In the wake of a recession that has affected the real estate market and construction of new homes in Turkey The costs for the industry and rates in the real estate market have slowed down in recent times. But, this presents a fantastic opportunity for investors to invest in properties in Istanbul as well as in Turkey. This is also the ideal time to buy properties for sale in Istanbul.
If you’re in search of an ideal main residence, fantastic houses, secondary ones or apartments or flats, holiday homes or simply an investment in rental properties, Istanbul is one of the best cities around the globe for you to put your money into.
Istanbul is a warm city
Looking to buy a property, apartment or holiday property or living here, Istanbul is an enticing vibrant, lively and exciting city where you will never be bored. The beautiful and luxurious areas of Istanbul offer a the best lifestyle in Istanbul.
The city is a great blend of two continents, connecting Asia to Europe. This city has the distinction of being the biggest one in Turkey and is also the largest cultural and financial city. The city of a million people has 15 million inhabitants and is an amongst the best 20 of most frequented cities around the world.
The closeness of Istanbul and surrounding areas via the Marmara zone to New Istanbul Airport (IST) and Sabiha Gokcen Airport (SAW) can have a significant result for purchasing a property in Istanbul. New Istanbul Airport (IST) is among the most important airports in Istanbul and around the world.
Where to purchase?
• The city’s central districts and the areas in Bosporus European as well as Asian coastlines have the most expensive homes, luxury properties and residences.
There are a variety of new developments, mostly in towers that are high-rise and have restaurants, shopping malls, and numerous other amenities all under one roof that draws the attention of investor in Turkey.
* Besiktas, Bakirkoy, Kadikoy, Beykoz, Sariyer, Adalar, Uskudar, Sisli, Zeytinburnu and Beyoglu (in order) are among the most expensive areas in Istanbul.
* Bebek, Etiler, Ulus, Fenerbahce, Caddebostan, Suadiye and Atasehir neighborhoods are among the most sought-after areas in Istanbul and offer luxurious homes, new-built residents and apartments that are priced at a very reasonable costs compared to the ones that you will find in Europe or in other countries.
* The areas on the fringes of Istanbul like Beylikduzu, Avcilar, Sancaktepe, Silivri, Catalca, Sultangazi and Basaksehir (in order) are the cheapest .
The best cities where you can live Istanbul
European side
Beyoglu, Sisli, Cihangir, Besiktas, Ortakoy, Sariyer, Bakirkoy, Yesilkoy, Fatih
Asian side
Uskudar, Kadikoy, Moda, Acibadem, Bostanci, Atasehir, Suadiye, Maltepe
Best investment opportunities 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
* Although the median price for a typical 3+1 apartment in Istanbul is approximately 4.500 in TL. However, this is possible to be reduced to 4.250 TL in one-bedroom studios and houses. Prices have risen by 29.02 percent over the past year, and by 400.48 percent over the last 10 years. The average return on rental has been set at 20 years.
* The price for 100 square meters of home bought within Istanbul is between 750,000 to 1,250,000 TTL. Also , the average price per square meter of houses for sale is approximately 11,000 TL for Istanbul 5150TL for Ankara and 9,900 tonnes in Izmir.
* The median cost of renting a home in Istanbul is approximately 35 TL per square meter This means that the flat rental price for a 100m2 area is in the range of 3500 TL to 4500 TL.
* Home rental costs for the cheapest neighborhoods and districts are between 20 TL for each square meter (100m2) flat rental cost is anywhere from 2500 to 2,000 TL.
* Then it increases to 10,000-15,000TL on the Istanbul district of the city center and on districts which are home to universities.
Furnished flats are about %25-30 higher. It is also important to note that rent for a house increases around 30 percent per every year, in Istanbul.
* Besiktas and Sariyer districts are among the most expensive through home rentals with an average rental of between 7,500 and 7,500 TL. It’s followed by Bakirkoy with the average price for home rentals of at 6,000 TL and around 5 000 to TL in the case of Kadikoy along with Beykoz.
Why should you buy?
* Istanbul and the surrounding areas offer a variety of excellent projects that are newly built homes, apartments, residences vacation homes and luxurious estates with a mountain views or sea views available for sale at very affordable costs that offer investors to make a profit on their investment. The market for properties in Istanbul is extremely appealing to investors from across the world.
* The property located in Istanbul ranks among the most desirable in Turkey and buyers will surely be happy living in as well as investors will be able to take advantage of a wide range of income and rental opportunities.
* Istanbul and its surroundings are awash with the sun, the sea, stunning views and stunning scenery Friendly people, great good value for money Freehold homes with low costs of living, the possibility of EU accession as well as great investment opportunities.
A property purchase in Istanbul is a great option for investment because the city offers affordable prices, particularly those who are foreign. The prices for houses, villas, homes and apartments in the area have increased 100 percent in the past 10 years.
Foreign buyers can take advantage of the affordable prices of property in Istanbul and also the living expenses. Istanbul is also a good investment opportunity in the form of rental income since the majority of the homes in the city have 12 months rent potential.
Another excellent opportunity is the fact that the Turkish Lira has been falling in the past year that means that the main foreign currencies are around %40 higher than the TRY. In addition, the costs of real estate market in Istanbul are down simultaneously and foreign investors are the most likely to gain both times from this point from a perspective.
How do I buy a real estate in Istanbul?
In the beginning, you must make a decision to purchase a home in Istanbul. If you decide to buy it to live in or as an investment. Then you’ll have to determine the place that is best suited to your requirements in the case of purchasing a home in Istanbul. Once you have decided on the location it’s your decision whether to choose to work with a reputable estate agent or conduct your own research. The process of buying a property is simple enough and you can finish all paper work as well as transactions, payments and even get your title in a single visit to the Land Registry offices.
Potential traps
There is a lot of new residences, apartments or villas that have been built in Istanbul in the last 5 years that there were more homes to rent than the residents of the city. A few of these buildings are quite far from the city’s centre they don’t have accessibility to public transportation. It also offers flats at very cheap prices, but they aren’t likely to be considered a bargain.
You’ll have to pay attention to attention when looking up the information on these areas as well as their location and potential from the real estate agents. There are plenty of great bargains in Istanbul which you should not overlook as Istanbul is a fantastic location to visit and live in and provides all the required amenities and opportunities for the residents.
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