Country: TurkeyCity: Istanbul
Buying an apartment in Istanbul makes sound financial sense. However, demand for good quality housing is at an all-time high, so it would be worthwhile looking in some of the newer areas that are currently undergoing redevelopment. As with anything, though, it is wise to choose the location with caution and investigate what is in the area that will suit you or your family’s needs.
Benefits of buying an apartment in Istanbul
Istanbul is the largest city in Turkey, with more than 15 and a half million people living there. It is located on the Bosphorus, dividing its land into the Asian and European continents. It is suitable for permanent residence for those who prefer a temperate climate. In summer, the average temperature is + 28ºС and the hot days are generally around +35 to + 38ºC. In winter, the thermometer can drop below 0ºС.
In addition to optimal weather conditions, the choice of making Istanbul your permanent residence has the following advantages:
- Unlike many other Turkish cities, Istanbul does not live exclusively on tourism and agriculture. It is the country's business center and is very attractive for those who plan to conduct their business here.
- The average salary in Istanbul is 9,160 Turkish liras, while even in the capital, this figure barely exceeds 2,500 Turkish liras and, on average, rarely exceeds 40,900TL. However, only language specialists who know English, Russian and Turkish are in demand.
- The city has over 40 public and private schools.
- It has well-developed public transport. In addition to trams and buses, there are metro, ferry, and speed boats.
- As in any metropolis, there is a rich infrastructure. There are a wide variety of shops, restaurants, theatres, opera houses, museums, and art galleries.
- You can fly to any city in Turkey, and most other countries from the local airport, and the new main international airport is a hub for over 110 countries.
Those planning on investing in an apartment in Istanbul should pay attention to other positive aspects:
- A great demand for rent - in 2021, about 24.7 million people visited the city.
- The average return on renting an apartment is 5-6% per year of its value.
- The town occupies a leading position in the country in terms of growth in property prices.
What Real Estate Can be Purchased in Istanbul?
The price of an apartment in Istanbul depends on the following factors:
- Where in the city is the property
- The size of the property
- The age of the property
- The infrastructure of the residential complex.
- New or resale
The cost of a one-room apartment varies from 80.000 to 250.000 €. The average price is around 90,000 €. If you wish to buy a studio apartment in Istanbul, they will be minimal as not many construction companies build studio flats. The most easily purchased and sold projects in the resale market are one and two-bedroom apartments. Also, they are the apartments which are in the most demand.
A one-bedroom apartment can be bought for around 80 to 90 thousand €. However, those who want to purchase property in a prestigious area on a residential complex with a pool, fitness centre, and other amenities will have to pay upwards of 200.000 €.
On the internet, you can easily find an offer to buy a 3-4 room apartment in Istanbul for 50.000-60.000 €. However, upon careful examination, you can see that it is located in suburban villages, at a distance of 40 km from the city. There may also be other reasons why it is inexpensive. For example, the absence of a central heating system in the house, without which heating the premises in winter requires high financial costs, as you will be using heaters or air-conditioning all the time. Additionally, it may be in an old apartment block and may need serious repairs.
Therefore, it is crucial to contact a reliable real estate company when choosing an apartment remotely. Summer Homes Real Estate company is ready to offer apartments in Istanbul and help with registering ownership and residence permits.
City overview
Istanbul is divided into 39 districts. However, buying an apartment is advisable only in a few of them. In the rest, living conditions are not very favourable, and real estate is not in demand either in terms of rent or sales in the resale market.
Fatih is a historical centre located in the district that was inside the city walls of Constantinople. The main attraction is Sultanahmet Square. There are three mosques and seven museums, and the monastery of Chora. This is one of the most densely populated quarters of Istanbul, with over 430.000 people living here. You can buy an apartment in a new apartment and in older buildings.
Beyoglu is a coastal region, with over a 270.000 population and adjacent to the Bosphorus.
The main styles in architecture are modernism and historicism of the beginning of the 20th century. The main attractions are the Galata Tower, the Jewish Museum and it has the largest synagogue in Turkey.
Bakirkoy covers an area of 32.5 square kilometres and has a population of over 225 thousand people. The area has high diplomatic and tourist significance and is found on the European side. The main attractions are religious buildings. The local market is considered one of the best in the city. It also has some of the best shopping malls in Turkey, and many streets have been pedestrianised.
Besiktas is considered the main cultural centre according to its locals. It is a small area of 11 square kilometres on which 180 thousand people live. The main advantage is the proximity to the port. The disadvantage is the high property prices here as there are many wealthy inhabitants. This is home to Levent, the financial district in Istanbul and where many prestigious skyscrapers are being built.
Buyukcekmece is another area on the European side of Istanbul currently enjoying a bit of a renaissance. This district covers 196 square metres of land. Its popularity has increased over the years due to its excellent infrastructure and transport links. There are many high-quality shops and restaurants here. Many cultural events take place here. Many people are buying here, lured by the fabulous scenery and fantastic housing quality.
Sariyer is another area on the shores of the Bosphorus. One of the largest in size, it is 162 square kilometres. Moreover, its population is only 200.000 people. Famous people of the city choose apartments here: politicians and artists who make this area very prestigious
Foreigners may have difficulties at first due to the peculiarities of Turkish law but with Summer Home's can help you with all the legal matters pertaining to real estate .
Maltepe is another area that is becoming popular with buyers looking for elite and prestigious apartments. It has over 7 km of coastline and is popular with those looking to live closer to the sea. Princes’ Islands are opposite the Maltepe coast, and this area is currently undergoing much redevelopment, making this a great place to invest in during its early stages.
Kartal is the most populated area. 500.000 people live here and an area of 38.5 square kilometres. It is an important industrial centre with more than 400 factories. However, the size of each of them is small; in total, only 50.000 workers work for them. Located in the Anatolian part, it includes the coast of the Sea of Marmara. The main attraction is the Aydos Forest.
In Which Area of Istanbul is it Better to Buy an Apartment?
For those who plan to rent out there newly purchased apartment in Istanbul, our agency suggests paying attention to the following areas:
- Beyoglu. Popular with tourists, as located near a popular area. The district's infrastructure appeals to the younger people as there are many bars and fewer places for entertainment with children. The average income of a rentier is around 800 Euros per month.
- Bakirkoy. It attracts guests with its proximity to the sea and shopping centres.
- Sariyer. The apartment owner can count on an annual income of 7% of its value.
- Maltepe. Excellent transport links and infrastructure. An area that is increasing in value and popular with tourists looking to rent near the sea.
For those planning a family move, we can offer real estate in the following areas:
- Besiktas. The area has an excellent transport interchange; also, it is considered one of the safest areas to live in. There are many shopping centres. The most popular among residents is Hazal Kilim and Zorlu Center.
- Kartal. In the area of 3 large universities, several hospitals, including The largest growing centre in the city. Here is an ecological market, a stadium, there is an Orthodox church. Well-developed transport links with other areas of the city: buses, metro buses, and ferries.
Summer Homes are a well-established real estate company based in Turkey. We have a wealth of knowledge that we can share with you and can help with every aspect from the beginning stages right up to purchasing and moving into your new home.
If you are interested in real estate in Turkey, please contact our company, and we will organise a free orientation tour for you!
