Construction Costs in Turkey and Around the World
Construction costs can fluctuate significantly depending on several factors, such as project type, location, materials, and labor. In the housing sector, where we focus much of our attention, costs vary based on these factors. Let’s explore the average construction costs in different regions, with a particular focus on Turkey and the global cities where costs are notably high.
Housing Construction Costs in Turkey
The cost of building per square meter can vary significantly, not only from country to country but also between urban and rural areas within a single nation. In Turkey, for instance, construction costs in rural regions such as Adıyaman may differ considerably from those in major cities like Istanbul. Costs can range between $1250 to $3000 per square meter in Istanbul, depending on the quality of materials and finishes used.
In luxury regions of Istanbul, where land prices are high, these figures can rise. While costs in Istanbul may not be the lowest compared to other global cities, the potential for significant appreciation in real estate value makes it an attractive investment. For example, the construction costs in Istanbul are competitive when compared to other major capitals like New York, Tokyo, London, Paris, Beijing, and Moscow.
Construction Costs in Major Global Cities
- New York: In Manhattan, the cost of building high-rise buildings can range from $1100 to $2,500 per square foot. This varies based on the quality of finishes and the project’s specific requirements.
- Tokyo: The cost to construct high-rise buildings in Tokyo ranges from $3,000 to $6,000 per square meter. This can increase further depending on the prime location and luxury aspects of the project.
- London: Construction costs for high-rise commercial buildings in London generally range between £2,000 to £4,000 per square meter (around $3,000 – $6,000).
- Paris: For high-rise or commercial buildings in Paris, you can expect a cost between €3,000 to €6,000 per square meter (around $4,000 – $8,000).
- Beijing: The cost of constructing high-rise buildings in Beijing can range from 10,000 to 25,000 Chinese Yuan (around $1,000 – $3,000 per square meter).
- Moscow: In Moscow, construction costs for commercial buildings can range from 30,000 to 60,000 Rubles (around $300 – $600 per square meter).
Why Istanbul Stands Out
When comparing Istanbul to these cities, it’s clear that Istanbul offers one of the most cost-effective construction investments. The city’s construction costs are lower than other major world capitals, making it an attractive place for investment. Istanbul also offers significant potential for real estate appreciation, particularly when considering factors such as location, branding, and the unique regional appeal.
Conclusion
In summary, while global construction costs vary, Istanbul stands as one of the cheapest cities for construction investment, offering significant value for both residential and commercial projects. For those looking to invest in Turkey, Istanbul provides an excellent opportunity to get more for your money.
If you’re interested in learning more about the Turkish real estate market and how you can benefit from investing in Istanbul, contact us for more details.
(All values are taken from 2021.)
