A castle in Italy, an apartment in Turkey... But the price is the same: The crisis in the housing sector continues!
Rapidly rising real estate prices in Turkey reveal a striking picture when compared to luxury properties that can be purchased abroad with the same budget. With the money paid for an apartment without a view in a central district of Istanbul, it is possible to buy a royal castle dating back to 1367 in Italy, a villa with a pool on the shores of Lake Como, or a luxury residence with a view of Central Park in the USA. Here are the surprising price differences between Turkey and the world...
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Dating back to 1367, located in a UNESCO-protected area, and formerly the residence of Queen Christina, this 9-bedroom Italian castle dazzles with its historical texture. When we look at what can be bought in Turkey for the same price, different options emerge.
There are 275 listings in Turkey suitable for this budget, and these listings include mansions, estates, and farmhouses. However, it is also possible to find an apartment without a view in central districts of Istanbul in the same price range.
Apartments ranging from 2+1 to 5+1 located in Beşiktaş, Şişli, Sarıyer, and Kadıköy reveal the price increases experienced in Istanbul's real estate market. With the amount paid for an apartment in a central location in Istanbul, it becomes possible to buy a royal castle in Italy.
A Villa with a View of Lake Como or an Ordinary Apartment in Antalya?
A 3-bedroom mountain house with a private pool on the shores of Lake Como, one of Italy's popular regions, is on sale for 315 thousand Euros (approximately 11.7 million TL). Moreover, the annual rental income of this house is at the level of 30 thousand Euros (approximately 1.1 million TL). This offers a very attractive option in terms of investment.
In Turkey, for the same price, one can buy a 6+1 villa in Batman, a 4+1 apartment in Maltepe, Istanbul, a 1+1 residence apartment in Sarıyer, or a 3+1 house in a complex in Antalya that does not have a sea view. In Diyarbakır, it is possible to find a 9+1 villa with a garden suitable for a workplace with this budget.
When evaluated in terms of investment, while the highest rental income for houses at the same price level in Maltepe, Istanbul is at the 80 thousand TL level, the average rental income is measured at 33 thousand TL. In contrast, the annual rental income of the villa on the shores of Lake Como reaches 1.1 million TL.
A House Overlooking Central Park or a Waterfront Mansion on the Bosphorus?
The price of a 3-bedroom, 4-bathroom apartment overlooking Central Park, one of the most prestigious areas of the USA, is 5 million 500 thousand dollars (approximately 197 million TL). When we look at what alternatives are available in Turkey with this budget, it is seen that there are 41 different listings between 195 and 200 million TL on sahibinden.com.
In this price range, one can buy villas with Bosphorus views in Turkey, mansions in the Princes' Islands, and large farmhouses in regions such as Çeşme, Ankara, and Bodrum. While real estate at this price level is concentrated in the Beykoz, Beşiktaş, Üsküdar, and Sarıyer districts of Istanbul, central location and view factors stand out as the most important elements determining prices.