EN
There are various reasons to invest in Istanbul, whether it's a lifestyle decision or a bare investment; however, the most recent motivation is arguably the new Turkish Citizenship via investment scheme. This requires a real estate investment of at least $400,000.
New financial districts are sprouting up all over this metropolis as it continues to expand. On the European side of the city, prime Istanbul property opportunities may still be found in the well-known Bosphorus neighborhoods of Bebek, Sariyer, Rumelihisari, and Istinye. On the Asian side of the city, the well-known Uskudar and Beykoz coastlines also offer exclusive real estate opportunities.
Istanbul Real Estate Market
The prices of properties on the European side, such as in Sisli, Levent, and Maslak, besides Kadikoy and Uskudar on the Asian side, have increased over the previous several years. In addition, we have witnessed the growth of new places for urban redevelopment.
Kagithane, located nearby Sisli and is currently seeing a surge in popularity, is on track to replace Sisli in the next few years. Eyup, also known as the Golden Horn region, is located close to the city and is seeing an increase in the construction of new flats in high-quality residential complexes.
Sides of Istanbul: European Side
Suburbs surrounding Kucukcekmece Lake, near which the new canal will begin its route north to the Black Sea, hosting many new properties offering views of the lake, and blending with a picture of the sea, are excellent for property investment options in Istanbul. Looking at the newly emerging European districts of Bahcesehir, Beylikduzu, and Esenyurt are all excellent for property investment in Istanbul too.
In addition to Bahcesehir, Beylikduzu, and Esenyurt, the Buyukcekmece neighborhood in Istanbul has become home to breathtaking residences with a sea view. To optimize rental profits, many Istanbul property owners place a high priority on having a sea or lake view. Compared to the region around Istanbul's city center, the cost of living in these places is noticeably more reasonable overall.
Those interested in purchasing real estate in Istanbul have various options, including key-ready and off-plan, and under-construction homes. Full cash payment is typically required to complete the purchase of the critical-ready property. On the other hand, off-plan real estate in Istanbul can be purchased with an initial down payment of around forty percent and a monthly payment that is not subject to interest for two to three years.
This presents a significant advantage over purchasing existing real estate in Istanbul. Nevertheless, this will be contingent on the state of construction that each project is now in and the anticipated date of completion.
Sides of Istanbul: Asian Side
The districts of Maltepe, Pendik, and Kartal, coastal communities to the east of the city center, have seen growing popularity in recent times. On the Asian side of Istanbul, properties for sale can offer fantastic sea views at more affordable prices both key-ready and off-plan. As a result, there is a great selection of options on both sides of the city that are suitable for buyers.
On the European side of the city, popular neighborhoods such as Zekeriyakoy, Buyukcekmece, and Beylikduzu have available villas for purchase. On the Asian side of the city, popular neighborhoods such as Beykoz and Uskudar also have available villas.
Then, the most prestigious of all are the Istanbul mansion-style villas. These properties are the crème-de-la-crème of this great city, and they have waterfront Ottoman architecture with a Bosphorus view.
State of the Istanbul Real Estate Market
The central city districts of Istanbul, as well as prime location properties in Beyoglu, Sisli, Macka, Levent, Mecidiyekoy, Bebek, and other Bosphorus line districts, are at the forefront of Istanbul's real estate boom. These are the neighborhoods where luxury residences, such as condos and mansions, are in high demand.
Properties located in Istanbul's city center can generally be divided into three categories:
- Well-managed, branded luxury residences are typically erected in high-rise tower complexes that include retail malls, restaurants, and a variety of other facilities under one roof, with a price tag commensurate with the level of luxury offered. The neighborhoods of Sisli, Mecidiyekoy, and Levent are at the forefront of this because they are located within or close to the city's business districts.
- Older apartment buildings in Istanbul are designed with Turkish architecture and are located in some of the city's most desirable neighborhoods. Despite the offer of few amenities to residents. Compared to newly constructed houses and high-end towers, these are extremely simple and offer relatively few services in terms of facilities management.
Having said that, they are typically properties in prime locations, such as homes along the Bosporus with breathtaking views, blocks of apartments in Nisantasi and Sisli, and the majority of Bebek's apartments, all of which are among the most expensive real estate in Istanbul.
- Shanty homes may be found nearly everywhere in Istanbul, including directly adjacent to some of the most prestigious addresses in the city. On the hilltops and side, streets are typically found in properties that were built without formal authorization.
The majority of them do not have valid title deeds, and most of the time, they are in very poor condition. Since 2005, the Turkish government has been focusing its attention on these kinds of properties as part of an initiative known as "Urban Transformation." Under this program, large developers are encouraged to combine parcels of shanty houses and streets and redevelop them into contemporary and luxury residences.
See our article titled State of the Real Estate Market in 2022 in Turkey for further information.
Urban revitalization efforts in Istanbul have already had a significant impact on several neighborhoods, including Bomonti in Sisli, sections of Beyoglu, and Karakoy. The program is proving to be quite successful in adding value to and boosting the reputation of historic core areas of Istanbul, which were previously littered with shanty developments.
Recently there has been a significant increase in transportation developments in Istanbul. This also affected the real estate sector. They start from approximately €100,000 for a unit with one bedroom and typically range from approximately $2,500 to $3,000 per square meter. These real estate have more affordably priced and generate a rental income of approximately 5% per annum.
If you contrast this with the cost of a luxury home in Sisli, for example, where you could easily pay more than $10,000 per square meter, the appeal of these suburbs becomes more than evident. These new districts are now considerably more commutable than they were in the past and are being rapidly integrated into Istanbul as a result of the ever-improving transport networks such as the expanding subway system and the Metrobus.
Istanbul is a melting pot of hundreds of different nationalities and religions, all of which share one thing in common: a desire to make everything incredible. It is home to almost 16 million people, making it a city that is a melting pot of nationalities and religions.
The dynamic city of Istanbul is recognized as one of the most significant economic, political, and cultural hubs in the northern hemisphere. Between 2004 and 2012, the value of properties available for purchase in Istanbul increased by more than 240%, catapulting the city's status as a leader in the construction of high-quality buildings into the stratosphere.
Whichever real estate type you're interested in, the team here at Bari Global is always ready to help you to discover a place to call home in the city and give you advice that is both impartial and forthright regarding your investment in Turkey. Our office in Istanbul provides complete legal assistance and property registration services, as well as qualified Istanbul property consultants who will assist you in completing property purchases in Istanbul that meet all your requirements. These purchases will be tailored to meet your specific needs.
