cities. Special attention is focused on large infrastructure projects. Buyers of real estate and investors in such provinces are ready to invest money, realizing that the objects are attractive for investment - for life and recreation.
There will be more people wishing to buy Turkish real estate
To support construction companies and real estate agents helping to build and sell Turkish property, Erdogan signed a decree in 2022 designating these real estate market participants as exporters. Now they can count on state financial assistance in such cases:
when preparing registration documents for their activities;
the state is ready to share the costs of certification of experts;
from the treasury will allocate funds for advertising and marketing promotion of realtors;
builders can count on sponsorship by participating in exhibitions and other events;
the government promises to support the contests.
Erdogan positive about engaging citizens of Russiawho want to buy apartments in Turkey. Therefore, I am ready to finance development and marketing services in the Russian Federation.
Experts also emphasize that the increase in the number of real estate purchase and sale transactions in 2023 is facilitated by the new Law enacted by the President of Turkey. It indicates an increase in the amount of capital investment for obtaining Turkish citizenship from 250000 to 400000 dollars. Such changes in the law force buyers to act quickly.
How will inflation affect the real estate market?
It would seem that with an increase in inflation, homebuyers should become less. Of course, among the population with an average income, those who really want to buy an apartment have decreased. What can not be said about the desires of people with prosperity.
After all, in the face of rising inflation in 2023, buying a house can be a good way to protect yourself from financial losses. As long as inflation does not decrease, demand will remain high.
Which real estate is better to invest in in 2023
What objects are not worth investing in is the old housing stock. Cons of buildings: practically expired operational period, communications that are subject to major repairs. All this requires large expenses.
As an exception, experts recommend considering the purchase of exclusive housing in the historical part of the city, you can read about the cities in our guidebook across Turkey. Also of interest may be residences on the coast. But such proposals are becoming less and less. Therefore, investors prefer to invest in apartments in new residential complexes, where the infrastructure is well developed.
If there is little money, you can invest in a developing housing stock, closer to nature. The Covid-19 pandemic has caused many to reassess their priorities, and in 2023 apartments with gardens or spacious terraces will be highly valued.
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