Property prices in Istanbul

Istanbul is a large metropolis stretching for 70 km. It is the only metropolis that is located on two continents at once – the Bosphorus Strait divides Istanbul into European and Asian parts. The city is the largest in Turkey, as well as a major financial and cultural center of the world. This huge city is home to 15 million residents and is among the twenty most visited cities.

Istanbul Real Estate Market Overview

In the Istanbul real estate market, most of the offers are new properties. The average price per m2 in 2021 is about €1,000 in the suburbs and €1,500-3,500 in the center. If you look at the options in the catalog on our website, you can see that in Istanbul, apartments priced from €40,000 prevail, but these properties are only at the construction stage. That is, the city is actively being built up and attracting capital from foreign investors. This picture on the market is also reflected by real estate agencies, offering mainly new buildings. It is more profitable for agencies to sell primary housing and receive a commission from the developer. Secondary housing is in demand on the domestic market. Foreign buyers prefer to buy new housing, which will increase in price after commissioning and generate rental income.

Types and prices of real estate in Istanbul

As we have already said, the city offers reasonable prices, especially for foreign buyers. In addition, developers offer interest-free installments, banks – mortgages, and management companies – a guaranteed rental program. Let's look at the most popular types of real estate and the purposes for which they are purchased.

• Studio apartment in Istanbul Studio apartment in Istanbul in 2021 costs from €41,000 at the initial stage of construction. For such a price, the property will be in the Esenyurt area – in the European part of the city, which is popular due to new modern development, where people buy housing mainly for themselves and resale.
• 1+1 and 2+1 Apartments In the Avcilar area, new apartments with an area of 65-70 m2 can be found for €48,000, such apartments in Istanbul are purchased both for investment and for personal residence. These are the most liquid options for resale and the most popular for renting out.
• 3+1 apartments and penthouses Apartments and penthouses in a new building with a large area of about 100 m2 will cost on average from about €110,000, and premium housing – from €180,000. Such options are purchased for permanent residence.
• Houses and villas Villas are built mainly in the suburbs of Istanbul. Foreigners almost never buy villas in Istanbul, they choose the resort regions of Bodrum, Side, Antalya. And local residents have a long way to get from the suburbs to the city center, as Istanbul always has big traffic jams. The cost of houses in Istanbul starts from 200,000 €. For this amount, you can buy a new villa with 5 bedrooms and even near the sea. When buying a villa from $ 250,000, the buyer can receive investment citizenship of Turkey. The most expensive villas can be found for about $ 20-40 million.

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Benefits of Buying Property in Istanbul

Location

Turkey is located in the center of Europe, Eurasia, the Middle East and North Africa. Istanbul is the heart of Turkey and the gateway to the outside world. From Istanbul, you can reach millions of customers and investors around the world.

Airports

In 2021, there are 2 international airports operating in Istanbul. On the Asian side, there is the low-cost Sabiha Gokcen International Airport, and on the western side, there is the new Istanbul Airport, which is one of the largest airports in Istanbul and the world, serving 210 thousand passengers per day and receiving flights from 130 airlines. This is where most regular flights from Russia, Ukraine, Belarus, Kazakhstan and other countries arrive.

Economy

Istanbul is the center of Turkey's economy, a hub for both domestic industrial and commercial activity, as well as multinational companies and foreign investors. Being in such a paradise of opportunities always makes real estate attractive. Buying real estate in Istanbul is one of the most risk-free investment moves.

Cheaper than in Spain, France or Portugal

Buyers who want to own a holiday home abroad often narrow their choices to Turkey, Portugal, Spain and France. However, Turkey has the lowest property prices, making it an ideal choice for those looking for long-term and medium-term investment options.

Rental Income from Real Estate in Istanbul

The yield from renting out real estate in Istanbul is 5-8%, and you can also earn money on the big increase in real estate prices. According to the results of the first quarter of 2021, the Turkish cities of Izmir, Ankara and Istanbul are the leaders in the Global Residential Cities Index for housing price growth from Knight Frank. Another great opportunity is that the Turkish lira fell a few years ago, which means that major foreign currencies are about 40% more expensive than the local one. And although real estate prices in Istanbul fell at the same time, foreign investors will benefit from this point of view twice as much. Average prices for houses, villas and apartments in the region have increased by more than one hundred percent over the past 10 years. The Istanbul real estate market attracts investors, as long-term and short-term apartment rentals are in great demand and bring a stable income. Tenants are tourists, entrepreneurs (business tourism), highly paid specialists and students who rent real estate for the long term. Most properties in the city offer year-round rental potential.

Best Places to Invest in Istanbul

European side

Beşiktaş, Taksim, Sisli, Bakırköy, Basaksehir, Beylikdüzü, Arnavutkoy (near IST airport), Bahçelievler, Küçükçekmece.

Asian side

Uskudar, Kadikoy, Sancaktepe, Çekmekoy, Ümraniye, Ataşehir, Bostanci, Maltepe, Kartal, Pendik.

How to obtain a residence permit and Turkish citizenship by purchasing real estate in Istanbul

When buying real estate in any location in Turkey for $250,000 or more, an investor can automatically obtain investment citizenship. For this money, you can buy 5 apartments at the construction stage and earn on the growth in value before commissioning; you can buy a villa, a plot of land or luxury apartments on the first line of the sea. You must own the property for 3 years, after which, even if you sell it, you will retain your citizenship. You can get a passport in just six months, and the procedure itself is simpler than in European countries – investors do not yet need to confirm the origin of funds. Today, a Turkish passport allows you to travel freely to 111 countries, including Japan, Hong Kong and Singapore. Russians need a visa to enter these countries. Another very interesting opportunity is that Turkey is a candidate for joining the European Union, so in the future the list of privileges of Turkish citizenship may expand.

Recommendations for buying real estate in Istanbul

In order for the transaction to be successful, first of all you need to choose an agency that you can trust: employees will help you choose a property that meets your goals and expectations, check the house, the developer, help transfer funds, conclude the transaction and re-register documents, and also obtain citizenship.