With a population of nearly 16 million, Istanbul is a veritable melting pot of people from all over the world, united by a desire to take advantage of everything the city offers, notably Istanbul real estate. Its reputation for high-quality developments has been shot to new heights thanks to the city’s status as one of the most prominent economic, political, and cultural centers in the Northern Hemisphere. You may rest assured that if you’re looking for Property for sale in Istanbul, keep your search on track.
It is worth noting that most of the Istanbul real estate preferred by foreign purchasers as an investment opportunity is significantly more cheap and generally off-plan properties in the city’s outskirts, such as Bahcesehir and Beylikduzu. For investors, these fast-growing suburban projects in Istanbul offer high price growth and significant rental revenue as the city grows outward unavoidably and rapidly, producing enormous communities within a metropolis of its own. There are three basic types of property in Istanbul:
- Well-run, branded luxury homes, usually in high-rise tower complexes with shopping malls, restaurants, and other amenities all under one roof, with a hefty price tag to match. 1. Within and near Istanbul’s business districts, such as Sisli and Levent, are the places where the most activity is taking place.
- Ancient, Turkish-style apartment towers in Istanbul’s most significant neighborhoods, but with minimal amenities. Depending on their location and quality, high prices may be demanded for these items. New construction and luxury towers offer far more in the way of amenities and services, whereas these are rudimentary. That being said, most of Istanbul’s most costly real estate can be found in prime locations such as the Bosporus waterfront residences and blocks of flats in Nisantasi, Sisli, and the majority of Bebek’s apartments.
- There are huts all across Istanbul, even close to some of Istanbul’s most exclusive locations. Hilltops and side streets are common locations for these slum dwellings, most of which were constructed without the required permits. They’re in terrible shape and lack legal title deeds in most cases. ‘Urban Transformation,’ a Turkish government plan that encourages large developers to merge tracts of shanty houses/streets and rebuild them into contemporary, luxurious residences, has been in place since 2005. Urban redevelopment initiatives in Istanbul have already reshaped districts such as Bomonti in Sisli, portions of Beyoglu and Karakoy, and other parts of Istanbul. The project has been a massive success in reviving Istanbul’s historic city center, which slums and shantytowns had ravaged.
Many new Istanbul, real estate developments, have appeared outside the city for those looking to commute to the city. These are more affordable and provide a 5% annual return on investment. For a one-bedroom apartment, the price ranges from 50,000 Euros to $1,500 to $2,000 per square meter. In comparison, you might easily spend $10,000 or more per square meter on a luxurious home in Sisli. The dwellings erected in these regions, on the other hand, are of the utmost quality.