In general the price increase of the property in Turkey has been overwhelming within the past year. However Istanbul property prices, following the elections and the economic slowdown has been steady.
The newcomer Izmir being the pearl of the Aegean has seen the most increase 21% year on year price increase. The second most attractive location for the property investors has been Antalya with a price increase of approximately 15%. The capital of Turkey Ankara has also seen somewhat satisfactory 8%.
Izmir, the third largest city in Turkey has been neglected and remained underdeveloped in the past. However for the past two years the government made highly satisfactory investments such as; constructing the main arteries of the town, linking districts with ease of access, tunnels, landscaping, Izmir international exhibition center, rebuilding Izmir port which has utmost importance for trading with Europe and many projects announced recently which will develop Izmir even further.
The locals of Izmir are amazed with the rise of their city and explain this as the beginning of a well structured but delayed jump that they have been awaiting for years. Izmir is expanding to the north towards Cigli as well as to the south towards Aydin / Kusadasi.
Recent TV shows displaying the beauty of Izmir, weekly soap operas and documentaries are attracting internal immigration mainly from Istanbul whom wish to retire to a more relaxed and less stressful town with less traffic and better life quality. Therefore the internal immigration forming the backbone of the property price increases and the local market encouraged by the government reforms the property investors are enjoying healthy returns.
On the other hand recently many airline companies started direct flights from the GCC countries to Izmir Adnan Menderes International airport. The number of foreign people visiting the town soon started to increase. Majority of the foreigners visiting Izmir have said that they have visited Turkey many times but never been to Izmir before. Now they see what Izmir has to offer and are willing to visit again and possibly would like to spend more time in Izmir next time.
With the local attraction of foreign and local property buyers as well as property investors, Izmir is soon to witness a property boom, as the pieces of the puzzle seem to be in the correct place.
The current average square meter price in Izmir is 3,185 TL in comparison to last year 2,600 TL. In some locations the price increase reached over 40% on year. Construction and urbanization projects are also on the move developing Turkey’s third largest city the pearl of Aegean Izmir.