The prices of apartments in Turkey vary between regions where there are apartments at very high prices, And other areas contain apartments at cheap prices compared to the rest of the areas, But in 2020, apartment prices in general are rising after a period of stagnation
The real estate market in Turkey due to the Corona pandemic, which struck the world and Turkey as well, It is expected that the prices of apartments will rise in the current year 2020 due to the increase in construction costs for construction companies that build apartments.
Reasons for the rise in apartment prices in Turkey in the current year 2020م
There are many reasons why apartment prices in Turkey are rising during the current year 2020, Among these reasons are the following:
- The very rapid increase in the demand for the sale of apartments in the real estate market during the current year 2020, With the low interest rate on bank loans related to the purchase of real estate, the prices of apartments in Turkey have risen.
- The increase in the costs of basic building materials needed to build apartments contributed to the rise in the prices of the initial cost of building apartments, Which contributed to the increase in the final selling prices later.
What are the expected prices that real estate can reach during 2021 and beyond?
Experts in the field of real estate in Turkey expected that the prices per square meter of apartment building will rise from 500-800 Turkish liras to 1500-2000 liras per square meter in the coming years.
What changes are expected to happen to the real estate market in Turkey during 2020 and beyond?
It is highly expected that there will be a great opportunity for foreign investors and Turkish citizens to invest in the Turkish real estate market, The reason for this is due to the decrease in the number of contractors and small and medium contracting companies that will not find a place for them in the market because of their inability to withstand the huge and large contracting companies known in Turkey, Which will make the market in the grip of companies which will significantly allow investment in the purchase of apartments for foreign investors and Turkish citizens, It is expected that the apartments will be sold at the new prices that will rise, and the profits will be reaped by the large contracting companies because they purchase the raw materials needed for construction before their prices rise and store them in their own warehouses.
Read also: The cheapest real estate in Turkey
What are the hidden reasons for the high prices of apartments in Turkey in the current year 2020 AD?
Perhaps the stated reasons for the high prices of apartments in Turkey are not enough, This is true. There are some real reasons for this rise. Perhaps the most important of them are the following:
- The number of homes remaining for sale currently in the hands of contractors has decreased. And raising the sale price of the house that follows the house that was sold to compensate for the sharp decline in the number of houses, which made prices rise dramatically.
- The disappearance of illegal homes that did not obtain a building permit contributed significantly to the rise in the prices of apartments in the current 2020.
- The low interest rate on loans related to real estate is not in the interest of the investor or the buyer at all, It contributes to increasing the prices of apartments in Turkey between 20,000 Turkish liras and 50,000 Turkish liras, It is always in the interest of the owner and owner of the property only.
How will the rate of rise in apartment prices during 2020 and beyond?
According to expectations, there will be a gradual increase in the prices of apartments during the year 2020. This rise will continue further in the coming years to reach very large rates. This is a golden opportunity for foreign investors and capital owners to invest in the real estate sector in Turkey during the current year 2020.