When looking to move or travel abroad, many wonder How much does an apartment cost to buy in Turkey. This is an important factor when considering Turkey’s overall cost of living and affordability.
By researching average apartment prices in Turkey along with additional housing costs and market rates, you can determine if the purchase aligns with a budget for a Turkish stay.
This comprehensive guide explores pricing for apartments in Turkey spanning various regions, building styles, and sizes. Estimated prices facilitate comparisons between affordable housing in Turkey measured against residential property expenses in your current market.
By examining apartment expenses in Turkey from mortgage payments to utilities in this housing cost analysis, purchase decisions become better informed matching needs and financial realities abroad.
How Much Does an Apartment Cost in Turkey: Regional Variances
Prices of Turkish apartments have notable variances based on economic factors, demand drivers, and property market influences. When researching Turkey housing costs, pay attention to price ranges within specific districts that best align with your budget.
1. Istanbul
As Turkey’s largest and most economically vibrant city, Istanbul holds some of the country’s best apartments and also the most expensive apartment purchase prices. However, there are still affordable options to suit different budgets. In the historic Sultanahmet neighborhood, right by top attractions like the Blue Mosque, prices for a one-bedroom apartment average around $150,000 to $300,000 USD.
Factors impacting apartment prices in Istanbul include location/view, building amenities like a gym or pool, and proximity to public transport like the tram or metro. Recent renovations can also equate to higher prices for buyers. It’s important to balance your ideal neighborhood and apartment-style with affordability when house hunting.
2. Ankara
As the capital and second largest city, Ankara attracts government and business professionals with demand for centrally located, modern apartments to buy. Prices here are marginally more affordable than similarly sized and styled units in Istanbul. For example, in the core Ulus district, one-bedroom apartment purchase prices average approximately $100,000 to $250,000 USD.
Proximity to government offices, commercial centers, embassies, and transportation routes are key influencers for apartment purchase costs in Ankara. New builds with smart amenities command premium pricing. However, there are still deals on older buildings with vintage characters and renovated interiors.
3. Coastal Cities
Sparkling beaches and azure seas entice both Turkish and foreign buyers, pushing apartment purchase prices up in resort destinations. Prices also spike in the summer months from peak tourist demand. Still, deals can be found to buy in cities like Antalya, Bodrum, and Izmir.
In downtown Antalya, modern one- to three-bedroom purchases range from $100,000 to $300,000 USD. Luxury units with sea views and pools in enclaves like Lara Beach start at around $500,000 USD. Smaller towns along the coast may be more budget-friendly, albeit with fewer amenities.
When evaluating apartment purchase prices in Turkish resort areas, consider factors like views, beach access, proximity to clubs/bars, and seasonal fluctuations in demand impacting pricing.
Types of Apartments
Types of apartments also play an important role when weighing the cost of living in Turkish apartments. Turkey offers apartment purchases spanning simple studios to spacious three-bedroom units catering to varying requirements.
1. Studio Apartments
In Istanbul’s central Beyoğlu district, basic small studio apartments of around 30-40 sq meters typically cost $100,000 to $150,000 USD to purchase. However, in trendier neighborhoods like Cihangir, you could expect prices from $180,000 up to $250,000 for renovated studios with balconies and character.
Comparable-sized basic studio apartments to buy in core areas of Ankara like Çankaya, Kızılay, or Ulus Center average approximately $75,000 to $100,000. But modern petite studios in developed districts such as Çayyolu range closer to $130,000 to $180,000 in purchase price.
2. One-Bedroom Apartments
In Istanbul’s cosmopolitan Kadıköy area on the Asian side, older one-bedroom units of 60-80 sq meter layouts start around $150,000 to $250,000 USD in general. However, for modern luxury 1 bedroom apartments in Kadıköy’s Fikirtepe neighborhood prices run $280,000 to upwards of $400,000 including amenities like gyms, pools, and security. Towards Istanbul’s affluent Bebek/Arnavutköy districts on the European side, upgraded 1 bedroom apartment prices typically start from $300,000 to $500,000+ for waterfront locations.
In Turkey’s capital Ankara, trendy southern neighborhoods like Çayyolu offer 1-bedroom apartment units sized 50 to 80 square meters selling from approximately $150,000 to $250,000 USD. But more centrally positioned 1 bedroom units in the Buzzing Kızılay business and nightlife district will command higher prices ranging from $200,000 to $300,000+, especially for amenities like parking.
3. Family Apartments
In Istanbul’s large Pendik residential suburb combining city access & parks, 3-bedroom units around 120 square meters now sell for $300,000 to $500,000+ USD. Similarly sized family apartments to purchase in Pendik’s trendier Marina district range $400,000-$700,000 including complex perks like retail, cafes, and extensive green space.
In Ankara’s fast-growing Yaşamkent neighborhood only 25 minutes west of the city center, roomy 120 sq meter 3 bedroom apartments sell for approx $250,000 to $350,000 on average. For a more upscale complex in Yaşamkent like Gardenya offering amenities galore expect prices from $400,000+.
Additional Costs
When budgeting estimated Turkish apartment prices, factoring in compulsory additional costs should not be avoided:
1. Maintenance Fees
When budgeting for an apartment in Turkey, factor added building maintenance fees averaging 150 to 400 TRY ($28-$74 USD) each month. These charges collected by the site yönetici (property manager) go towards salaries, repairs, grounds upkeep, and improvements. Newer towering complexes tend to assess higher rates thanks to amenities like pools, gyms, and security requiring staffing/resources. Simple low-rise buildings often levy lower monthly fees accordingly.
Understand in Turkey that rental agreements stipulate tenants are responsible for maintenance dues. You may not occupy any unit until registering with the yönetici and providing passport/permit documentation. Some landlords pay these accumulative building fees annually upfront and then recoup them by slightly increasing apartment rents. Clarify any pre-handling of maintenance to avoid surprise bills down the road.
2. Utilities and Services
Basic utilities like electricity, water, and gas for Turkish apartments average less than Western European standards at approx. $125 USD monthly for single occupants or couples. Families in larger units can expect $200+ USD depending on consumption and infrastructure surcharges. Manage costs by using LED lighting, efficient appliances, and avoiding excess electric heating/cooling. Also, confirm if large trash removal fees apply on top of metered sewage/water in Istanbul versus more inclusive rates assessed in Ankara or Izmir.
Most modern apartment buildings now include basic Wi-Fi and cable TV connections bundled into monthly rents for convenience. For speedier personal internet add approx $15 to 30 USD monthly. Consider bundling mobile phone packages with providers like Turkcell that combine home/mobile data and connectivity at decent rates. Being connected is vital for ex-pats and remote workers.
Tips for Cost Management
Finding reasonable apartment rental rates along with associated expenses in Turkey simply takes perseverance and creativity when searching. Begin your online investigation early, utilizing both Turkish/English language portals favoring locals like TurkoizProperty.com as well as expat-centric platforms.
Approach a short-term 3- to 6-month lease first allowing adjustment once establishing preferred locales balancing affordability, transit access, and livability. Seek out smaller agencies focused locally versus giant brokerage chains. They prove more readily able to negotiate pricing while offering trusted area insights helpful when house hunting.
Where possible rent directly from apartment owners themselves also without intermediary fees. Check sites like Craigslist or Facebook Marketplace where individuals commonly advertise available units.
Ensure to get references and tour in person while noting certification of ownership before sending deposits. Those with residency status can also consider financing apartment purchases at favorable interest rates and continued Lira devaluation.
Conclusion
When weighing a relocation abroad, finding out how much does an apartment cost in Turkey proves a deciding factor in affirming overall affordability.
The typical range for an apartment to buy across metro areas in Turkey spans $100,000 – $500,000+ USD. Myriad factors from location, size, age, amenities, and management quality influence quoted pricing in this emerging real estate market. Generally, Istanbul and Ankara command Turkey’s highest purchase prices while smaller towns or suburbs prove more affordable housing in Turkey.
Applying tips like seeking owner-direct purchase options and financing long-term where possible thanks to favorable interest rates helps secure satisfactory housing without overextending. Proper planning makes settling into everyday Turkey apartment living smooth while curbing unpleasant budget surprises.