What are the most promising provinces in Turkey that can offer you an apartment purchase in 2024?

The Turkish market has entered the New Year with new prices. What will the beginning of 2024 bring to market players? What should you pay attention to? Which provinces of Turkey are coming out ahead? Turk.Estate has collected the most helpful information and can provide it to you. Let’s have a look at the main news about prices in 2024.

Introductory thoughts on prices in the Turkish market

According to Endeksa, as of the end of November 2023, the annual growth in housing prices in Turkey is 25.6% in US dollars. The average price per sq. m of housing in Turkey was $810, which is 12% more than in July 2023, when the cost per sq. m was $723 at the rate of $1 = 26.7₤. The average price of one residential property rose to $102,000 in November compared to $94,000 in July 2023. Meanwhile, the average return on investment in housing is 16 years.

The growth rate of rental costs is also increasing: rent in dollars in November 2023 rose by 42% to the previous year and by 66.4% compared to November 2021.

Despite the high inflation of the national currency, prices in Turkey have increased more over the past two years than the dollar exchange rate against the Turkish lira. This is because the value of real estate in investment-attractive locations is tied to the dollar or euro.

As of November 2023, housing prices in Turkey in dollars grew by 25% over the year and 65% over two years. However, prices in Turkey’s major cities are rising faster than inflation and changes in the lira exchange rate.

Let’s have a closer look at the most promising provinces of Turkey.

The most promising regions

Istanbul

Istanbul is the most significant economic, financial, tourist and cultural centre. It is home to one of the world’s largest air hubs. According to official statistics, 259,654 residential properties were sold in the megalopolis in 2022 (17.5% of the transactions nationwide).

In November 2023, Istanbul had the highest share of sales — 16.2% (15.2 thousand objects). More than half of the sales were on the European side of the city, and only 30% — on the Asian side. In 2021 the city’s population increased by 378,000 due to foreigners and internal migration. Stable long-term population growth ensures high demand for rentals and purchases from end users.

According to Bahçeşehir University’s Economic and Social Research Centre (BETAM), the demand for secondary housing in May 2023 increased by 10.5% compared to last year. The ratio of transactions in the primary and secondary markets is approximately 30% to 70% in Turkey, particularly in Istanbul. The trend is associated with increased housing needs for the local population after the February earthquake.

BETAM analysts also noted that the time for posting real estate ads has decreased — the average time for selling an apartment in Istanbul is only 46 days, which indicates a high activity of home buyers. In other words, real estate sales are completed in 1.5 months.

New buildings grow in price faster and are easier to rent — both in the short and long term. A housing shortage in Istanbul increases prices per sq.m and rental rates. In the city, the rent for the year increased by 12% (November 2022-November 2023).

Prices for luxury housing in new buildings in the central districts of Istanbul reach $14,000 per sq. m. Moreover, a large selection of new housing with modern renovation ranges from $4,500 to $8,000 per sq. m.

The Istanbul Canal, an alternative to the Bosphorus Strait, is underway. Local authorities expect the new transport channel to turn Turkey into a logistics superpower. After the authorities approved a zoning plan near the canal, real estate here is getting more expensive faster than the national average.

Antalya

Antalya is developing at a record pace. This is evident from the statistics on construction permits: 1,412 construction permits were issued in Antalya in the third quarter of 2022, which is only 2.5 times less than in Istanbul. After the pandemic, the tourism industry in the province has recovered, and the flow of tourists to Antalya in 2023 exceeded the figures for 2019.

All this makes Antalya the most popular province in Turkey for foreigners to purchase overseas properties and start a business. Over 30% of all real estate that foreigners buy in Turkey is in Antalya. Over the past five years, more than 90,000 residential properties have been sold to foreigners in Antalya. Citizens of Iran, Iraq and Germany rank first among property buyers in this city. Citizens of Germany, Sweden, Norway, Great Britain, Ireland, France, Austria and Denmark are the leaders in buying local properties.

Bodrum

Bodrum is one of the top 10 destinations in Turkey for real estate investment and Turkey’s most luxurious resort for locals and overseas investors.

Bodrum is attractive for its diversity: here, you can find inexpensive apartments for rent and luxury hotels approved by Forbes and Business Insider. All of these accommodation options provide all-inclusive amenities, as well as a wide range of spa and wellness services. Investors can also choose various real estate options depending on their investment goals.

Housing prices in Bodrum in November 2023 grew by 41.9% compared to November last year. The average cost of real estate for sale is $444,000, and the middle area of residential real estate is 142 sq.m. The average price per sq. m in November 2023 was $3,129, which is 31% higher than in 2022 and 55.4% higher than in 2021. The projected return on investment is 25 years. The highest return on investment in November 2023 was in the following districts:

• Dereköy;
• Yakaköy;
• Gölbaşı;
• Çiftlik;
• Mumcular.

Housing prices in Bodrum are going up in most areas. Taking into account the average figures, the most significant increase in prices in November 2023 was observed in the following districts:

• Yeniköy;
• Torba;
• Yahsi;
• Türkkuyusu;
• Güvercinlik.

You can purchase an apartment at Turk Estate

Frankly, Turk.Estate can offer you many properties for sale in Turkey at various prices, depending on your financial capabilities and goals. The best local developers and agencies are ready to provide you with their investment-attractive projects and excellent housing in the most advanced communities. All the properties have been selected to allow you to purchase a perfect Turkish property on the most favourable terms.