Real Estate in Istanbul
Turkey attracts tourists with its picturesque resorts and rich history. The largest city in the country is Istanbul.
The metropolis with an area of more than 780 square kilometers is considered the largest cultural and financial center in the world. Every year it is visited by millions of residents of other states. Many of the tourists decide to buy property in Istanbul and move to permanent residence in this amazing city.
Property prices in Istanbul
There are a lot of interesting offers in the housing market. On sale, there are a large number of new objects from developers. The average price of 1 square meter in the metropolis is €1620 but in the heart of the city, it can be slightly higher.
If we talk about the average cost of apartments, it is €93,000. For this amount, you can buy a second home or a good property in Istanbul from a developer under construction. Apartments with good repair, of course, are much more expensive.
According to statistics, the annual growth rate of prices in the capital of Turkey is 105%. This suggests that real estate prices in Istanbul are growing rapidly, and the purchase of residential properties is a good investment of money. In recent years, the city has begun to be actively built up, including at the expense of the capital of foreign investors.
Most buyers from abroad decide to invest their accumulated funds in new buildings since they bring tangible income after putting houses into operation. Residents often pay attention to secondary housing, since such real estate in Istanbul is inexpensive, unlike the residential complexes under construction.
If we analyze the options on sale, we can conclude that the cost of apartments is quite affordable, even for Russians.
Looking after real estate in Istanbul and studying thematic forums, our compatriots are guided by prices in rubles, and they are not so high compared to Moscow and other large Russian megacities. Foreign buyers are also attracted by profitable loan offers from banks and guaranteed rental programs from management companies.
Istanbul Real Estate Market Overview
It should be noted that real estate in Istanbul is very different from each other not only in price but also in appearance.
Following types of residential properties are on sale;
1-Studio apartments,
2-2+1 and 1+1 apartments,
3-3+1 apartments,
4-Penthouses,
5-Villas.
What is 1+1 and 2+1 Apartments
Their area in most cases varies from 60 to 70 square meters. In the old district of Avcilar, located on the very coast of the Sea of Marmara, you can find a suitable apartment for €100000. You can buy similar properties in Istanbul inexpensively in other areas. Such options are ideal for long-term rental and resale.
Houses, mansions, and villas:
Suburban real estate in Istanbul is not in high demand because of the price. Buyers believe that it is more expedient to buy houses in resort regions where beach holidays are popular. Representatives of the local population rarely pay attention to such options, since getting from the suburbs to the city center is quite problematic. In the capital, there are always large traffic jams. Prices for houses, mansions, and villas in Istanbul vary widely (from €200,000 to €30,000,000).
For investment, the best real estate in Istanbul can be bought in several of the most popular areas of the city. Those who want to buy housing on the European side should take a closer look at such areas as:
• Arnavutköy;
• Bakırköy;
• Beylikdüzü;
• Sisli;
• Beşiktaş;
• Küçükçekmece.
On the Asian side, good options can be found in the following areas of the city:
• Maltepe;
• Pendik;
• Çekmeköy;
• Üsküdar;
• Sancaktepe;
• Ataşehir;
• Bostancı;
• Umraniye.
Those who want to develop business in the metropolis may be interested in commercial real estate in Istanbul. The most profitable offers on the market are the premises located near the metro and shopping centers.