Those who want to buy a house in Istanbul for whom the biggest problem is increasing prices rapidly. Those who decide to buy home, they can experience increasing home prices until they find it. Istanbul takes first three ranks about increasing prices between 150 countries in the world. According to the data of Global Cities Index 2016, Istanbul is taken position after China’s Shenzhen and Shanghai cities about increasing prices rapidly in the world.
Does Price Decrease?
There was a general expectation that house prices would decrease for a few years. Sadly, we should tell you this expectation will no longer occur. Home prices are increasing in Turkey, but it is increasing in Istanbul higher than other cities. There are a few important reasons for this. Construction costs are high and land construction costs increased 20% according to last year. This inevitably prices raise for new houses. when new home prices soared than the price of the old house is increased too.
Finance and Trade Centre
The second reason, Istanbul is the center of finance, economy and commerce in Turkey. It’s easier to find a job in Istanbul than other cities. Home prices and rent prices are increasing for this reason. So, a reduction of supply and demand in the balance.
Foreigner Interested in Purchasing
Increasing interest of foreigners in Istanbul gradually. Especially, now it became indispensable to buy a house for Arab investors in Istanbul. Not only are foreign investors also Kayseri, Konya, Gaziantep and Adana’s riches of buying a house in Istanbul. A large portion of college young people who comes for studying prefers to stay in Istanbul.