Property Market in Istanbul, Turkey
For ages, Istanbul has been one of the world's most important cities. With its history, culture, and opportunity, this city is in many people's dreams. It makes its residents so joyful that leaving Istanbul is impossible. Istanbul is an interesting alternative for investors and individuals who wish to acquire property abroad, because of its beauty and being the economic and social center of the country. If you have decided to buy a property in Istanbul, congratulations – it is a great decision because this city has a lot to offer. Both domestic and international investors can benefit from investing in property in Istanbul. We've compiled a summary of the advantages of purchasing real estate in Istanbul.
REASONS TO BUY REAL ESTATE IN ISTANBUL
Location
Turkey is in the heart of Europe, Eurasia, the Middle East, and North Africa, making it a strategic location. Istanbul is the heart of Turkey and the country's main gateway to the rest of the globe. From Istanbul, you can contact millions of clients and investors all around the world. If you wish to buy an investment property in Istanbul, you will have no trouble finding a buyer or tenant in this city, which is quite popular with foreign investors.
Economy
Istanbul is the industrial city of Turkey. This city serves as a platform for both domestic and international industrial and commercial activities, as well as multinational corporations and foreign investors. Your property will always be appealing if you live in such a paradise of potential. Purchasing a home in Istanbul is one of the safest investments you can make.
Cost of Living
In comparison to other European cities, Istanbul offers exceptional value for money. Because of the fluctuating exchange rate, many foreigners in Istanbul live a luxury lifestyle. By remaining in your home or using it as an income-generating intermediary, you may take advantage of Istanbul's luxury prospects.
Easy Sale
If you own a home in Istanbul, a bustling city that never ceases to be energizing, you can sell it at any time. Property in Istanbul retains its value due to the city's fast pace, business life, and big developments. Countless possibilities make your house more appealing every day.
Citizenship
Turkey, one of the most logical countries for getting citizenship. For the investment of at least $400,000 USD in real estate it is possible to gain Turkish citizenship. You can obtain Turkish citizenship fast and affordably through this purchase approach, which takes only a few months. Even if you don’t apply for the citizenship you will have the opportunity of getting a residence permit which allows you to easily move around Turkey and come back whenever you feel like it.
Food
Istanbul has a combination of food culture from all around the world. Every foreigner will find his home land cuisine available, but Turkish food can be the most diversified and well-known around the world. Istanbul is a cultural melting pot, and all of these influences have a positive impact on the cuisine scene. So, while you're here, forget about the foreign (fast) food chains and try authentic Turkish cuisine.
WHERE TO BUY REAL ESTATE IN ISTANBUL
If you're already familiar with Istanbul, you might know where to look for a place to live, whether for business or as a vacation house. International investors and individuals who want to learn more about Istanbul, on the other hand, are frequently perplexed as to which neighborhood is best for them. This is very understandable.
Istanbul divides Turkey's north-south region into European and Asian parts, which sit on opposite banks of the Bosphorus. Off the Asian coast, there is also a series of islands known as the Princes. The Bosphorus is an important aspect of Istanbul's infrastructure. Along with the Golden Horn river that runs off it, empires have fought for control of it for millennia. It now serves as a link between the Asian and European continents.
The Fatih district is the most popular destination for tourists in Istanbul. This location should be considered by anyone looking to make a short-term rental income from vacation rentals. We cross the Golden Horn, staying on the European side, and arrive in the Taksim and Beyoglu districts, which the locals call "New Istanbul" because they offer the best nightlife and shopping opportunities. Many tourists in these areas also book self-catering accommodations.
Levent is the most popular for business. While tourism is Istanbul's center of success, it is also the center of business, finance, and the economy. There are many commercial properties available in individual districts, such as Levent, Maslak, and Esenyurt. The two tallest skyscrapers are often competing for the title of tallest building, but Levent has an added advantage of sitting on the main metro line, making it easier for commuters to reach their place of work. Other districts for commercial properties include Sisli, Kagithane, and Esenyurt.
Besiktas is known as the expensive district in Istanbul. When it comes to buying property in Istanbul, it's important to remember that residences located on the Bosphorus's shoreline are among the most expensive in the country. The yali mansions, which were built by Ottoman monarchs and upper-class members of society as summer houses, are a part of that sector. Many of the original buildings have been converted into hotels and museums, while others are still privately owned and protected. The Erbilgen Mansion is valued at $200 million. In terms of price per square meter, Besiktas, located on the European coasts, is the most expensive residential sector.
Esenyurt is one of the districts with the cheapest properties in Istanbul, situated on the fringe of European part between Kucukcekmece and Buyukcekmece. There are several reasons why the prices of homes in this area are lower than other locations. One reason is that it is located inland, away from the ocean. Esenyurt has a lot of potential for budget buyers, as it is undergoing major development for off-plan and new-build properties.
HOW MUCH IS REAL ESTATE IN ISTANBUL
Istanbul has one of the highest property prices in Turkey and the prices there are increasing rapidly due to its economic growth and modern technologies in infrastructure it adapts. Prices of 1 bedroom houses start from 34,000$, 2 bedroom houses start from 45,000$ and goes up.
Turkey’s nationwide house prices soared by 30.6% during the year 2021. However in real terms house price growth is far more modest, at 13% during the year 2021.
The luxury housing tax and other tax measures went into effect in January 2021. The property tax is imposed on residences with a value of over TRY 5 million (US$619,000). There are some exceptions to the rule. Those who own only one residence will not be required to pay the above taxes. Those who own more than one residence will not be taxed on the luxury housing tax on whichever residence has the lowest value.
Affordable housing prices, flexible payment plans and the opportunity to purchase housing in installments, guaranteed housing quality and certificate opportunities are other important advantages that will satisfy you for owning a house in Turkey. Buying Real Estate in Istanbul, Turkey is safe but whether to settle down or to invest in, you should work with the right real estate agent! A professional will provide you with consulting and assistance to make the right decision, and help you during the transfer of ownership and after the purchasing process as well.