Natalie To invest in Istanbul property is to enter one of the world’s most promising real estate markets. This ever-revolving hub is a centre of excellence for tourism, education, business, economy, and trade investments. Every day, hundreds of apartments, villas, and commercial properties are bought and sold, as the city works around the clock to become one of the globe’s top financial hubs.
Istanbul plays an enormous part in Turkey’s 2023 vision plan to be a top-performing country, and aside from that, it is the country’s beating heart even though it isn’t the capital. Therefore, real estate investors from around the world flock to boost their portfolio and tap into masses of capital appreciation potential. So, if you are an investor or a home buyer who wants to own property in this city, that has shaped historical timelines over the centuries, what do you need to know so your investment benefits you?
Where to Invest in Istanbul Property
Asian Versus European Istanbul
When it comes to real estate, look at any portfolio to see most of it revolves around the European side. However, the Asian side also presents a lot of opportunities, and places like Kadikoy and Uskudar are high profile because of frequent ferry transport connections. Sabiha Gokcen airport services the Asian side, whereas the new Istanbul airport, Turkey’s biggest and most ambitious megaproject services the European districts. When complete, it will be the world’s biggest air travel hub connecting residents to over 300 countries around the globe.
Most Expensive Districts for Property
The city’s massive size encompasses 39 different districts. Some are more prominent on the housing market and therefore command a higher price per square meter. An excellent example is Besiktas. This high-profile area is one of the most desirable places to live and work. Any neighbourhood lining the Bosphorus shores will command a higher price. Besides, the Ottoman princes’ island mansions and yali mansions are millionaire properties, with the general rule that if you have to ask the price, you can’t afford it.
Best Areas to Invest
Even though Istanbul is an ever-revolving hub, it is not an area for short-term investments. Instead, it offers ideal mid to long term potential, especially in the European side, where local councils are ploughing billions into upgrading and implementing state-of-the-art infrastructure and an excellent transport network.
These outskirt districts also attract investors because of mega projects like the airport, but for house buyers, a big lure is the modern buildings. Many are lifestyle residences comprising apartments, and duplexes with a range of on-site facilities like swimming pools, gyms, saunas, and landscaped gardens. Some developers, besides offering off-plan prices, also offer cash discounts. Places in the outskirt European areas to look at include Esenyurt, Beylikduzu, and Atasehir.
Buy-to-let Properties
Istanbul is also a hub for buy-to-let properties. If you aim to capture the tourism market, look at the Beyoglu district in what is known as new Istanbul, or the old part Fatih district, that includes iconic landmarks like the Hagia Sophia, Blue Mosque and Topkapi Palace. Naturally, given the city’s high profile status, it is also a significant business travel hub. Central business districts are Levent and Maslak on the European side. At the same time, Sisli is a retail mecca boasting of enormous shopping malls and many commercial premises coming up for sale every week.
Also of Interest: This article highlights prominent areas of where to buy in Istanbul, and why they stand out on the housing market.
How to Buy Property in Istanbul
The first step is to decide on your budget. As a baseline, property prices start from £50,000 to £60,000—also factor in extra purchasing costs that are roughly 9% of the selling price. Once you know your budget; start looking at areas. If you are unaware of the city, and local amenities like shopping malls, schools, medical facilities and transport links, our regional sales agents have in-depth knowledge.
They will answer your questions and match you with a destination suiting your lifestyle needs. Call us to arrange a viewing or browse our portfolio of apartments and villas for sale in Istanbul. Each listing contains all the information to know including price, location, home features and how to find out more.
Once you have chosen the property to buy, we then walk you through each stage, including getting a tax number, arranging deposit, sending funds, and securing the title deeds. Turkish law doesn’t require the use of a solicitor, but we strongly recommend you use one to invest in Istanbul property.
Also, Read
Real Estate Investment in Turkey: Owning a home abroad is now the new norm, and with many people choosing Turkey as the destination for a place in the sun, we look at the country overall. How its real estate market performs and what to know.
Living in Turkey: Turkey has a considerable ex-pat community who live in many areas like Istanbul and towns along the Aegean and Mediterranean coasts. If you plan to move out here, this article talks about the pros, cons, and tips to making a stress-free life transition.
