Buying property in the Turkish city of Istanbul may seem like a risky proposition; it is not uncommon to see property prices dropping by as much as 10 percent every quarter! However, some positive factors make buying property in Istanbul even more appealing:
These incentives have led to an unprecedented boom in the property market, especially in Istanbul. If you plan to invest in property in Istanbul, read on to learn more about the best areas, the types of properties you can buy, and the hidden pitfalls you should avoid.
The best place to invest in property in the Turkish city of Istanbul is the Karakoram. This area is famous for its proximity to public transport, making it easy to get from your home or business. Living in this area is also relatively low, so you won't have to spend too much on rent or other costs. Another good investment option would be the Beyoglu district. Located near Taksim Square, this area has a lot of commercial opportunities, including many shopping malls and markets. You can also find plenty of accommodation options in this area because it has a wide range of restaurants, bars, and hotels. Other good areas for property investment include Cihangir and Kadikoy districts. These are close to many public transport options that will allow you to make your way around the city with ease. Both these districts also have a lot of retail opportunities and an abundance of eateries with delicious local cuisine.
If you consider investing in property in Istanbul, it is essential to look at the type of property you will be buying. Suppose you are looking at purchasing a flat within the city center. In that case, there is a greater chance that your property will appreciate as the popularity of this area continues to increase. However, if you are interested in investing outside of the city center, it is essential to note that these properties typically depreciate faster than those within the city center. For example, an apartment within one kilometer of Taksim Square can cost around USD 20K. But an apartment outside of this radius can cost between $30-60K USD – which makes it a lot less profitable for investors. If you are interested in buying a house or villa outside of Istanbul, it is also essential to consider the size and location of the property. A big house with spacious grounds will likely be worth more than an average-sized home in an urban area. However, properties closer to airports and other infrastructure may depreciate faster because these areas have seen less development than locations that are not near transportation hubs.
The best areas to invest in property in the city of Istanbul includes Galata and Beyoğlu. These two districts are known for their boulevards and historic buildings. These historic buildings have been preserved and now form the heart of the city's cultural scene. The area is also filled with popular shopping destinations, some of which include Çırağan Palace, Muzaffer Paşa Mosque, and the Grand Bazaar. If you want a property in an area that will bring you high returns on investment, these are two prime locations to invest in.
Buying property in Istanbul is a wise decision for several reasons:
There are several areas to buy property in Istanbul. The city is primarily divided into four areas:
These areas are popular choices for property investors looking to invest in the city. The European side is considered the most expensive area to purchase property in Istanbul. It has some of the most popular tourist attractions on Earth, such as Hagia Sophia, Blue Mosque, Topkapı Palace, Grand Bazaar, and Basilica Cistern. It also has several shopping districts like Istiklal Street and Sultanahmet Avenue that are popular with locals and tourists. However, if you want to buy a cheap apartment in this area, you'll need deep pockets because prices start from $1 million per square meter.
In contrast to the European side of Istanbul, the Asian side is relatively cheap compared to other parts of the city, but it doesn't have any particular tourist attractions. Still, it offers some exciting neighborhoods that may appeal to a potential buyer because they offer nightlife options like gay bars and nightclubs and proximity to action spots like Taksim Square or Galatasaray Square. Marmara region is one of
According to real estate agencies, property in the city falls into three main categories: a) residential, b) commercial, and c) industrial. The best areas for investing in property in Istanbul are on the European side of the city, especially near the Bosporus and Marmara Seas. However, property values are also high around Erdogan International Airport on the Asian side of the city. Property investments in Istanbul can be as simple as buying a vacant lot or building a new property from scratch. The types of properties available include single-family homes, villas, storage units, apartments, multi-unit buildings that can house up to five families (buying more than five units is illegal), agricultural land, and commercial properties.
There are many reasons why property in Istanbul is cheap. Some of the significant benefits of buying property in Istanbul include increased financial stability, tax breaks, incentives, and the city's continued growth. The key takeaway from this article is that there are many reasons why it makes sense to buy property in the Turkish city of Istanbul.
There are various properties in Istanbul that you can buy, ranging from traditional residential properties to luxury apartments. You can even find property for sale in the city's business district, one of the best areas for investment.