Istanbul Property: 9 Key Factors That Affect Prices Of Turkey Real Estate
If you are interested in the Turkey real estate market especially Istanbul Property, you might wonder what are the prices of properties for sale in Istanbul. In this article, we will explain 9 factors that contribute to the prices of real estate in Istanbul Turkey.
9 Key factors that affect Istanbul property prices:
The number of properties for sale in Istanbul Turkey and the number of buyers and property investors affect the prices regardless of the condition of your property as per the law of supply and demand.
The nature of the district
Facilities, services, and infrastructure have a great effect on the prices. If your house is in an area that has good infrastructure such as transportation, the value will be higher.
The nature of neighborhoods
Prices and quality of residential and commercial properties for sale in neighbor districts can be factors affecting prices in the district of interest.
One of the important factors that affect the prices of real estate is the location of the property. It can be evaluated by the proximity to shopping, entertainment, recreational centers in addition to public transportation educational institutions. Also employment opportunities and business facilities.
It is expected that the bigger the property is, the higher the price is. What matters most is the usable space, the sizes of bedrooms, kitchen, living rooms, and bathrooms are typically more important.
Quality of material
Construction materials, plumbing materials, electrical appliances, and furniture (of furnished apartments for sale) all matter in pricing.
Age and condition
New properties typically have higher prices than old ones but when it comes to under-construction properties, prices of an apartment or an office in an under-construction project are usually cheaper than when the project is completed. Many investors and property buyers take advantage of this and buy apartments or offices under construction project then sell it with higher prices when it is finished and get a decent profit.
When buying an apartment or an office in a serviced complex or condominium, facilities, and services such as swimming pools, fitness centers, and security in the complex add to prices. Also, the quality of these facilities affects the prices.
Expected return on investment
The estimated profit from renting a property or resale it later can affect the price of real estate units. In Istanbul, not all areas are the same in terms of the expected ROI of property investment. In fact, even within one district, not all real estate projects have the same potential.
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