The Cost of Flats in Turkey: What You Need to Know
There is no gainsaying that Turkey is one of the most affordable places to purchase real estate in the Western world. When compared to Spain, and the USA, you will be thankful that you bought your house in Turkey. Not only are real estate more affordable in the country, but the cost of living is also affordable, yet the standard of living is high and impressive. You will not need to break the bank to live a luxury, let alone a decent life in Turkey. Even the flats costs in Turkey with sea view, are affordable, let alone simple apartments for families.
This article will discuss some of the most expensive additions which can make the cost of properties higher. The aim is to let you know when and how to up your budget when you are targeting units with those kinds of features.
The average cost of Housing in Turkey
If you intend to rent, the average cost of an apartment in Turkey range between 2,000 Turkish Lira to about 6,000 Turkish Lira, which is about $300. With this budget range, you should have a small apartment with a single or up to three bedrooms in most of the country’s decent areas. Meanwhile, the highly touristy locations and luxury properties tend to have higher budgets, but those are often targeted at the extra-rich category of people and is by no way average.
If you intend to buy an average small house, however, you will need a way much larger budget than that. In 2023, the average cost of land per square meter in Turkey is at about $690, making an average home cost anything above $90,000. There are areas that have higher budgets reaching up to $200,000 and even more, which brings about the topic of this article, being factors that can affect or increase the cost of Housing in Turkey.
Factors that can affect or increase the cost of Housing in Turkey – when to Up your budget
According to Turk.Estate there are certain factors that can significantly increase the cost of a property in Turkey. You should up your budget if these factors are present. Read on to learn more:
1. The size of the house
There is no gainsaying that the larger the house, the costlier it will be. For one, the landmass determines the extent of the land covered, and that land is valued per square meter. More so, it will also affect the cost of developing that land, as more materials will be deployed to build on that portion of land and to provide quality units on them. This is one of the most basic reasons why a larger house will cost more than a small unit. So, if you are gunning for a mighty villa or a large community house, you should up your budget.
2. The Location
Secondly, the location of a property will affect the cost and contribute to the rise in the budget. It is a known fact that the more expensive city areas cost more than the local areas that do not have much fancy living. For example, a house may cost more in Istanbul and Antalya, but the same unit and type may cost less in the unpopular parts of Hatay. So, the more popular the location is, the higher you should up your budget or at least prepare your pocket.
3. Sea Side Vs. City Houses
This feature can be a little trickish because sometimes, a seaside home could cost more than city houses, etc. Nevertheless, both categories are in the high-cost spectrum. You can have a fancy house in the not-so-famous corners of the country at an affordable rate. But where it is located by the ocean or in one of the high-rise cities, you need to tighten your belt because it will most likely cost more.
4. Swimming Pool Area
The swimming pool budget should definitely be included if you are eyeing a property with a pool area. Where it is a private pool, then prepare an additional 20% or more added to the average cost of that property type. This is not so surprising because swimming pools are expensive to construct and maintain. The investor who has added extra money to add a beautiful pool will invariably want his/ her money back with a reasonable interest.
5. Proximity to Touristy Locations
Properties close to the Zoo, the airport, the Museums, the Malls, and critical investments, such as those in the heart of town, cost more than those in silent areas where nothing is happening. It is true that even in capital cities, some areas are more popular, in demand, and expensive than others. When you have a property in these areas, you can rest assured that it will cost you more.
6. Interior Décor and finishings
Finally, interior décor, facilities, and finishings also affect the cost of properties in Turkey and in other parts of the world. Naturally, you should not expect a home with gold-plated interiors, a large kitchen, pre-installed cooking utilities, bed furnishings, etc., to cost the same as an ordinary empty apartment that you will need to furnish. Some people prefer to do their furnishing themselves while others do not mind a completely furnished apartment. Whichever works for you, but the latter will cost you more at the point of purchase, while the former will cost you more in the long run when you begin buying properties.
Reasons to Have a Budget
Generally, if any of the above factors are present, you may have to pay at least 10% additional to the average cost. Meanwhile, you should bear in mind that properties can absolutely cost more. The essence of this article is to serve as groundbreaking for you so that you will have an idea of what to expect. Either way, having a budget will allow you to recognize an overpriced property when you see one.