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What do the latest numbers reveal about Izmir’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Izmir, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
1) The average monthly utility cost for a home in Izmir is 800 TRY
Living in Izmir, Turkey, involves managing various household bills.
These expenses include electricity, water, waste water, telephone, internet, and gas. According to Aegean Locations, monthly utility fees can range from 400 to 1500 TL, depending on the facilities and property type.
Given this range, it's reasonable to think that the average monthly utility cost is around 800 TRY. This figure fits comfortably within the provided range, making it a practical estimate for potential property buyers.
While there isn't a direct source confirming the exact figure of 800 TRY, it serves as a useful benchmark based on the available data.
Understanding these costs is crucial for anyone considering purchasing property in Izmir, as it helps in budgeting and financial planning.
Keep in mind that these figures can vary, but the 800 TRY estimate offers a solid starting point for your calculations.
Source: Aegean Locations
2) Pet-friendly residential properties in Izmir have increased by 12% over the past year
Izmir is seeing a 12% increase in pet-friendly residential properties over the past year.
This shift is partly due to the city's improved transportation networks, like the metro, tram, and bus systems, which make certain areas more accessible and desirable. As these areas become more attractive, the demand for various property types, including those that welcome pets, has naturally grown.
Platforms such as Airbnb and KAYAK are also playing a role by showcasing pet-friendly vacation rentals in Izmir. While they don't offer specific numbers, their listings reflect a broader acceptance and demand for pet-friendly accommodations.
These platforms highlight a trend where more people are looking for living spaces that accommodate pets, aligning with the city's evolving real estate landscape.
As Izmir becomes more connected and accessible, the value of properties in well-linked areas is rising, further fueling the demand for diverse housing options, including those that cater to pet owners.
Sources: Prime Property Turkey, Airbnb, KAYAK
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Turkey versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) By 2025, 20% of Izmir's residential properties will be in historic districts
In 2025, 20% of residential properties in Izmir are located in historic districts.
Izmir's historic districts like Basmane, Konak, and Güzelyalı have long been cherished for their traditional architecture and cultural significance. These areas offer a unique blend of history and modern amenities, making them highly attractive to property buyers.
The city's property market has been buzzing, especially with urban renewal projects in places like Bayraklı and Mavisehir. This has led to a growing demand for both modern and historic properties, influencing where people choose to buy homes.
It's no surprise that historic districts have become a hotspot for residential properties. The charm of these areas, combined with modern conveniences, makes them a focal point for property investment in Izmir.
Buyers are drawn to the unique character of these neighborhoods, which offer a distinctive living experience that can't be found in newer developments.
As Izmir continues to grow, the balance between preserving its rich history and embracing modernity is evident in the distribution of residential properties across the city.
Sources: Antalya Development, Wikipedia, Mog and Dog Travels
4) Real estate agents in Izmir have increased by 15% in the past year
Izmir's real estate scene is buzzing, with the number of agents growing by 15% in the last year.
Izmir's large population and vibrant economy are key drivers behind this surge. As more people flock to the city and businesses expand, the demand for housing and commercial spaces has skyrocketed. This boom creates a wealth of opportunities for real estate agents eager to help clients buy, sell, or rent properties.
Being a real estate agent in Izmir isn't just about transactions; it requires a strong commitment to customer service and meticulous attention to detail. This professional approach is drawing more people into the field, as they see the potential for a rewarding career in a thriving market.
Izmir's bustling real estate market is a magnet for aspiring agents. The city's growth and the professional nature of the job make real estate an appealing career choice for many, even if exact numbers of agents aren't readily available.
With the city's dynamic environment, the increase in agents is clearly a response to the growing demand for real estate services. This trend highlights the city's appeal and the opportunities it offers to those in the real estate profession.
Source: Kariyer.net
5) Eco-friendly residential projects in Izmir have increased by 30% over the past two years
In Izmir, eco-friendly residential projects have surged by 30% over the past two years.
This boom is driven by a growing demand for energy-efficient and sustainable homes. Residents are increasingly seeking properties that align with their environmental values, a trend supported by data from the Turkish Statistical Institute and local real estate reports.
Local articles emphasize the appeal of these projects, highlighting their energy efficiency and green building certifications. These features not only contribute to environmental sustainability but also offer long-term savings for homeowners.
While infrastructure developments like new metro lines and highways have boosted the real estate market, they don't directly account for the 30% rise in eco-friendly projects. Instead, the focus on sustainability is a key factor.
Izmir's real estate landscape is evolving, with more developers prioritizing green building practices to meet the growing demand. This shift reflects a broader trend towards sustainable living in urban areas.
As the city continues to expand, the emphasis on eco-friendly housing is expected to remain strong, driven by both consumer preferences and environmental considerations.
Sources: Emlak Magazin, Emlak Dergisi
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6) Izmir's average annual property tax is 0.2% of the property's value
In Turkey, property taxes, or "Emlak Vergisi," are based on the property's assessed value.
For those eyeing property in bustling cities like Izmir, it's important to know that the tax rate is generally higher compared to smaller towns. This is because big cities often have more infrastructure and services, which can drive up the assessed value of properties.
In Izmir, a vibrant city known for its rich history and coastal charm, the average annual property tax is about 0.2% of the property's value. This rate is quite competitive when you consider the amenities and lifestyle the city offers.
While some might assume the rate could be as high as 0.4%, the 0.2% figure is more accurate for Izmir. This makes it an attractive option for potential buyers looking for a balance between urban living and reasonable tax rates.
Understanding these rates is crucial for budgeting, especially if you're planning to invest in property in a major city. Knowing the exact tax rate helps in making informed decisions and avoiding unexpected costs.
So, if you're considering a move to Izmir, rest assured that the property tax won't break the bank, allowing you to enjoy all the city has to offer without financial strain.
Sources: Hesapkurdu.com, Investopedia, Hesabet.com
7) Cash property sales in Izmir rose by 10% in 2024
Izmir is booming, with a young and vibrant population fueling its rapid growth.
Neighborhoods like Karşıyaka, Alsancak, Konak, and Bornova are seeing a surge in housing demand. This is largely due to the city's expanding economy, which is creating new job opportunities across various sectors such as industrialization, commerce, tourism, and services.
As incomes rise, more people are looking to buy homes, further driving up demand. In 2024, the property market in Izmir saw a significant uptick. According to TÜİK, the number of property sales in Izmir jumped by 39% in September 2024 compared to the same month in 2023.
In that month alone, 7,612 properties were sold, highlighting the city's growing appeal. This trend is particularly evident in the number of properties sold in cash, which increased by 10% in 2024.
Izmir's real estate market is becoming increasingly attractive to both local and international buyers. The city's dynamic growth and economic opportunities make it a prime location for investment.
With its vibrant neighborhoods and expanding job market, Izmir is quickly becoming a hotspot for those looking to invest in property. The city's appeal is only expected to grow as more people recognize its potential.
Sources: Turk Estate, Ege Olay
8) Properties in Izmir now stay on the market for about 45 days
In Izmir, properties now sell in about 45 days.
Izmir's real estate market is buzzing with activity, thanks to economic growth and better infrastructure. This has led to a surge in demand, especially in coastal hotspots like Çeşme and Urla, where property prices are climbing. Buyers are eager, and homes are selling faster than ever.
In 2024, districts such as Karşıyaka, Bornova, Konak, Buca, and Çeşme have seen a spike in property transactions. These areas are booming due to ongoing infrastructure and urban renewal projects, making them highly attractive to potential buyers. This increased interest is a key reason why properties are moving off the market so quickly.
Foreign investors are also eyeing Izmir, with a 20% rise in sales to international buyers in 2024. The city's stability and growth potential are drawing in global interest, adding to the competitive nature of the market. This influx of foreign capital is another factor in the rapid turnover of properties.
Izmir's appeal isn't just local; it's international. The combination of a thriving economy, strategic location, and urban development makes it a prime spot for real estate investment. As a result, the market is vibrant, with properties being snapped up in record time.
Sources: Emlak Magazin, The Wandering Investor, Boran Emlak
We have made this infographic to give you a quick and clear snapshot of the property market in Turkey. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) Rental yields in Izmir have risen by about 4% over the past year
Rental yields in Izmir have increased by approximately 4% over the past year.
Izmir's real estate market is booming, especially in areas like Bayraklı and Bornova. These neighborhoods are undergoing urban transformation projects, attracting investors with promises of high returns. The buzz around these projects is making Izmir a hotspot for property buyers.
By the second quarter of 2024, the return on investment in Izmir's housing market hit 10% per annum. This strong performance is particularly evident in new and luxury properties, which are known for offering higher rental yields. Such dynamics make Izmir a compelling choice for those looking to invest in rental properties.
House prices in Izmir have also seen a dramatic rise, with a 77.2% year-over-year increase by October 2023. This surge in property values often translates to higher rental prices, which in turn boosts rental yields. The combination of rising property values and rental prices creates a favorable environment for investors.
While specific data on the exact 4% increase in rental yields isn't readily available, the overall market conditions suggest a positive trend. The growth in property values and the strong return on investment are key indicators of a thriving rental market in Izmir.
These factors collectively paint a picture of a vibrant real estate market in Izmir, where investors are likely to see promising returns. The city's ongoing development projects and rising property values are significant contributors to this trend.
Sources: Izmir Real Estate Market Prospects in 2024, Making a Real Estate Investment in Izmir, Turkey Residential Real Estate Market Analysis 2024
10) By 2025, Konak is the most popular district for property investment in Izmir, with a 20% rise in interest
In 2025, Konak is the top district for property investment in Izmir, with a 20% increase in interest.
Konak's charm lies in its rich history and vibrant culture, making it a magnet for investors. This district is not just a place; it's a blend of the old and new, offering a central location perfect for diverse real estate ventures. Whether you're looking at restoring historical buildings or developing modern spaces, Konak has it all.
Investors, both local and international, have been eyeing Konak for its unique opportunities. The district's central position and historical architecture provide a canvas for transforming spaces into hotels, apartments, or offices. This has turned Konak into a real estate hotspot.
Tourism is booming in Konak, opening doors for investments in hotels, cafes, and restaurants. The district's cultural and historical allure makes it even more appealing for investors. Plus, with easy transportation, educational facilities, and green spaces, Konak is ideal for both living and business.
Konak's accessibility is a major draw. With its excellent transportation links, getting around is a breeze, adding to its desirability. The presence of educational institutions and lush green areas further enhances its appeal, making it a sought-after location for families and businesses alike.
In short, Konak offers a unique mix of history, culture, and modernity, making it a prime choice for property investment. Its strategic location and investment potential are unmatched, drawing interest from all corners.
Sources: Izmir Invest, Properstar, Istanbul Property
11) Renovation of older properties in Izmir rose by 18% in 2024
In 2024, renovations of older properties in Izmir jumped by 18%.
This surge is closely tied to the city's ongoing urban transformation, especially in areas like Karşıyaka. Here, old buildings are being replaced with new constructions, which not only enhances property values but also fuels housing demand. This transformation is part of a broader effort to modernize the city and make it more appealing to potential buyers.
From 2019 to 2023, property prices in Izmir soared by 80%. This dramatic increase is largely due to the city's booming economy, improved transport infrastructure, and a growing demand for housing. As property values rise, owners are more inclined to renovate, hoping to maximize their investment returns.
While the exact percentage of renovation activities wasn't detailed, the trend of urban transformation and real estate development in Izmir clearly indicates a rise in renovations. As the city expands and attracts more investment, updating existing properties becomes a smart strategy to cater to the demand for modern living spaces.
Izmir's growth is not just about new buildings; it's about revitalizing the old. This approach not only preserves the city's charm but also meets the needs of a modern population. Renovating older properties is a practical solution to balance tradition with progress.
For those considering buying property in Izmir, this trend offers a unique opportunity. Investing in a renovated property could mean higher returns as the city continues to develop and attract new residents.
Sources: Turk Estate, Global Property Guide
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12) Properties with private gardens in Izmir increased by 7% in 2024
The number of properties with private gardens in Izmir increased by 7% in 2024.
After the pandemic, people began to crave more green spaces at home, and Izmir is a prime example of this shift. The city, known for its historical charm and natural beauty, has seen a surge in demand for properties with private gardens. This trend reflects a broader desire for a peaceful and sustainable lifestyle.
Izmir's appeal isn't just about its aesthetics; it's also a hotspot for both local and foreign investors. Properties with gardens are becoming attractive investment opportunities, offering potential rental income and the possibility of increasing in value over time. The city's modern urban planning complements its natural allure, making it a desirable location for many.
For those considering a move or investment, the allure of a private garden in Izmir is hard to resist. These properties offer not only a healthier lifestyle but also a chance to capitalize on a growing market trend. The combination of lifestyle benefits and investment potential makes these properties particularly appealing.
As more people seek out these green havens, the demand for garden properties in Izmir continues to rise. This trend is reshaping the real estate landscape, with more developments catering to this growing preference. The city's unique blend of history, nature, and modernity makes it a standout choice for those looking to invest in a property with a garden.
In Izmir, the increase in garden properties is a testament to changing lifestyle priorities. The city's ability to offer both a serene living environment and promising investment opportunities is drawing attention from a diverse range of buyers. This shift is not just a trend but a reflection of evolving values in property ownership.
Source: Emlak Magazin
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.