Why Construction Cost Increased in Turkey?
In recent months, Turkey has seen a drastic increase in construction costs. These increases are due to a number of factors. However, the main reason for this is that the country is now experiencing a high level of inflation, which is a significant cause for concern. In addition, unprecedented FX volatility and a war between Russia and Ukraine have caused the price of energy to increase. Both of these factors have a direct impact on the economy. These factors are affecting the production of industrial and agricultural goods, as well as construction activities. According to the latest data, the construction cost in Turkey increased by 105.73% in June 2022, while the construction cost in Turkey for residential buildings rose by 100.87 % per year. The country’s Consumer Price Index (CPI) also rose by 138.31% compared to June 2017.
Istanbul is Turkey’s favorite city for foreign buyers
Istanbul is a historical city that has a unique geographical location on the crossroads of Asia and Europe. It is bordered on the north by the Black Sea, and on the south by the Marmara Sea, which connects the Black Sea to the Mediterranean Sea. This makes buying a property here an appealing option for foreign buyers.
The city enjoys mild temperatures in the winter, with average temperatures of about 26degC during the day and only a few degrees lower at night. The city’s climate is moderated by the Poyraz wind, an almost constant northeasterly wind that prevents temperatures from exceeding 32degC. The wind also brings very humid air from the Black Sea, creating muggy conditions that increase the perceived temperature.
Istanbul offers a wealth of historical and religious sights and attractions. The Hagia Sophia, Topkapi Palace, and the Church of Holy Savior are just a few of the famous monuments and mosques. Visitors can also visit the Basilica Cistern and the Theodosian walls, which mark the western border of the peninsula.
Antalya is Turkey’s favorite city for foreign buyers
Antalya is a city with a long tourism season and a temperate Mediterranean climate. The city has a large international airport and is easily accessible from many countries. This makes Antalya a popular destination for tourists and foreign investors. Its population is made up of a diverse mix of nationalities and languages, making it a very diverse city.
Property prices in Antalya are comparatively low compared to other cities. An apartment in this city can cost anywhere from 30,000 to 300,000 Euros. The city’s popularity with foreign buyers means that properties can be sold quickly. Even if you don’t want to live there forever, you can sell your property if you decide to move abroad.
The Mediterranean climate in Antalya means the city enjoys hot summers and mild winters. There are plenty of opportunities to spend time outdoors in these warm months. The city’s main beach has been ranked as one of the best beaches in Turkey by Trip Advisor and has a vibrant social scene. In addition to great beaches, the area has many themed bars and clubs. It also boasts an extensive shopping mall with international brands.
With so many benefits, Antalya is a great destination for investors looking to purchase property in Turkey. Its cosmopolitan atmosphere attracts people from all over the world. Unlike many other Turkish cities, Antalya is less Turkish and more European. In addition to the main city, Antalya is home to a number of smaller seaside towns and villages that are popular with expatriates.