July 2022, buying season in İstanbul has arrived, and property sales are rising. Still, there is something bothering investors: before arriving in Istanbul, they received a cheaper offer in the past few months compared to high prices for similar properties.
How Real Are The Increasing Prices Of Real Estate In Istanbul
As a result, there is about a 15% to 30% increase which has made them in a state of surprise and put a pause on their decision-making of buying property, thinking that its a bubble due to various reasons such as the rule change of purchasing property for citizenship purpose from 250k USD to 400k USD or vast numbers of investors coming in turkey from Russia and Ukraine due to political situation and creating demand or due to the increase in the price of construction materials and because of all this reason a bubble is made in the real estate market hence when it burst the property prices will instantly go down and come to its actual value.
Well, it is partially true reasons for the increment in prices, but there are more reasons.
We don’t believe at all that it’s a bubble because always due to the political situation in Turkey neighborhood the demand for buying property has increased in Turkey, as we have already discussed on our other blog, so the Russia-Ukraine problem is not something new for Turkey. Turkey has seen lots of conflicts in the neighborhood already so what is more reasonable? Well, there is an awakening in Turkish Real Estate value. Istanbul’s real estate is still less expensive in the continent when compared to its European counterparts, despite rising prices, being the most historical city in the world and a city holding one of the most advanced infrastructures in Europe.
This city connects Europe and Asia; it already deserved the prices equivalent to Europe’s main cities. Therefore, Istanbul is on its way to getting its actual value, so we advise investors to grab the opportunity before that time arrives.