Construction costs rise 106.6% in Turkey
Construction costs in Turkey have increased compared to the first quarter of last year
According to statistics related to the construction cost index issued by the Turkish Statistics Authority, the construction cost index in Turkey during the fourth month of this year witnessed an increase of 6.2% compared to its value in the third month of this year.
Whereas, the increase in the construction cost index in Turkey amounted to 106.6% compared to its value in the fourth month of last year 2021.
Related Articles
Dubai Developers List
Discover the leading Dubai real estate developers with this curated list. We've highlighted essential details about each developer, including their history, areas of expertise, notable projects, and locations. This guide will help you choose the best developer to meet your property investment or living needs.
Buying Property in Turkey! Is This the Right Time or a Risky Investment to Avoid?
The real estate market in Turkey is currently facing numerous challenges, starting with an economy impacted by a massive earthquake that hit the country last year, alongside high inflation. This has led to interest rates being raised to a record high of 50%, resulting in a near-total halt of the real estate sector. Additionally, recent legal changes, such as raising the minimum investment for Turkish citizenship to $400,000 and for real estate residency to $200,000, have caused a decline in the number of foreign investors.
To answer the question: is now the right time to buy property in Turkey, or not? We need to analyse two aspects: the internal Turkish situation and the regional and global outlook.
Groundbreaking Reforms to Simplify Lease Procedures in Turkey
The Turkish Ministry of Treasury and Finance has announced its readiness to introduce a new law requiring rental contracts to be signed electronically through the e-Government portal, "e-Devlet." This initiative aims to simplify and expedite the rental process between property owners and tenants, with implementation expected in the near future. Licensed real estate agents will also be able to use this system by the end of the year.
The electronic lease contract system will be introduced in two phases: in the first phase, property owners and tenants will be able to complete rental agreements directly through the "e-Devlet" portal, where the owner creates the contract, and the tenant approves it electronically. The second phase will enable licensed real estate agents to prepare contracts and send them to both the owner and tenant for approval through the portal.
Minister of Treasury and Finance, Mehmet Şimşek, stated that these reforms represent "fundamental changes aimed at reducing bureaucracy, saving citizens time and effort, and facilitating access to property valuation information across Turkey."
Comments (0)
You need to be logged in to comment