What is the cost of real estate in Turkey?

General factors affecting the cost of real estate in Turkey

The cost of real estate in Turkey is formed under the influence of a number of factors, and these factors differ from the usual benchmarks in the post-Soviet market. If in Russia or other CIS countries the main attention is paid to the area and class of housing, then in Turkey in the foreground are such parameters as panoramic views, floor, proximity to the sea, as well as the presence and level of infrastructure in the residential complex and neighborhood. In this article we will examine in detail what elements form the final price of the object, and what to pay attention to the buyer.

Sea view and its impact on the price

One of the most important factors in the pricing of Turkish real estate is the presence of a sea view. The apartment, which opens a full panoramic seascape, can cost 30-40% more than a similar meter and location, but without a view. This is especially true in coastal cities such as Alanya or Bodrum, where the sea panorama becomes not only an aesthetic advantage, but also an investment asset that increases the liquidity of the object.

Location and distance from the beach

Proximity to the sea is the second most important factor. The shorter the distance to the beach, the higher the value of the property. In walking distance to the first shoreline apartments are much more expensive, especially in tourist areas. However, even on the second and third line you can find interesting objects, if you take into account the overall quality of the area and transport accessibility. The farther away from the coast, the lower the price, but the higher the chances of finding a larger apartment at an attractive price.

Neighborhood and infrastructure

Equally important is the neighborhood in which the property is located. In Turkey, neighborhoods vary greatly in status, demand, level of development and infrastructure. The presence of supermarkets, cafes, schools, pharmacies, hospitals, public transportation and walking distance to the sea - all this significantly increases the market price. The degree of newness of the area is also important: new developments with modern residential complexes are valued higher than older neighborhoods, especially in large cities and popular resorts.

Quality of construction and year of construction

The quality of construction, the reputation of the developer and the year of construction are key criteria that determine not only the price, but also the reliability of the object. New buildings in Turkey are often handed over with finishing, built-in kitchen and plumbing, which reduces additional costs for repairs. Modern residential complexes with swimming pools, SPA-zones, fitness centers, security and parking form the segment of comfort class and above, and the price is correspondingly higher. Older housing stock may be cheaper, but often requires capital investments and is not always located in convenient areas.

Additional costs of buying and owning

Many buyers mistakenly believe that the value of a property is limited to the price listed in the listing. However, the real cost of ownership includes a number of mandatory additional costs that should be considered upfront to avoid unexpected expenses.

Taxes and fees when buying:

• Title Transfer Tax (Tapu) - is about 4% of the declared cadastral value of the property. It is usually paid on the day of signing the deal.
• Notary and interpreter services - mandatory when executing documents for a foreign citizen. The average cost - from 300 to 700 euros.
• Commission to the agency - may vary, but most often is 3-5% of the value of the object. Sometimes already included in the price if you buy through the developer.

Maintenance costs:

• Aidat - a monthly payment for the maintenance of the complex. Its size depends on the level of infrastructure: from 10 euros in modest houses to 100 euros and more in residential complexes with swimming pools and security.
• Utilities - water, electricity, gas and internet. The cost depends on consumption and region.
• Property insurance - in Turkey, DASK (earthquake) insurance is mandatory and optional property and liability policies.

Is it worth overpaying for the view and infrastructure?

This question is always individual and depends on your goals. If you are considering buying real estate as an investment with the purpose of subsequent renting out, then it is worth focusing on properties within walking distance from the beach, with a good view and developed infrastructure. Such apartments are easily rented all year round and bring a stable income.

If you are buying housing for personal residence, it is advisable to start from your lifestyle: silence, comfort, convenient neighborhood, security, remoteness from the tourist bustle - all this may be more important than the "picture" outside the window. In this case, it is more rational to choose an apartment with fewer luxury amenities, but with a good layout and quality finishing.