Europe is a delight to live in as a visa to one European country automatically allows you to enter other countries. Due to its developed landscape, many people fancy buying properties on the continent.
You can buy properties in developed countries like England, Spain, Italy, or France. This is because of the level of sophistication of their property markets and their beautiful landscapes.
Key property markets in Europe
According to Jones Lange Lasalle (JLL), a global property management company, There are several key property markets in Europe. Apart from Turkey, Sweden, the UK, France, Netherlands, Spain, Germany, and Italy ranks as the next key property markets in the continent. This is due to the increase in prices for over a decade. Buying a property in Europe is very different from doing so in Turkey. In Europe, you have different real estate markets that offer a mix of situations when buying properties.
There are 27 member countries in the European Union. However, due to the nature of most countries (very cold), only a few are suitable for property investment. Unlike most parts of Europe, Turkey offers the desired and comfortable weather (300 days of sunshine).
It also has a property market that has one of the most favourable mix of conditions in Europe. In Europe, the property market is still very much hot. Despite limited supply and increasing demand, the Turkish residential property market is growing in a faster way compared to any other European country.
Increase in property prices in European property markets.
While there are several attractive property markets in Europe, nothing compares to real estate in Turkey. The country is ranked first in terms of the growth of house prices of more than 400%. This record was for between 2010 and 2021. The price surge is 10 times higher than any close contender.
Turkey sees more foreign buyers.
The Turkish property market has grown rapidly thanks to the influx of foreign real estate buyers.
The current increased real estate demand in the country is triggered mostly by local buyers, however, there has also been an increase in foreign investors.
There was a 58% year-on-year sales increase to international investors in April. The increase in foreign purchases is caused by the Golden Visa program introduced by the government in 2016. When a foreigner buys a property that is worth $450,000 or more, they are given Turkish citizenship in about 6 to 8 months. The program is very smooth and hassle-free.
Property prices in Europe
While housing costs in countries like Turkey are within the Eu average, there are several European markets where housing costs have surged above the roof.
The highest costs of housing as of 2021 were discovered in Ireland (94% over the EU median score), Luxembourg (87% over), and Denmark (78% over). The lowest housing prices were discovered in Bulgaria (64% lower than the EU median score), and Poland (62% lower than the EU median score).
Between 2010 and 2021, property prices across Europe in comparison to the average saw a decrease in 11 member states and an increase in 16. While the biggest increases were recorded in Ireland and Slovakia, the biggest decreases were in Greece and Cyprus.
While Turkish housing prices remain below the EU average, a global analysis reveals that Turkey is one of the countries with the highest housing price increase in the world. It recorded a nominal price growth of 902% to come behind Chile.
Other countries on the list include Iceland (1st), Estonia, New Zealand, Chile, Canada, Luxembourg, and Hungary. Turkey has an emerging market economy which have helped increase its property prices.
