Istanbul Properties and Prices

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Things to Consider While Buying Property in Istanbul

Istanbul is the most dynamic city in the real estate sector inside Turkey, where the major property and infrastructure projects are constructed daily. For that reason, everybody considers Istanbul as the dream destination when thinking of buying a property, and getting rid of rent burdens. Whether it is homeowners seeking a favorable social life, or investors looking for guaranteed increasing profits.

There are many topics to consider while buying a property in Istanbul, we can list things like:

Defining the purposes of buying the property

The first thing to think of is the reason behind buying the property. Is it going to be for your permanent residence? Are you going to rent it? Or maybe, resel it. In short words, will the property serve as your next place to live, or it’s just another investment opportunity. This is critical since it would affect, the location of the property, budget, and logistic factors. Not all neighborhoods are created equal. For example, some spots are suitable for family lifestyles, others are more fitting as shopping centers.

Performing thorough research

Buying a property is a multi-stepped process. You need to do your homework and sometimes consulate professional real estate agents for guidance. Do not rush towards online marketing ads inviting you to buy a villa overlooking the Mediterranean beaches, famous for its, all-year-long sunny days. The best practice is, to make site visits, aiming to verify whether those claims are true, and the property identifies with what you‘ve been told or not. Go and see more than one house, consider multi offers, expand your options, do your calculation before descending on the purchase.

Investigate, look into all the details

If you happen to come across the perfect deal, and it seems like too good to be true then maybe it isn’t. You need to think again. Although that the prices in some parts of Istanbul, especially the new living centers and rising neighborhoods are quite affordable, you should be mindful of the fact that some of those properties do not have the proper paperwork, like planning permissions and so. Which could put you in trouble, and you will not have the right to apply for the title deed. Some contractors build their projects illegally and then sell those homes to foreigners and oblivious people who lack experience in that department

Choose your real estate agent wisely

We all know that the real estate market in Istanbul is having the best time of its life. This also leads to a lot of businesses converting to tackle this domain.  Every day, we hear about a new real estate agent or, a contractor that surprises us with unbelievable offers. Do not always believe what you hear. Validate the reliability of your real estate agent, make sure he has the right contacts, to support you in finding a fully legitimate, sold deal

For more security, hire a specialized lawyer

Hiring a private lawyer to lift the burden of property status investigation, and ensuring that all the related procedures are conducted in a legal format, may sound expensive. However, this may avoid extra financial implications resulting from harmful misconduct.  The lawyer will also help with expediting the military cleanses routines and reduce possible delays.

Istanbul hosts a diverse range of projects with different concepts and quality standards, that can satisfy most requirements with conformable financial rates. Most of the new modern projects come in the form of serviced compounds and complexes that include a versatile design of plots. Starting from economic studio apartments to luxury lofts and a penthouse with spacious terraces. Those developments may include commercial units like stores and shopping centers. large scale projects that cater to people searching to own private properties like independent houses and elite villas with landscaped gardens. On the other hand, and for modern business environments, Inclusive centers, and home office towers being erected all over Istanbul in popular districts, serve corporate sectors and commercial purposes.

The pricing range of property for sale in Istanbul varies based upon the market values, such as location and view, quality of construction techniques and materials, the level of available services, and proximity to social amenities. According to (Endeksa) statistical website, the annual average price for buying a house in Istanbul is around 489.552 Turkish lira.

Moreover, those projects are being established by reputed construction companies and holding groups that sometimes work in association with governmental entities like (Emlak Konut) to provide solid construction guarantees. We can mention names like:

  • DAP Yapi Insaat
  • Sinpas GYO
  • Sur Yapi
  • Ortadoğu Grup
  • Keleşoğlu Holding
  • GAP Insaat

Similar concepts of construction and property projects in Istanbul can also be found in other provinces with metropolitan centers like Ankara, Izmir, Sakarya, and Bursa.

How are the Prices of Properties in Istanbul Determined?

Multiple factors determine the pricing of property projects in Istanbul, below are the most critical ones that directly relate to those figures:

  • Location: This is determined by the district in which the project is located, while the prices are higher near the city center, landmarks and tourism places, transportation hubs, and social amenities, prices are more affordable when you move away and towards suburban spots. Not to mention that the prices go up for Sea view and landscape properties 
  • The location of the property in construction: In the case that the property is within a building or a residential complex, the floor on which the property is located and the corresponding nearby destinations.  Generally, units on lower floors are more expensive in regular buildings. As for modern towers, prices go up on higher floors with beautiful views. Elements like, are the units well-ventilated and lit or not, also matter in determining the prices of properties in Istanbul
  • Property type: It depends on what is in high demand within a certain neighborhood. Some spots sell more in-complex flats; others sell more luxury villas with Sea views or commercial stores near the Metro Station. Villas for sale in Istanbul are also designed to be serviced with comfortability standards. 
  • The architectural design of the property: The aesthetic aspect of the property, and the quality of construction techniques/materials, affect its price. The interior design and organization of spaces also play a huge role in the evaluation process. 
  • Investment Returns: The prospect of expected financial returns participate in price determination, especially for coveted areas with proximity to the city center
  • Property Age: Not only in Istanbul, the newer the property the more it leans towards the high end of the pricing range around the world, due to multiple considerations.

What are the Benefits of Buying a Property in Istanbul?

Buying a property in Istanbul is increasingly becoming everybody’s dream these days. Since that city portrays favorable social, economic, and geographical properties which appeal to all sorts of people seeking to own their private home, profit from rental investments, or other opportunities. Among the countless benefits of buying a property in Istanbul:

  • Location Advantages 

Bridging two of the world’s largest, most dynamic contestants (Europe and Asia), Istanbul is deemed as the heart of Turkey and its wide gateway to the world outside. It is possible to reach millions of customers and investors around the globe from Istanbul. Whether you want to buy a property for investment purposes, or a homeowner looking to purchase a house in one of the worldwide famous tourist attractions. Istanbul is everybody’s favorite, no matter what your cultural background is.   

  • Nature Elements 

Another reason to choose the Istanbul property market against others is the unique natural aspects of this area. Although the population density is generally high in Istanbul, wherever you are surrounded by fresh air breezes, refreshing sunlight, and breathtaking nature. The views of blue waters all over the city’s coastal roads, create one of a kind atmosphere. The stunning Marinas of the Bosphorus, beach of Marmara, and Black sea, attract both tourists and investors who can find all they want in one place. 

  • Economic Aspects

Istanbul represents the center of Turkey’s economy. This city is the focal point of both domestic industrial and commercial activities as well as multinational companies and foreign investors. Existing inside such a gold mine, participate in decreasing the risk factor for property investors, due to the easy sale of Istanbul properties being always in high demand. 

  • Metropolitan privileges

Among the other factors that support the decisions of buying a property in Istanbul are the multi-dimensional transportation channels (Metro, Metro-bus, Tramway, Trains, Boats, and Ferry’s …) and high-quality infrastructure facilities.  Alongside, the proximity to diverse public services such as Healthcare and educational institutes, Entertainment and amusement parks as well as local shopping centers and international brand stores.    

  • Stable Living Expenses 

As compared to other prestigious countries in Europe, Istanbul offers the same standards of luxury and modern living experiences for almost half the price. Besides the versatile market values that may conform to each budget depending on where and how you decide to live inside Istanbul. Especially for foreign residents who can benefit from the high exchange rates of the US Dollars and Euro currencies.  

The above-mentioned qualities participate in making Istanbul, one of the easiest answers to the famous question of (Where should I buy a house in Turkey?). Being around, beautiful nature, close to major life amenities, interacting with a friendly social environment, and a steady economy leading to average expenditure levels sounds like the haven we all think of.  

What are the Features of Property Located in Istanbul?

Istanbul stands out among other cities in Turkey’s real estate market. Purchasing a property in Istanbul continues to be the center of attention for those who want to invest in real estate or own their own dream house. Most of the sales and rental investments take place in the city’s coveted spots depending on the features that this part of Turkey has to offer, such as:

  • The general areas of properties 

One of the special things about Istanbul’s property projects is the versatile options of the available residential units inside the same project. Starting from standard-size studio apartments, reaching mega-size luxury villas with complete private facilities. This reflects positively on the population, by offering a place for each financial and social capacity. The quality of life can be determined against which opportunity you see fit. This includes deciding on the neighborhood, property features, location, and other factors.  The average area of a property in Istanbul is about (100 m2) in major housing projects. 

  • The property view  

Another important feature in Istanbul’s market is the view of the property. This factor drastically affects the unit’s market value. Projects with Panoramic Sea and City views are always in high demand since that is synonymous with luxury living and high-end social standards. Villas with direct access to private beaches or lush green forest landscapes, Penthouses overlooking sparkling city lights precede those lists.

  • The quality of life 

With its vast geographical forms, diversity of social life models, and flexible living costs patterns, Istanbul is the all-size living space that fits all.  The mixed urban fabric, from fancy luxurious neighborhoods to new rising centers of residential suburbia, the whole city is being served with social, medical, and educational facilities. Thanks to the reliable transportation networks that connect the entire civilian system.  According to (NEMBUO) statistics websites, The average cost of living in Istanbul, Turkey:

  1. Family of four estimated monthly costs are (12,981.66 TL) without rent
  2. A single person’s estimated monthly costs are (3,681.35 TL) without rent.
  3. Istanbul is (65.93%) less expensive than New York (without rent)
  4. Rent in Istanbul is, on average, 89.94% lower than in New York.

What are the Reasons to Buy Property in Istanbul?

According to real estate investment statistics, Istanbul is Turkey’s most coveted destination for both local and demotic property buyers. Many reasons get behind popularizing this city as the protagonist in Turkey’s housing projects arena, such as: 

  • Continuous Transformational development

Every day there is a bundle of projects commencing all over Istanbul city for different purposes. Overall metropolitan infrastructure improvements, the establishment of new transportation facilities, urbanization of newly rising neighborhoods in the property project games, particularly on the outskirts of the city.  Connecting growing suburban areas (like Beylikduzu and Esenyurt) to major shopping and nightlife centers in the heart of the city, while also being isolated enough that you’ll be able to sleep soundly at night.

  • The potentiality of economic growth

With the 2023 vision plans being in mind while analyzing the overall economic situation of the Turkish market, we get to the conclusion that this is the right time, especially for property investors, to start investing in this glorious domain. After surviving the underlying global financial challenges, Istanbul proves to be a risk-free choice that yields profitable returns 

  • Lucrative sales

Although this only concerns investors and real estate agents, it is still a unique trait that gained its importance based on Istanbul’s attraction factors.  Keeping a property for over five years will also save on capital gains tax, which is a huge boost to anyone hoping to invest in property for sale in Istanbul. The growing market, twinned with the incentives to buy, and the current plans the Turkish government has to grow the national per capita income so it’s more in line with Europe, means there’s never been a better time to buy.

  • The icon of bossiness, heritage, and tourism  

If you seek to benefit from the profitable business opportunities of the dynamic markets in Istanbul, you do not have to rent your house. Istanbul being the beating hub of Turkey, aided by the rapidly evolving initiatives planned for this city’s future, verifies the potential growth predictions. A future financial center the size of wall street means that anyone buying property in Istanbul will likely see the value of their real estate increase in the short term.

With its rich history through the Byzantine and Ottoman Empires, the city of Istanbul is one of the most popular tourist destinations in the world. For investors, buying a property in Istanbul gives you a property you can spend the summers in and a good business option. Not to mention the spectacular views and landscapes that your property will have. Villas for Sale in Istanbul, Sariyer for example, may satisfy such esthetics by portraying vintage styles, reflecting the Ottoman Eras’s architecture, and overlooking the beautiful Bosporus at the same time. 

What is the Material of the Properties in Istanbul?

Istanbul property projects are widely known across Turkey, for their innovative plots, modern interior designs, and top-quality material used during all execution stages. The project architect, the control engineer, and the quality control architect should be exclusively involved in the construction materials selection process, to perfectly comply with the specified plans. 

The suitability of rough construction materials such as stone, rock, clay, sand, gravel, gravel, cement, briquette, brick, aerated concrete, blocks, timber, rebar, steel mesh, concrete nail, construction nail, and mosaic, is determined by the General Technical Specification of the Ministry of Public Works. The used material also depends on the type of property. While villas for sale in Istanbul may use special natural stones for walls’ erection, economy flats inside modern complexes use standard bricks and binding substances.    

The construction materials are classified into two types:

Main Construction Material:

  • Gypsum: It is a substance formed by pulverizing gypsum stone. This substance, which is used in mold extracting during construction works, hardens when combined with water. It comes in different forms such as Gypsum Plaster Materials, Drywall Materials, and plasterboard Profile Materials used in the internal and external parts of the residential units
  • Paint:  Paints Used for both, interior and exterior walls, have unlimited color options and content features with today’s technology
  • Glass: Glass, made by mixing silica sand with potash melting it at high temperature, fragile, transparent, hard, and waterproof material
  • Cement: Which is among the powder group construction materials, gains binding properties when combined with water. Different types have varying levels of solidification depending on the conditions. It is one of the most used materials in the construction industry
  • Iron – Steel:  It is among the structural components of buildings. It is put into the concrete to prevent slipping in reinforced concrete structures. It’s also used for creating sold Interior and external security doors 
  • Natural Stones:  Natural stones are composed of minerals. The ones suitable for use in construction are called natural building blocks. It can be used in the foundation, wall, floor, or roof coverings of the construction. Used also in Bathrooms and kitchen main surfaces

Secondary Construction Material:

  • Aluminum: It is among the preferred construction materials, as it is very light and easy to process. Aluminum, which is the most used metal in Istanbul’s housing projects after iron and steel, transmits heat and electricity at a high level and has a very high boiling point
  • Elevator: With the development of the construction sector, it is available in all-new generation apartments. It has become an industry in its field
  • Lighting: With the development of the building sector, lighting products, which have developing technology, are also among the construction materials
  • Wood: Wood is among the organic-based building materials, is useful and natural. It is one of the oldest building materials

What are the Property Options in Istanbul?

The most significant trait of Istanbul’s property market is its diversity. Countless options suit everyone, based on design; budget; utility, and quality standards.  You can find:

  • Apartments and flats within fully serviced housing compounds, or stand-alone towers as well as independent residential buildings. Those units range in levels of quality and facilitation. Starting from economy studio apartments reaching luxury, 5-star hotel-like serviced penthouses. Cheap property can also be available, without compromising quality elements 
  • Detached Villas and house properties. With views over the city lights, landscaped green spaces, lakes, or direct access to the beach. Those properties are usually designed with high-end luxury aspects in mind. First-class finishing, inclusive facilities, and top quality decorations
  • General-purpose business centers and home office towers that satisfy modern corporate environments. Located inside the city center near dynamic life hubs and transportation channels
  • Shopping centers that contain all-purpose commercial units and attentively designed stores. Mostly situated by main roads and social attraction spots, opposite vital highways, and intersection traffic points. 

Who is Suitable for Owning a Property in Istanbul?

Based on the previously detailed characteristics of Istanbul city, mainly manifesting in the conformable lifestyle and versatile opportunities, Istanbul property projects cater to all types of homeowners and potential investors. The following groups of people tend to head towards Istanbul for purchasing real estate that can be classified into:

  • Real Estate Investors: Whether investing in hotel residences or a small apartment in the suburbs, Istanbul is gradually building solid proof to earn the reputation of being a great investment choice in the Real estate world. Thanks to the promising local economy, sophisticated modern construction projects, and wide range of prices that may conform to every budget. 
  • Businessmen and standard workforce: One of the most prominent incentives that push people to move to Istanbul is the versatile job opportunities and fertile grounds suitable for small, medium, and large size business projects. 
  • People looking for a balanced lifestyle: With the combination of beautiful nature, refreshing weather conditions, adaptable living costs, and decent social standards, small to medium wage families choose Istanbul as their new area of residence where they do not have to compromise quality living standards in account of financial aspects.
  • Luxury Seekers and Retirement Resorts: Istanbul hosts elite real estate projects that satisfy special tastes. Deluxe villas just a few steps away from dazzling Bosporus waterfronts, exclusive penthouses with 5-star hotel services, and more. Those types of real estate draw the attention of VIP life seekers and retired civilians dreaming about spending quality time with their beloved ones away from the crowds.
  • People who seek for being Turkish citizens: According to the Turkish civil laws, foreigners from white-listed countries can apply for Turkish Citizenship after meeting a certain criterion. Buying properties in Turkey is one of the most used approaches to comply with the constituted requirements of the application 

Are Properties Located in Istanbul Suitable for Who Wants to Be Turkey Citizen?

Yes, it’s surely suitable for applying for Turkish citizenship. However, other financial considerations and ownership obligations should be taken into account, to be fully compliant with the current legal clauses of the application process. Turkish Citizenship is one of the most sophisticated titles across the globe since it offers plenty of privileges, such as:

  • Ability to visit more than 116 countries for Personal, more than 155 for Business passports visa-free. Besides the potentiality of including EU countries shortly
  • Besides owning such a prestigious passport, it provides safety of guaranteed investment returns 
  • Quick Citizenship and Passport issuance process, down to 3 months only 
  • Multi-nationally and Wealth disclosure-free authorizations
  • Comprehensive Medical Insurance and Quality Education for the whole family 
  • Pension system benefits 
  • Safety, Democracy, and free life privileges of the Middle Eastern- European Turkey

What is the Advantage of Property Buyers in Istanbul?

The experience of living in Istanbul city is unique amongst other regions of Turkey. The colorful texture of this metropolitan on so many levels leads to quite a large number of people gravitating towards moving there, to enjoy the pleasurable taste of such life. We can list the main advantages of living in Istanbul as:

  • The hub of culture and truism:  

Bringing together the East with the West, by connecting Asia, Europe & Africa, made Istanbul one of a kind place to live in. In Istanbul, life is special, as there is always the mix of modern and traditional, affordable and high-end, easy-going and conservative. Besides, hosting two of the world’s most dynamic and highly capacitated airports (Istanbul New Airport and Sabiha Gokcen Airports) that offer direct international flights all over the globe, which facilitates the traveling experience for both tourists and permanent residents.

  • Rich History and sightseeing

Istanbul’s strategic location directly encompassing the Bosphorus; Marmara and the Black Sea participated in pushing Istanbul to get ahead of others, by becoming the coveted routes of trading in ancient travels. This prime location was also attractive for establishing major industrial facilities that can utilize easy export-import procedures. Since, during old times, Istanbul was the capital of the Eastern Roman Empire and later of the Ottoman Empire, we can find the traces of those glorious eras, by admiring the vintage buildings and landmarks all over the city. Hagia Sophia, Blue Mosque, The Basilica Cistern, and Galata Tower are some examples of those international wonders. 

  • Sunny days, Cozy rains

The refreshing sun rays, refreshing air, and relaxing vacation spots during daily ferry and boat cruises make Istanbul the best place for water activities seekers. A quick ferry ride in the Bosphorus, a full-day boat trip in Marmara or The Black Sea, is the cherry on top of fantastic holiday times. The overall stable climate of Istanbul is super favorable for many of us.  

  • Safe life:    

Although Istanbul is known for being the most crowded and multicultural city in Turkey, it is considered one of the safest and expat-friendly spots in the area. Thanks to the reliable and efficient security systems and touristic nature of the city which requires extra precautions. 

  • Economy, Investment and business society 

Taking into account the social, industrial, and geographical aspects, Istanbul is the center of international relations, investment, and employment in Turkey. Job seekers, businessmen, and investors rush to establish their feet in this goldmine and feast on its blessings. 

  • Accessible Transportation and amenities

One of the PROs for being the most sophisticated metropolitan province in Turkey is that Istanbul got it all when it comes to urban living standards. Modern, high-quality transposition network; Educational; Medical and social institutes of international standards are always nearby.    

  • One-size-fits-all life quality 

Leveraging from the sizable range of options provided by the overall living experience in Istanbul city, we can call it the all-size housing model. Accommodation and daily household expenditures including food, transportation, and utilities (water, gas, and electricity), are variable as per each family’s budget. Living in public Turkish neighborhoods is more pocket-friendly than being around exclusive fully serviced, residential compounds that are located near popular shopping centers and active metro stations. 

What are The Price Ranges of Properties Located in Istanbul?

According to real east market analysis, as per Istanbul’s neighborhoods, the average price of buying a property is shown in the table below: 

Location

Region

Average Gross Area

Average Min Price

Average Max Price

Adalar

Asian Side

140 m2

504.490 TL

3.340.200 TL

Kadikoy

Asian Side

135 m2

385.392 TL

4.997.850 TL

Atasehır

Asian Side

110 m2

394.200 TL

1.695.360 TL

Bagcilar

European Sıde

109 m2

323.125 TL

650.800 TL

Sisli

European Sıde

100 m2

690.000 TL

4.275.000 TL

Sariyer

European Sıde

167 m2

823.140 TL

8.120.034 TL

Bakirkoy

European Sıde

135 m2

399.510 TL

5.367.714 TL

Kucukcekmece

European Sıde

100 m2

304.944 TL

877.580 TL

Avcilar

European Sıde

118 m2

221.572 TL

1.041.810 TL

Esenyurt

European Sıde

105 m2

188.325 TL

543.085

 

It’s fair to say that those ranges are not fixed figures. Underlying factors like foreign currency changes, seasonality, and urbanization plans may interfere to change some values.  The social standards of each spot, proximity to major life amenities, and transportation facilities also play a vital role in the pricing levels

What are The Payment Methods to Buy Properties in Istanbul?  

The payment plans and financial routines for buying a property in Istanbul are generally quite flexible and not that complicated. In most cases they fall into:

  • Advanced down payments of corresponding installment plans: The amounts and time frames are usually changeable based on commercial formulas. Long-Term/Short-Term, as well as annual installments, are also among the used patterns.
  • One-time cash payments: Those types of financial terms are usually accompanied by competitive discounts. They are more applicable for affordable pricing modules 

What is Life Like in Istanbul?

Istanbul represents a homogenous mixture of Modernity intertwined with captivating heritage inspired by the region’s location and famous history, which expands to reach ancient times. The unique blend of oriental cultures, infused with the openness of western life elements, deploys Istanbul’s irresistible magic spells, enchanting the city’s visitors, persuading them not to leave forever. Istanbul is where you can easily practice your sacred traditions without feeling unfit. Or dancing the night away, with your beloved ones, while enjoying your favorite music by a sandy beach. All of this comes with thriving business opportunities, job offers, and solid educational plans. The diverse residential projects also aim to provide all sorts of options and features, such as location, views, designs, and budgets  

Life in Istanbul is suitable for people seeking a decent living experience inside a metropolitan environment, where everybody’s wishes are the city’s command. 

What Are the Other Cities That Have Properties Similar to Istanbul?

We can name other cities in Turkey resembling the Istanbul experience like:

  • Ankara
  • Izmir
  • Eskisehir
  • Bursa
  • Sakarya
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