Why Should You Invest in Istanbul?
Istanbul, as the cultural capital of Turkey, has always been among the most popular cities in Turkey to invest in. Not only locals but also foreigners have been interested in property investment in this beautiful city. As Istanbul keeps growing constantly, new opportunities continue to rise as time passes.
Thanks to urban transformation projects and developments in the transportation systems, districts that once seemed too far are now super easy to access. When you also consider the value loss of the Lira, Turkey, especially Istanbul, becomes hard to resist while looking for a place for real estate investment.
What Is the Cost of Investing in Istanbul?
Before making a real estate investment in Istanbul, there are some things you need to know. Firstly, we should talk about taxes and other expenses you can or will face, because here at Bari Global we believe that clarity builds trust between clients and us, so we try to be as transparent as we can.
Firstly, there is property tax. Property tax is paid annually in Turkey and it is considered a wealth tax, meaning it will change according to the types, value, and location of your properties. It ranges from 0.1% to 0.6%, but for more precise calculations, you can contact Bari Global’s legal department advisors from here.
The good news on the tax subject is that the Turkish government exempts foreigners that are not settled in Turkey yet from VAT taxes on their properties. And lastly, there is income tax, more specifically rental income tax. Income tax is charged at a rate of 15% to 40% in Turkey and paid in two equal installments in March and June.
Where to Invest in Istanbul?
Because of its long history, central location in the world, and all its beauties, Istanbul has several districts. When the city is this large, it can be difficult to choose where to invest. We will try to help you find the best place for you to invest.
Firstly, you need to decide which side of Istanbul you want to invest in. On the Asian side, the most popular investment zones are Kadıköy and Kartal. When we look at the European side, places such as Taksim, Levent, Kagithane, and many other districts grab our attention.
Located in maybe the most central location in all of Istanbul, Taksim is the shining star of the city. With its never-ending nightlife, all kinds of tourist attractions, and easy transportation, it is a great place to invest. Taksim has also the most expensive projects, such as luxurious hotels and residences. Combining all of these with its central location, Taksim is certainly an investment that will pay off.
Levent is at the center of almost everything exclusive and upper-class. Its proximity to these neighborhoods, such as Nisantasi, Etiler, and Bebek, Levent is the choice if you desire luxury. It is also one of the commercial hubs of Istanbul, with tons of malls, skyscrapers, and residences. When you add easy transportation to all of these, Levent is one of the hotspots in Istanbul investment.
Because of its proximity to the European side and easy transport, Kadikoy is the most preferred area on the Asian side. It is also considered one of the cultural hubs of Istanbul with its cinemas, theatres, and many other cultural attractions. Thanks to all of these, Kadikoy is the most preferred district for investment in Istanbul.
Beylikduzu is among the areas that are on the rise. This increase is mostly due to the quality of projects in the area. High-quality investment projects, and new transport projects such as the Beylikduzu-Bakirkoy metro line, will only make your investment more valuable in time.
Located in a commercial area, Basaksehir has opportunities in terms of real estate investment, too. Although it is far from central places, thanks to Atatürk Olympic Stadium and the health center, Basaksehir has been gaining interest. Thanks to the Kirazli-Basaksehir metro line, transportation is pretty easy, too.
Located in both a central location and on the bridge roads, Kagithane is high on the list. Being in the center of the European side, it is close to almost every business center in the city. Since it is also within walking distance to Taksim, it is close to cultural and touristic attractions, as well.
Our next area on the Asian side is Kartal. With the Kartal-Kadikoy metro line, Kartal has been gaining popularity. Adding the urban transformation projects and public investments, it becomes hard to ignore Kartal. Thanks to its connection with bridge roads, transportation in Kartal is easy, too.
The last place on our list is Zeytinburnu. What makes Zeytinburnu special is the brand-new real estate projects, commercial properties, and hotels scattered all around. When you add the great location and its luxurious coastline, it is an investment you should consider.
How to Invest in Istanbul?
Before you make a real estate investment in Istanbul, pairing up with an investment agency can help you a lot. That is where we come in. With our experts in the field, here at Bari Global, we will do everything we can to help you in this process. You can contact us for detailed information and book your free consultation now.