Your guide for buying real estate in Istanbul 2021
Due to the economic crisis in real estate and the decline in new construction in Istanbul, both business costs and property prices have increased in recent years. However, this situation represents a great opportunity for investors to buy property in Istanbul.
Whether you are looking for a prime residence from large houses or apartments, holiday homes, or just a rental investment, Istanbul is one of the ideal cities in the world to invest in.
Why Istanbul?
The city possesses an excellent blend of two ancient continents, namely, Asia and Europe. In addition to being the largest city in Turkey, as well as being the largest financial and cultural center. This mega urban city is home to 15 million people and is also one of the 20 most visited cities in the world.
The areas surrounding Istanbul are no less famous and lively than they are and even contributed to its distinction, Marmara region and both Istanbul New Airport (IST) and Sabiha Gokcen Airport (SAW) have a very positive impact on buying a property in Istanbul. Istanbul New Airport (IST) is one of the major airports in Istanbul and also in the world.
Where do I buy it?
The city center area, of course, and the European and Asian coast areas on the Bosphorus contain the most valuable real estate, luxury residences, and townhouses.
Other than that there are a variety of new projects that are mostly built in high-rise complexes that include shopping malls, restaurants, many other amenities, and residences all under one roof! It is what attracts investors to Turkey.
Besiktas, Bakirkoy, Kadikoy, Beykoz, Sariyer, Adalar, Uskudar, Sisli, Zeytinburnu and Beyoglu (in order) are the most expensive areas of Istanbul.
In terms of neighborhoods, Bebek, Etiler, Ulus, Fenerbahce, Caddebostan, Suadiye, and Atasehir are among the most popular places in Istanbul, offering newly built luxury residences, townhouses, and apartments at very good prices compared to those you can find in Europe or abroad.
Istanbul suburbs such as Beylikdüzü, Avcilar, Sancaktepe, Silivri, Çatalca, Sultangazi and Başakşehir (in order) are the cheapest.
Accommodation cost, are you thinking?
The average house rent price in the whole of Istanbul is about 14-15 TL per square meter, which means that the price of renting an apartment of 100 square meters ranges between 1400 and 1500 TL.
House rental prices for cheap areas and neighborhoods range between 9-12 Turkish liras per square meter, which means that the price of renting an apartment of 100 square meters ranges between 900-1200 Turkish liras.
It rises to 2500-3000 TL in the downtown areas of Istanbul and in the neighborhoods that include universities.
The prices of furnished apartments are 25-30% more expensive. We also note that the average house rent prices are rising by 30% annually in Istanbul.
Besiktas and Sariyer are the most expensive areas in terms of house rents with an average house rent price of 3500 TL. Then comes baKirköy with an average house rent price of 3000 TL, and about 2650 TL each for Kadikoy and Beykoz.
Why should you buy property in Istanbul?
Istanbul and its surroundings offer many great properties from residences, townhouses, apartments, holiday homes, luxury villas, and sea or mountain view land for sale at very reasonable prices that give investors a high return on investment. The real estate market in Istanbul is very attractive to investors from all countries.
Buying a property in Istanbul is an ideal investment as the city offers very reasonable prices, especially for foreign buyers. Average house prices, townhouses, villas, and apartments in the region have increased by more than one hundred percent in the last 10 years.
Foreign property buyers may benefit from the really low prices of real estate in Istanbul, as well as the cost of living. Istanbul also has a great return on investment in the form of rental income as most of the properties in the city offer the possibility of renting for 12 months.
Another great opportunity is that the Turkish lira has fallen one year ago, which means that major foreign currencies are like 40% more valuable than the Turkish lira. While real estate prices in Istanbul have fallen at the same time, foreign investors, in particular, will benefit from this point of view twice as much. For example, if the residence or a newly built house was about 1.000.000 TL which is equivalent to 200,000 euros in the middle of 2018, you can now buy this place for about 155,000 euros.
How to buy property in Istanbul?
First of all, you have to make your decision to buy property in Istanbul. Should you decide to buy it to live in or to invest in. You will need to find the right location that fits your needs in the idea of buying a property in Istanbul. After you choose the location, it is up to you whether you will find a reliable real estate agent or do the research yourself. The process of buying real estate is so easy that you can complete all the paperwork, payments, and transactions and take your title deed in one day at the Land Registry offices.
Possible obstacles
There are a lot of newly built residences, apartments, and villas in Istanbul since 5 years ago, as there were more places to live than the city dwellers. Some of these new buildings can be considered as being too far from the city center, don't have much public transportation, and have apartments at very low prices but that can't be a good deal.
Research well and study these places thoroughly.
Finally. Istanbul is a city of dreams, surprising the world year after year with the development and openness it is witnessing, as it is not possible for a visitor to be in Istanbul this year and see the same as what he saw last year.
