Without a doubt, the large and bustling city of Istanbul rules the Turkish property market. The metropolis that in 2014 was the world’s sixth most visited destination demands respect and admiration as a central hub of business, economy, finance, education and tourism.
So naturally, given the hype and business importance, Istanbul’s real estate market stays active at all time, constantly turning over a stream of buyers and sellers.
Over the last 15 years, Istanbul has also experienced a change in aesthetic looks as the city expands outwards into surrounding districts to offer potential property buyers all the benefits of city life but without the hustle and bustle.
Large apartment buildings called lifestyle residence or branded housing, feature clean, cut modern architecture and have redefined social communities through their extensive range of onsite facilities such as tea gardens, walking paths, children's playgrounds and swimming pools.
Naturally, one significant benefit to property buyers purchasing in neighbourhoods away from the central districts like Fatih and Taksim is more affordable prices.
Given Istanbul’s high-flying status, it has the most expensive property prices in Turkey, but with prices of 2-bedroom apartments in non-central neighbourhoods starting from £50,000, the city now attracts a broader client portfolio including first-time buyers.
Bearing all this in mind, buyers now have many more neighbourhoods to choose from. Loads of choice is excellent but which areas are making more of an impact than others?
Sitting in European Istanbul, Bahcesehir is rapidly gaining traction as a perfect residential area. Proving especially popular with families, and city workers looking to commute, the extremely excellent value per square meter are also attracting buyers on a budget.
Social life focuses on the artificial main lake in the centre of Bahcesehir, and many shopping malls offer round entertainment and dining venues. Once you buy property in Bahcesehir, there is no need to go into the city centre, since everything is on your doorstep including a well organised and convenient transport network.
Covering 2770 hectares in European Istanbul, Esenyurt’s popularity stems from attractive property prices and as buyers flooded in, the local council built four cultural centres and four parks to accommodate them. Esenyurt is in a strategic location, with TEM high way to the north and E-5 highway to the south which makes it super easy for commuters.
Esenyurt is also home to a large university and is close to many others, making it a popular choice for students. Sitting just 26 kilometres away from Istanbul Ataturk airport, it will also be within an hour’s drive of the new third airport.
Savvy investors from around the world had their eyes on the Kucukcekmece neighbourhood for many years, after the Turkish government announced plans to build a new canal through Istanbul. In early 2018, their intuition paid off when the government confirmed the new route would start in Kucukcekmece.
Neighbourhoods on either side of the Istanbul Canal are expected to turn into Turkey’s version of Canary Wharf with high end residential and commercial properties. With the TEM motorway passing through, anyone looking for an ideal long-term real estate investment with attractive returns would do well to look at Kucukcekmece.
Beylikduzu has gained popularity, especially with middle and upper-class societies. For many years during Ottoman rule and after the formation of the Turkish Republic, it was merely a weekend destination but that all changed at the turn of the century as people flocked in to buy new, modern houses.
Connection to the Metrobus system giving locals quick and easy access to central areas of Istanbul also made it popular. A super-efficient transport network, as well as many shopping choices, means residents of Beylikduzu really do have everything on their doorstep and within easy reach.
Lately, increasingly more luxurious residences are being sold in Beylikduzu, and with ten neighbourhoods for Istanbul property buyers to look at, it is an ideal choice for those who like the more elegant side of life with a laid-back ambience.
With a population of 402,000 people, Sancaktepe, covering 62 square Kilometres is another district gaining traction. Comprised of 19 smaller neighbourhoods, it sits in Asian Istanbul, therefore giving residents a completely different ambience and atmosphere from districts on the European side.
Sancaktepe property buyers are mainly lured by its location on the edge of Alemdag forest, which is popular with families especially at weekends. The local council is also keen to preserve other green areas, as recreational parks for the young and old alike. Should you want to go over to European Istanbul, Kadikoy and Uskudar ferry ports, are both within an hour’s drive.
To receive more local information about Istanbul or other areas of Turkey that are ideal for long-term real estate investment, contact us today via email, telephone or drop into one of our offices.