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:

  • 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:

  • Proximity to city centers and tourist areas

  • Proximity to modern transport stations and rapid transit

  • Furnished homes make more profits by renting than unfurnished homes

  • Choosing a house in Turkey in urban transformation areas helps reduce the number of years of capital recovery, and achieve more profits than renting

  • Buying homes under construction in Turkey also contributes to reducing the number of years of capital recovery.

  • 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:

  • The movement of buying and selling in Turkey is very strong, and real estate options are open, and very many

  • The increase in the number of foreign communities in Turkey

  • Tourism is growing in Turkey and investment opportunities in this sector

  • Trade growth in Turkey

  • Ease of buying and selling procedures and legal facilities for ownership in Turkey

  • There are many urban transformation projects in various Turkish states, especially Istanbul, Antalya, and Ankara

  • 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

  • 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

 

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