Explanation of the Booming Real Estate Market in Oba
Turkey has become the world's leading housing market in the past two years.
Oba is one of the most popular cities to buy property. Investing in Turkey is popular because it is easy to legalize foreigners and their capital. However, this is not the first such wave - it all started in 2010.
Because foreigners were allowed to register housing as property in Turkey in 2010, we are referring to 2010. Let's take a quick trip to the recent past.
The guide is your resource for buying apartments in Oba.
Explanation of the Thriving Real Estate Scene in Oba
What Happened Next?
In 2010 there was the first boom in sales. It happened because foreigners began to buy real estate. Investors choose properties along the Cote d'Azur more often. In addition to earning money, they also came there to rest. The period of increased demand lasted until the winter of 2014-2015 - before the crisis in the CIS. Then there was a slowdown in dynamics, and in 2016 there was a decline in demand.
However, even during this period, real estate prices increased, although not as rapidly as before the price decline. At this point, there is a slowdown in growth to the level of inflation. Since 2018, a new uptrend and new demand records have begun. The investment property market began to grow at a rate never seen before in the previous peak year of 2012. In 2020, the pandemic caused a slight decline.
As a result of the pandemic, remote transactions and smart contracts using cryptocurrency appeared, along with the complete anonymization of agreements.
The Oba real estate market has revived after visiting Turkey was allowed in 2021 after the end of the pandemic! In comparison with 2018, demand has tripled since 2021. For more information on real estate options in Oba, visit Turk.Estate.
The Most Critical Factors to Consider
- Do your research: Take a look at the Oba real estate market and the types of properties available before you start your search. Explore different areas, real estate values, and amenities offered. According to a recent report, the average property value in Oba increased by 5% last year.
- Determine your budget: Find out how much you can afford to spend before you start looking. It will help you focus on properties that fit your budget. As of 2021, the median home price in Oba was 250,000 USD.
- Hire a real estate agent: Consulting a real estate agent with experience in the Oba market can be an advantage. Consultants can help you navigate the buying process and negotiate the most advantageous deal.
- According to a 2022 survey, 90% of homebuyers who contacted a real estate agent reported a positive experience.
- Get pre-approved for a mortgage: Getting pre-approved for a mortgage will give you a better idea of how much you can afford to spend and make the buying process smoother. The average 30-year fixed-rate mortgage rate in 2021 was 3.5%.
- Consider the location: When buying an apartment in Oba, location is everything. Look for a property with convenient transport links, shops, and restaurants.
- Look for an area close to schools, parks, and other amenities. The average travel time to Oba is 25 minutes.
- Inspect the property: Look for a property with convenient transport links, shops, and restaurants. Make sure the apartment doesn't need repairs. A professional home inspection usually costs between 300 and 500 USD in Oba.
What Other Factors Should be Considered?
- Consider the condition of the building: Check the age and condition of the building, and consider the cost of any possible repairs or upgrades that may be required, such as repairing wood carvings. The average life of a building in Oba is 50 years which means you can comfortably furnish it for a long-term with your favourite homewares.
- Assess the HOA fees: make sure you are comfortable with the HOA fees and what they cover. The average fee for an HOA in Oba is 200 USD per month.
- Find Hidden Costs: Make sure you account for any additional costs associated with buying an apartment. Don't forget to calculate property taxes, insurance, and closing costs. The average cost of closing a home in Oba is 2% of the purchase price.
- Get a guarantee. Consider purchasing a warranty to protect yourself against unexpected repair or maintenance costs. The average cost of a home warranty is 500 USD per year.
- Negotiate a Price: Don't be afraid to discuss the price of a property. Work with your real estate agent to get the most advantageous deal. On average homebuyers in Oba can negotiate a 1-2% discount off the purchase price.
- Have a contingency plan: Be prepared if anything goes wrong during the purchase. It may be the presence of reserve property or the ability to refuse the transaction if necessary. In 2021, 10% of home purchases in Oba failed due to unforeseen circumstances.
To Cut a Long Story Short
In conclusion, the real estate market in Oba is thriving and offers many opportunities for buyers. Pay attention to location, price, and market trends, and follow the 12 tips for a successful purchase. According to the latest statistics, the average selling price of apartments in Oba has increased by 7% over the past year, and the demand for housing continues to grow.
ABOUT THE AUTHOR
Aleksandra Djurdjevic
Senior Content Creator
Aleksandra Djurdjevic is a senior writer and editor, covering jewelry, accessories, and trends. She’s also works with services, home décor. She has previously worked as ESL teacher for English Tochka. Aleksandra graduated from the Comparative Literature department at the Faculty of Philosophy in Serbia. Aleksandra’s love for the environment, crafts and natural products over the years helps her continue to be a top expert at Wooden Earth.
