Istanbul Property Price Index: Predicted Changes to House Prices in 2024

Istanbul is a very popular city for property investments. There are many villas and apartments for the economy and premium class. People can purchase real estate from the developer to save money. Stay Property company offers to buy property under construction and already built in Istanbul. Below you will find several reasons for it.

Price Dynamics for Istanbul Property Since 2020

Istanbul is in the TOP-list of the most attractive cities for property investments. That is so due to the prices. They are lower than in Europe but investors can earn up to 80% per year due to the price increase.

There is a hyperinflation in Turkey. It was more than 85% in 2022. As a result, the cost of real estate exceeded 200% in a year in some districts of Istanbul. There is no European country that can offer such an investment income when buying real estate.

The cost of a square meter of a house in Istanbul is about 1,500 euros. For instance, the price was about 550 euros per square meter in 2020, and it was already 1,000 euros in 2021. So, the price changes really fast.

Interestingly, that the price increase doesn’t negatively affect the demand for housing. Almost 1,500,000 deals were registered in Turkey in 2022. Almost 260,000 of them were made in Istanbul. In comparison with 2021, the sales level fell by only 0.4%.

Here is the list of locations of most part of investors.

  • Russia;

  • Ukraine;

  • Kazakhstan;

  • Germany;

  • Persian countries.

The index of interest in Turkish real estate from foreign investors increased by 15% in 2022.

New Constructions In Turkey

It’s possible to purchase objects in compliance with your demands. These are factors that affect to the price:

  • type of the property;

  • square;

  • technical conditions;

  • district.

Foreigners are focused on buildings under construction to save money and get a new house. It was predicted by experts that new houses would be in great demand. They follow national building standards and don’t have any hidden problems. The minimal price on the primary market starts at 130,000 euros.

Rental Market Changes in Istanbul

The growth of about 50%-100% will be several years in a row. That’s why it is reasonable to invest in Turkish property. This is facilitated by the stable economic and political situation in the country, high investor interest, a weak national currency, and a large number of development projects.

As for the rental market, there are many people who are ready to rent houses in tourist cities. Prices are higher in summer and autumn. Owners can earn a lot of money while renting houses to tourists. Native people are going to sign a long-term treaty but the renting price will be lower.

Reasons To Buy Property In Istanbul

There are several reasons to do it:

  1. Investment potential. Istanbul's real estate market has shown strong growth in recent years, making it an attractive investment opportunity.

  2. Growing demand. The city's population is rapidly expanding, leading to increased demand for housing and commercial properties.

  3. Favorable legal framework. Turkey offers favorable laws and regulations for foreign investors, making it easier to purchase and own real estate in Istanbul.

  4. Potential for rental income that will let to earn some money monthly.

  5. Infrastructure development. Istanbul is undergoing significant infrastructure development, including transportation networks and urban renewal projects, enhancing the value of real estate in the city.

  6. Good climate. In this case, the property can be used to live on vocations.

  7. Feature to get the residence permit.

It makes foreign investors buy real estate in Istanbul.

Housing Prices in Istanbul in 2023

Prices depend on the district and the property condition. While buying housing on the primary market, it will be cheaper in the Esenyurt and Avcılar districts. The cost of a 1-bedroom apartment starts from 130,000 euros. The most expensive property is in Kadıköy, Üsküdar, Şişli, and Beyoğlu districts. The same apartment will cost from 250,000 euros.

Experts’ Predictions

Turkey maintains a stable political and economic situation, which is unlikely to change in the near future. This means that the average price increase will be about 50% per year.

Benefits Of Buying Property in Istanbul

These are the following benefits of buying property in the city:

  1. Feature to get the residence permit. Later investors could get Turkish citizenship.

  2. High liquidity of real estate. It can always be quickly sold if necessary and return the investment.

  3. A lot of tourists. This means that housing can be rented out for additional income.

  4. Savings on living in Turkey while on vacation in this country.

If you are interested in real estate in Istanbul, you can contact Stay Property company. This is a developer that could offer you many options in compliance with your demand and financial features.

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