Investment Potential of Properties For Sale in Istanbul
Istanbul is a city with a long history that connects Asia and Europe, a city with the rhythm of a metropolis that boils like strong Turkish coffee. Istanbul, one of the world's largest economic cities, ranks 4th in Europe after cities such as London, Paris and Berlin.
Foreigners choose this city both for living and for investment in Turkish property. And yes, not only foreigners invest money, but also locals, knowing about the active growth in real estate prices, confidently choose Istanbul for investment. In this article, we will tell you several reasons why you should choose the city of Istanbul for a profitable investment.
How many people visit Istanbul?
In July 2022, 1.76 million foreigners visited Istanbul, which is 56% more than in July 2021. Istanbul Governor Ali Yerlikaya said that more than 11 million foreign tourists have visited the city in the last 9 months of 2022. Most tourists came from Russia, Germany, Iran, the USA and England. Statistics show that interest in Istanbul is growing every year from all over the world.
How much is real estate in Istanbul?
There are many affordable areas in Istanbul where you can buy inexpensive real estate. According to Endeksa data for the end of 2022, the average cost per square meter in Istanbul was $1,200.
When compared with the real estate market in Europe and the United States, where prices per square meter are from 5,500 US dollars, investing money in a metropolis like Istanbul becomes much more profitable.
How popular is buying a property in Istanbul?
According to TÜİK statistics from the Turkish Statistical Institute, 1.16 million housing units were sold in Turkey in the last 10 months of 2022, up 6.7% from last year. In terms of the number of real estate transactions last month, Istanbul ranked first (17,000 transactions).
Are property prices rising in Istanbul?
According to Endeksa, the average annual increase in property prices in Turkey in July 2022 was 195%. As statistics show, the annual increase in the cost of housing in Istanbul amounted to + 244%.
How to buy property in Istanbul?
There is an abundance of offers in the real estate market in Istanbul: detached villas with a private pool, cozy townhouses, penthouses with stunning views, spacious duplex apartments, apartments in complexes with hotel infrastructure, commercial premises for business, or land for construction.
There are two ways to buy property in Istanbul:
1. Buying a home on the secondary market. Payment for an apartment in the secondary market is made in cash, to the seller's bank account, or through a cryptocurrency transfer. The latter option is gaining more and more popularity among property buyers in Turkey. The absence of credit card fees makes the use of cryptocurrencies attractive not only for large corporations, but also for companies with local capital.
2. Purchase of real estate at the construction stage from the developer. Developers in Turkey give the opportunity to pay in installments at 0% interest, where the down payment is from 30 to 50%, and the installment plan lasts until the end of construction.
The second option is considered more investment-oriented, since having bought an apartment at the excavation stage, the investor earns 35-40% on resale from the same apartment at the final stage of construction.
By buying a property in Turkey you not only pay for square meters as in the new complexes and residential projects under construction already have internal infrastructure on the territory: an outdoor pool, a Turkish hammam, a sauna, an indoor heated pool, a gym, and much more. Such additional options make real estate in Turkey more attractive to foreigners.
Real estate rental income in Istanbul
Real estate in Istanbul is one of the valuable investments in the long run. Having bought an apartment, commercial premises, or a private house, you can rent them out and receive a guaranteed income. According to data from the Endeksa platform, rents in Istanbul have increased by 144% in 2022 and by 319% in the past two years. In Sariyer district, the average monthly rent was $1,500, in Besiktas it was $1,200, and in Beyoglu it was $800.
How to get a residence permit in Istanbul?
In accordance with the latest changes in legislation, when buying real estate with an expert value of $ 75,000, you can get a residence permit based on the property ownership.
Turkish citizenship by investment
Many people know that when buying a home in Turkey for more than 400,000 US dollars, there is an opportunity to obtain Turkish citizenship. But few people know that this amount is the cadastral value of one or more real estate units. For example, in the southern part of the Republic of Turkey, the cadastral value is 30-40% below the market, this means that you need to buy a home for about 600,000 US dollars and more, thus the cadastral value of your home will be estimated at 400,000 US dollars. Only in Istanbul is the cadastral value equal to the market price. This is a good reason why many foreigners choose Istanbul to get a Turkish passport for investment and without overpayments.
Large projects in Istanbul metropolis
Announcement of large-scale projects such as Istanbul Canal, North Marmara Highway, Yavuz Sultan Selim Bridge (3rd bridge in a row), Istanbul New Airport, which is capable of serving about 150 million passengers annually, and more than 350 destinations created a new opportunity, drawing the attention of investors to the metropolis.
Did you know that Istanbul is not only a modern metropolis with skyscrapers, but also a city that can offer tourists excellent opportunities for a beach holiday?
Istanbul is a city washed by two seas - Black from the north and Marmara from the south. It will pleasantly surprise you that the metropolis has not only a huge number of historical places, shopping and entertainment centers, famous brand stores, theaters, restaurants, nightclubs, shopping centers, but also several dozen beaches, which again makes the city more attractive for investment.
Investing in real estate in Istanbul is an investment in a new standard of living and an opportunity to receive passive income. To maximize income, you should decide on the purpose of the purchase, pay attention to the characteristics of each area and contact a licensed real estate agency. The principle of Realtor Global is to sell to local and international home buyers with the best opportunities and 100% satisfaction guarantee. Contact us for detailed information on the best real estate investment areas in great Istanbul.