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Yes 2018 was a difficult year for property prices in Turkey. A currency crisis knocked prices lower, to the point where foreign bargain hunters began buying. The reduction of the citizenship by investment threshold to $250,000 also provided impetus for renewed foreign buying. Generally, real estate prices at the end of 2018 were lower in Turkey than at the beginning.
Tracking prices isn’t so easy, because the Turkish Lira also fluctuates… and so a price gain in Lira may actually equal a price decline in USD, EUR, or GBP. A buyer assessing investment potential needs to have a benchmark to compare prices. Sellers need to have a clearer idea of where the market has moved to….
Relying on the prices displayed at agents listing on the internet is not reliable or advisable… These are only price ‘ideas’ and bear no similarity to the price levels at where properties are being exchanged between buyers and sellers… This is largely because the local Turkish market doesn’t refer to agents websites… and hasn’t for several years. It’s only the non-Turkish speaking foreign buyers and sellers that refer to agent’s websites…. Local Turks stopped relying on agents years ago, and instead use the large on-line digital property portals where 95% of the country’s properties are traded… millions of properties.
However most of these prices are in Lira also, epecially since the new law was past requiring sales prices to be contracted in Lira…
Fortunately a buyer that wants to get an idea of what a EUR, GBP or USD price for a specific type of property in a specific area, can obtain a 12 month property trend charting the fluctuation in the property prices in Turkey…. This is also useful for sellers: they can request price history for exactly the type of villa they have, the exact location, and the currency of their choice….
Additional Reading for Buyers:
Residential Property Investors Tool-Kit for Turkey
Property Finders Service Istanbul and Coastal Turkey,
Citizenship Investment in Turkey
The One Source for Every Turkish Mortgage
Legal Services for Property Matters in Turkey
Advice for Property Matters in Turkey
All Articles
Property Price Histories in Turkey
Additional Reading for Sellers:
Legal Work on Property Matters
Property Selller’s Tool-Kit for Turkey
Digital On-Line Sales Distribution
Peer-to-Peer On-Line Exchanges
Advice for Property Matters in Turkey
Keep informed about property matters in Turkey, with articles like this one…sign-up for our periodic Newsletter here…or here…
At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around.
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