General trends in the Turkish residential real estate market:
1. Projects “city within a city”
Demand for resort Turkey is consistently high, and land near the sea has long been in short supply. The trend of developers purchasing large plots closer to the mountains, in the suburbs, is becoming increasingly clear.
The projects include many residential buildings and extensive infrastructure that meets many of the needs of residents - shopping, leisure, car rental, transfer to the sea and the center.
The trend towards consolidation of projects can be seen in both Northern Cyprus and Istanbul. These are the most affordable options, given their concept and the wide range of entertainment options on site.
2. New areas are entering the arena
The shortage of land provided impetus for the development of previously sparsely developed areas. This applies to both development and the formation of new urban infrastructure, such as embankments, shopping centers, medical institutions, markets, schools, cultural centers, etc.
In Alanya, Payallar and Demirtas are rapidly developing, in Antalya - Aksu, in Istanbul and Northern Cyprus, suburbs are actively growing.
3. Demand for citizenship
Over the past two years, the number of applicants for properties to obtain a Turkish passport has increased significantly. Developers are creating package offers for apartments. High-quality modern villas for citizenship are sold out quickly.
The owner-seller must be a Turkish citizen, and the object must not have previously acquired citizenship by a foreigner, which significantly affects the number of suitable resale options.
4. Demand for high official value
This is due to the innovation - for a residence permit, an apartment must have a cadastral value of $75,000, and for citizenship - from $400,000. However, the actual transaction amount and the value of the lot estimated by an independent expert may differ significantly.
5. Online transactions
80% of contracts for new projects are now concluded remotely. The buyer and the developer exchange documents for signature, and an installment repayment plan is formed.
There is no point in flying to Turkey to study a pit or an empty site after the start of sales, if modern methods are available for remote viewing of locations. The main thing that buyers pay attention to is the availability of a building permit and an approved project.
For such investments, trusted developers with a number of completed complexes are chosen. With large projects, questions do not arise for the developer, since his reliability has already been checked by the state, allowing him to carry out large-scale construction.
6. Interest in garden duplexes, townhouses
Apartments with a private garden, separate access to the courtyard, and even a separate swimming pool are increasingly being found by developers, especially in projects with picturesque locations surrounded by nature.
7. Completeness with covered infrastructure
A winter pool matters. In resort Turkey, the seasonality factor is becoming less and less noticeable; buyers want to relax on the territory of the complex both in winter and during the season.
And in Istanbul, the trend for internal “filling” is dictated by increasing customer requirements for the concept and quality of space, the desire to buy not just square meters, but also a qualitatively better way of life.
9. Prices from developers do not fall
Everyone was waiting for the fall, but alas. New prices from developers are only going up. This is due to the rise in prices of building materials and technologies, the shortage and high cost of land, and increased labor costs and other factors.
10. Resale at a discount
Time to buy! Against the backdrop of the general trend of calm in the market, associated with the crisis after the pandemic and earthquake, and the increase in prices for new real estate by several times, you can find good offers on the secondary market. Many sellers offer significant discounts for urgent sales. But there are not so many such objects. Interesting options in high-quality complexes go off sale in a matter of days.
Conclusions and forecasts
An ordinary average residential complex in Alanya, Antalya, Mersin and other resort cities is more than just a building with apartments. On the territory there is, at a minimum, a swimming pool, hammam, sauna, steam room, children's playground, recreation areas and barbecue, parking. The apartments are handed over to the buyer with full finishing.
And what’s important is that the city’s infrastructure is developing, and the resident population is growing. For example, Alanya in the coming year will receive the status of a provincial center and an autonomous city, instead of the Antalya region. This opens up many prospects and opportunities for the municipality and will affect property values.
Despite the increase in real estate prices, Turkey remains in the TOP 5 in terms of demand. In addition, the domestic market is now gaining momentum, Turkish citizens are increasingly buying real estate in Mediterranean resorts, which are considered the most seismically safe.
Is it time to buy, or should I wait? It’s time to choose more carefully, and stop only on offers with unique features, features, and non-standard installment terms. All of them are in the Stay Property portfolio. Please contact us for a consultation.