We find some challenges when we look for the trend of property prices in Turkey.
How much have they gone up? Or down?
An estate agent says they have gone up by 20%. Is it true? Yes, 20% in Turkish Lira prices; but just a moment…. some reputable magazines and economic research firms say 90% !!!
Just a moment, please... these analysts are making a mistake... a mistake made because they are inexperienced analyzing high inflation economies...The Turkish Lira currency is down by more than the amount the property prices in Turkish Lira have risen...
So that means the prices of Turkish real estate when calculated in dollar or euro prices are down. Is that right?
Yes actually, that is correct. Unfortunately
The property price tracking services in Turkey only report in Turkish Lira. That is somewhat misleading if you are an investor, because you want to know the hard currency price trend. Or at least you want to know the inflation adjusted price trend. Fortunately there is now this place to find accurate price indications for Turkish property in dollar or euro terms.
And the great thing about this service from mytapu.com, is that you can obtain the price trends for your property very specifically. This means that we can find the dollar price history for the last 12 or 24 months for a property very similar to our own, for example, a 3 bed room apartment in the fashionable Etiler district of Istanbul.
And if we want to find the valuation of the property, we can obtain an appraisal report which provides the officially recognised valuation of the property, usable for various legal purposes, such as mortgage lending, probate, etc This is a valuation based on a comparison of sales prices over the most recent 90 days, of usually three similar properties in terms of size, location, and finishing quality.
This is a very good valuation method; it is not an estate agents guesstimate; and it is not a valuation allocated by post code; it is a valuation based on actual sales prices.
Foreigners purchasing property are now required to obtain an appraisal report before completing the purchase of the property. And if you are buying and were not informed of this, be sure to ask, or otherwise the Turkish language version of the appraisal report may be included in the purchasing documents without you knowing, and you will then be paying a price for a property without being any wiser about it’s true valuation...!
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.
Building Trusted Relationships is Building Our Business...!
See What Our Clients Say About Us...
Additional Reading for Buyers:
The Guide to Buying Property in TurkeyResidential 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
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
Every property owner in Turkiye has a tapu, and that is why we named our business my tapu...
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.
Building Trusted Relationships is Building Our Business...!
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