Istanbul Property Market Options
Why choose to buy a property in Istanbul? In short: Locations, locations, and more locations.
Buying Property In Istanbul
Choosing a property to buy in Istanbul can be seen as a daunting task. The city is sprawling and each corner speaks to its own uniqueness. It takes a long time to even comprehend the city in its fullness, usually years. But most people come with a set of preferences and these can be used to quickly rule out or rule in some locations where people may consider buying property.
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Real Estate Budget
Budget can also be a determining factor. If the budget is under 500,000 TL probably the best option would be one of the suburbs. There is also probably not much point looking on the Bosphorous unless the budget is in excess of 5 mil TL, given the fact that there is limited supply of these properties on the market and always in high demand from locals and foreigners, alike.
Downtown Istanbul Real Estate
Some buyers just want downtown. Well, they are in luck. You could even argue that there are at least a half dozen downtowns, all having their particular claim to the title.
Downtown on the Asian Side? Well, that would probably have to be Kadikoy or Bagdad Cad. But for those who live on the European Side, there is an equal argument for areas such as Beyoglu, Sisli, and the CBD area of Levent.
Others would argue that the sea side gem of Bebek is the only true downtown (if you drive a Ferrari). It is hard to argue one over another, as it merely is a matter of taste or perhaps where people work, or even where their family has lived for generations, as can often be seen in the likes of such neighbourhoods as Kadikoy. All represent dynamic and vibrant downtown neighbourhoods with ample restaurants, bars and entertainment venues of all sorts. They are also all more or less transportation hubs, so when seeking to buy a downtown property, beginning a search in one of these areas would be an appropriate start.
Beyoglu Downtown Istanbul
Others would argue that the old quarter in Beyoglu is the true downtown, dating back hundreds of years to the mercantile operations around the famed Galata Tower. It calls itself home to the largest concentration of expats, and is also the undisputed cultural and entertainment centre of Istanbul, though Kadikoy has made impressive inroads in the past 5 years. It is also hands down the tourism centre of the city. If people only know one street name in the whole of the city it is sure to be Istiklal. It goes through its ups and downs, but surely still has a strong claim to be the true downtown, both past and present.
Prices can range anywhere from 7000TL/ sqm. Expect to pay much more for a property with a view. Finding tenants is pretty easy if the property is kept in good order and the fee is appropriate. For more information Contact Us.
Sultanahmet in Istanbul City
A lot of foreigners end up in Sultanahmet during their stays in the city. Although it has a lot of character and history, this is truly a tourist destination and offers little value in the way of property to buy. Not to mention the fact, much of the quaintness would wear off after a while and you would be stuck with tourist prices for restaurants and line ups, etc. Finally, there is very little residential in the area.
Bosporus Real Estate
Bosporus properties are really an entity unto their own. The market is quite opaque and not many estate agents have a good price history for the area, as so few properties change hands.
Owners of property in this area will often not put their property on the market unless they are in financial trouble, thinking that it is irreplaceable.
In many respects, this is true, but it does lead to uneven asking prices and expectations. This market is probably best left for Qatari sheikhs and local business moguls. Prices (with a view) start from 30.000 TL/ sqm and go much higher for a villa with some historical charm and a good position along the water front. It is in many senses, by far, the most impenetrable real estate market in the whole of Turkey.
Buyers often purchase property here as conspicuous consumption, or as ‘trophy’ assets, rather than along strictly applied principles of investment, so often the selling process is guided by such indiscernible subtleties. However, if you want bling with a capital B, the Bosphorous is up there with some of the world’s finest and most naturally beautiful straits of water. If you are just looking to impress a few friends, we suggest some more modest options. Read more
Hot Property: Istanbul’s iconic waterfront mansions
Once the preserve of the Ottoman elite and affluent foreigners working in what was Constantinople, the mansions, known as yalis, were made famous in novels and more recently through modern Turkey’s hugely successful TV soap operas.
If you are looking for what constitutes pure suburbia in Istanbul when buying property, there are luckily many options, and also affordable ones. These areas are home to a lot of the construction of huge high rise building complexes, new universities, hospitals and shopping malls. There is usually quite a time-consuming commute to the city center, but with the increase in the Metro system infrastructure, as well as the addition of the 3rd bridge, the super-cool underwater tunnel, and the pragmatic Metrobus, many before inconceivable locations have opened up for living as well as for investment.
Beylikduzu is one of these shining stars, with many choices in new buildings with all the facilities (swimming pools, concierge, playgrounds, fitness studios, etc). Though not technically luxurious, they are quite utilitarian and time-saving. Prices in such complexes can start as low as 5000TL/ sqm, but are starting to go up. Developers are also offering more attractive payment plans than in years past.
If Beylikduzu is not your cup of tea, you could do a targeted investment near the 3rd bridge or the colossal 3rd airport. Both areas are booming with new construction. Proximity to airports can often be interesting in that the profile of tenants is quite good: they often spend less time at the property (hence, less wear and tear), they usually command greater than average local salaries, and are usually well-educated.
If none of these options suits you, then you could always try something along the Black Sea, or the Islands in the Marmara Sea. Saying that there are many options for purchasing a property in Istanbul is really no exaggeration.