Generally, certain factors influence the cost of properties worldwide. At a glance, it seems these features or influencers are very complex and unpredictable or made of a complex set of state decisions such that it is nearly impossible to predict where the tides are facing. But expect analysis often foretells these trends, which indicates that there are tips and tricks you could look into to know which market would be facing where.
Beginners Level – Factors Determining Cost of Property
According to Turk.Estate here is some tips on the beginner’s level for determining the cost of properties in Turkey.
1. Government Policy:
Many buyers need to pay more attention to this; however, it is crucial in determining the value of the real estate in the country. People rarely consider the high policies receptive to foreigners, but these policies help people feel comfortable investing in the country and make it more marketable. This, in turn, contributes to the country’s ranking on foreign scales and may attract foreign direct investment. A typical example is the Gold Visa Option and the residency through the property purchase route.
2. Economic Buoyancy:
Ever seen people rushing to buy landed properties in economically unstable terrains? Not likely. The investment follows economic buoyancy and stability. Where there are high imports and exports, and a stable economy, it signals great investments for foreign investors and, in turn, improves the value of home-made products, including land. This is why you will notice that the stabler the Turkish economy, the better the real estate industry.
3. Response to Unexpected Crisis:
It would be such a denial, not to mention Turkey’s most unfortunate recent landslide and earthquakes. Many people lost their lives, and many more are receiving treatments. There is no gainsaying that disasters may occur anytime, and sometimes, they happen in unexpected places. However, to measure how the real estate market will fare, you should consider the government’s response and whether measures are put in place to prevent the repeat of such incidents or at least to minimize its impacts. In this regard, the Turkey government has done significantly well, and there is no telling that the sector will likely improve in the coming years.
4. Seaside Properties are More Expensive:
If you have studied the cost of apartments in Turkey by the sea, you will discover that seaside properties cost more than ordinary apartments. Many factors contribute to this, ranging from the purchaser’s habit and high demand for this class of properties, the unique lifestyle these properties promise, and their value worldwide for tourism purposes. Many people prefer living by the beach where they can afford it, which explains why there are many lavish beach houses in Turkey and across nations of the world. If you have an eye for this class of properties, it’s good, but you may need to tighten your belt budget-wise.
5. Pool Properties are costlier:
Generally, what is inside a property will determine the paycheck attached to that property. That is, it may not necessarily be the size but rather the building’s weight and quality. Addendums and appurtenances such as swimming pools, rooftop bar areas, gardens and lawns, interior decorations and artworks, building designs, and shapes, all add to the cost of properties. It is even so much that the larger the pool, the mightier the Chandeliers, and the more modern the designs, the higher the cost of such a property. In summary, do bear in mind that pool properties will cost you more, and where the rooms are with Jacuzzis attached, you know what to expect.
6. Villas and Duplexes cost more:
Additionally, the more elaborate the property plan, the costlier it is likely to be. It is no longer news that villas and duplexes cost much more than flats and small-bedroom apartments. Similarly, palaces and mansions are much more expensive than villas and duplexes. It even becomes more complex because standalone properties cost more. The more beautiful and desirable (based on popular demands) a property type is, the more expensive it will be.
7. Location determines up to 50% of the price range of a property:
A Duplex in Koh Samui will cost nothing close to one in the Cirali Village. Although they are both duplexes, one is in the heart and one of the most desirable places in the country, while the other is amidst humbler backgrounds; depending on your preferences, either may do, but location as a factor will reflect on the prices.
Hopefully, having reached the end, you have learned some salient techniques for estimating the prices of properties in Turkey, including some of the local and international factors.