Where to Buy an Apartment in Turkey?

The state of Turkey's real estate market

The price of residential real estate in Turkey rises every year. Over 2022, prices for Turkish apartments rose by more than 160%.

More residential units were sold in Istanbul last year than anywhere else. Antalya ranked second among the most popular cities for investment, and Mersin came third.

Contrary to popular belief, the price of apartments in this country does not depend on the size of the unit. What matters most in this case is its location.

Today, the price of properties located in Turkey's most popular cities ranges up to around $250,000. Yet despite the sharp rise in prices, Russian citizens are increasingly deciding to invest in real estate in this country.

How much does housing cost in different currencies, and what determines the price per square meter?

Where to buy an apartment in Turkey? The answer to this question depends on the size of a prospective buyer's investment capital. Istanbul is currently the leader in terms of price. The price of a two-bedroom apartment located in one of the top tourist locations starts from $160,000 (about 13 million rubles).

Apartment prices in Antalya are significantly lower. In this city, the average price per square meter ranges from $1,110 to $1,400.

Those looking to save money are better off buying property in Turkey in the city of Mersin. This town is located on the southeastern coast. The price per square meter here starts from $700.

These price figures are not fixed. The cost of residential units depends on many factors. For example:

• location: apartments in areas popular with tourists are always more expensive;
• size, number of rooms, and technical condition of the property: new apartments fitted with modern amenities such as air conditioning, an equipped kitchen, parking, and a pool are in high demand and cost more;
• infrastructure: the presence of shopping centers, schools, a seafront, and good transport links raises the price per square meter.

In addition, the price of an apartment rises depending on the reputation of the company building the residential complex.

Wondering where's best to buy housing in Turkey? Pay attention to apartments that have not yet been completed. Such properties are always cheaper than comparable units of similar size and condition on the resale market. By the time construction is finished, the price of such apartments rises by 15-20%. That's why buying properties under construction is the most advantageous option from an investment standpoint. In addition, new properties are built according to modern construction trends and requirements for earthquake resistance, air conditioning, and heating, and their floor area is much larger than that of resale units.

Buying real estate in Turkey: how to judge a property's liquidity

Liquidity is a property's ability to sell quickly on the market without a significant price cut. When deciding to buy an apartment in Turkey, it's important to focus on your future plans.

If an investor plans to rent the apartment out in the future, it's advisable to pay attention to residential complexes with developed infrastructure, parking, and management that will be completed soon.

The cheapest real estate in Turkey is property at the foundation-pit stage. This is the most attractive option for those aiming to sell the apartment a few weeks or months after purchase. Properties under construction rise in price by 15-20% after completion. This means the investor will be able to sell the apartment at the most favorable price down the line.

Istanbul is not only Turkey's largest city but also one of its most economically and culturally developed. It is home to the country's two main airports. Every day, a huge number of prospective tenants arrive here.

Alanya ranks second among towns with the most liquid real estate. During peak tourist season, more than 1 million people visit it.

The best places to buy real estate in Turkey

Now let's talk about the top 3 cities in Turkey for buying real estate.

1. Istanbul is a city where modernity and history blend organically. Most of the properties with high historical value have survived here. It also attracts tourists with its proximity to the shores of the Black Sea and the Sea of Marmara, while business people are drawn to the city's developed infrastructure.
2. Izmir is where Aristotle lived and worked. This city is also located by the sea, but it mainly attracts tourists wanting to be inspired by Turkey's history.
3. Bodrum is the pearl of the Aegean Sea, known for its lively nightlife, lush greenery, and beautiful beaches.

In answering the question of where is cheaper to live in Turkey, it's important to consider not only a prospective investor's financial means but also the goals they've set for themselves.

It's worth noting that Turkey is not just sea and sun but also a center of the business world. Representative offices of many European and Asian companies that work closely with Turkish businesses are located here. The country is comfortable to live in year-round, thanks to the variation in weather conditions across its different regions. In some regions, the air temperature can drop below zero.

Central Anatolia is a region with a predominantly steppe climate. The air temperature here ranges from 0 to -30°C in winter and from +23 to +30°C in summer. This is where Turkey's capital, Ankara, is located.

Living costs are quite low in Central Anatolia. However, this region isn't very popular with tourists due to its unstable climate conditions. So renting an apartment out short-term here won't be profitable.

Ankara's advantage lies in its year-round housing use. In Ankara, it's more common to rent an apartment long-term to foreign companies or their employees. Istanbul attracts tenants who come to the city not only to handle business matters but also stay on to live there long-term. The city stands out for its higher level of service availability and the range of jobs on offer.