A Comprehensive Guide to Property in Istanbul (Why, How, Where?)

Due to some economic crisis on the real estate and new home construction industry in Turkey, both the costs in the business and the prices in the real estate have fallen down in the recent years. However, this situation is a great opportunity for the investors to buy property in Istanbul, also in Turkey. Also this the best time to invest in real estate in Istanbul.

 

Whether you are looking for a main residence, great houses, a secondary one, apartments, flats, holiday homes, or merely a rental investment, Istanbul is one of the perfect cities in the world to invest in.

 

Istanbul – a welcoming city

Coming for buying a resident home, apartment, holiday home or for coming to live here, Istanbul is an enticing, exciting and lively city that you won’t get bored. The pretty and prestigious neighborhoods of the city offer fantastic way of life here.

The city is an excellent combination of two continents linking Asia with Europe. The city is the largest one in Turkey, as well as the biggest financial and cultural center. This huge metropolitan city is home to 15 million residents and also one of the top 20 most visited cities in the world.

The proximity of the Istanbul and the surrounding areas through Marmara region to both New Istanbul Airport (IST) and Sabiha Gokcen Airport (SAW) also has a very positive effect for buying a property in Istanbul. New Istanbul Airport (IST) is one of the major airports in Istanbul and also in the world.

 

Where to buy?

* The central city districts, the districts of Bosporus European and Asian coastline have the most valuable properties, luxury residences and homes.

* There are variety of new projects mostly built in high-rise tower complexes with shopping malls, restaurants, many other facilities all under one roof which takes the attraction of the investors in Turkey.

Besiktas, Bakirkoy, Kadikoy, Beykoz, Sariyer, Adalar, Uskudar, Sisli, Zeytinburnu and Beyoglu (in order) are the most expensive districts in Istanbul.

Bebek, Etiler, Ulus, Fenerbahce, Caddebostan, Suadiye and Atasehir neighborhoods are the most prestigious places in Istanbul and they offer luxury new built residents, houses and apartments at very good prices compared to those you can find in Europe or overseas.

* The districts on the outskirts of Istanbul such as Beylikduzu, Avcilar, Sancaktepe, Silivri, Catalca, Sultangazi and Basaksehir (in order) are the cheapest ones.

Best places to live in Istanbul

European side

  • Beyoglu, Sisli, Cihangir, BesiktasOrtakoy, Sariyer, Bakirkoy, Yesilkoy, Fatih

Asian side

  • UskudarKadikoy, Moda, Acibadem, Bostanci, Atasehir, Suadiye, Maltepe

Best places to invest in Istanbul

European side

  • Besiktas, Taksim, Sisli, Bakirkoy, Basaksehir, Beylikduzu, Arnavutkoy (near IST airport), Bahcelievler, Kucukcekmece

Asian side

  • Uskudar, Kadikoy, Sancaktepe, Cekmekoy, Umraniye, Atasehir, Bostanci, Maltepe, Kartal, Pendik

 

Cost of Accommodation

* While the average price of a standard 3+1 flat in Istanbul is around 4.500 TL, it can go down to 4.250 TL in 1+1 houses and studios. Prices have increased by 29.02% in the last year and by 400.48% in the last 10 years, and the average rental return period is 20 years.

* The average price of a 100 square meter house purchased in Istanbul was between 750,000 TL and 1,250,000 TL. Also the average square meter prices of properties for sale is around 11,500 TL in Istanbul, 5,150 TL in Ankara and 9,000 TL in Izmir.

* The average home rental price for whole Istanbul is about 35 TL per square meters, which means a 100m2 flat renting price is between 3500 TL.

* The home rental prices for the cheap districts and neighborhoods are between 20 TL per square meters, which means a 100m2 flat renting price is between 2,000 TL.

* And it rises up to 10,000-15,000 TL on the Istanbul city center districts and on the districts that are home to universities.

* Furnished flat prices are like %25-30 more expensive. Also note that the average home rental prices rise about %30 percent each year in Istanbul.

Besiktas and Sariyer districts are the most expensive ones by means of home rentals with an average home rental price 7,500-9,500 TL. And than comes Bakirkoy with an average home rental price 6,000 TL, and about 5,000 TL for Kadikoy and Beykoz.

Why buy?

* Istanbul and surroundings offer many great projects of newly built residences, houses, apartments, holiday homes and luxury villas or land with sea view or mountain view for sale with very reasonable prices that allow investors a high investment return. The property market in Istanbul is very attractive for investors from all nations.

* Property in Istanbul is among the best in Turkey that the buyers will sure enjoy living in the city, as well as the investors may enjoy a wealth of rental possibilities and income prospects.

* Istanbul and surroundings offer sun, sea, stunning views and beautiful scenery, friendly people, value for money, freehold properties, low cost of living, potential EU accession and great investment opportunities.

* Buying a property in Istanbul is an ideal investment as the city offers very reasonable prices especially for foreign buyers. Average prices of the houses, homes, villas and apartments in the region have raised about more than a hundred percent since 10 years.

* Foreign property buyers may benefit from the really low prices of the real estate in Istanbul, as well as cost of living. Istanbul also have a great investment return in the form of rental income as most of the properties in the city offer 12 months rental potential.

* Another great opportunity is that the Turkish Lira has fallen down since 1 year, which means the major foreign currencies are like %40 more valuable than the TRY. And while the prices of the real estate in Istanbul have fallen down at the same time, especially foreign investors will benefit twice from this point of view.

How to buy property in Istanbul?

First of all, you need to make up your mind to buy a property in Istanbul. Should decide you’ll buy it for living or for investment. And than you’ll need to find the proper location that best suit your need in the idea of your buying a property in Istanbul. After you chose the location, it is up to you whether you find a trusted estate agent or you make the research by yourself. The buying property process is very easy that you can complete all the paper works, payments, transactions and take your title deed in one day at the Land Registry offices.

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