Why Istanbul Homes Lead the Way in Turkey’s Real Estate Market

When considering foreign house sales, Istanbul homes lead the way. The proof is in the stats. In 2020, foreigners bought just over 40,000 homes, and nearly 50% of these were in Istanbul, Turkey’s most significant and biggest city. This indicates that property buyers in Turkey eye up the country for more than just apartments and holiday homes by the sea. Istanbul is not your typical beachside destination. The city is a hub of finance, education, tourism, real estate, and business. Istanbul is also Turkey’s most populated city.

Hence, real estate stats show that Istanbul is a prime investment hub attracting buyers worldwide. It is also where most eligible properties for Turkey’s citizenship by investment scheme sit. So, in our analysis of the Istanbul property market, we look at who is buying, the reasons why Istanbul makes an attractive investment option, where in Istanbul the most amount of properties sell, and how to invest in Istanbul real estate.

About the Istanbul Homes Market

1: Who Buy Property in Istanbul

Turk Stat, the Turkish statical institute, say the foreign nationalities buying into the Istanbul real estate market are Iranians, Iraqis, Russians, Afghan, Azerbaijanis, Germans, Kuwaitis, Yemen, Kazakhstani, and Brits. In addition, over the last two years, there has been increased interest from other nationalities, including Americans, Canadians, and the Swiss. This proves, Istanbul is an all-rounder attracting home buyers from all over the globe.

Istanbul homes

 

2: Why Invest in Istanbul Real Estate

  • Low, affordable prices compared to other countries like Spain, Portugal, and France
  • Massive portfolio of apartments and villas for sale on both the Asian and European sides of Istanbul
  • Ideal long-term investment with attractive capital growth potential
  • Low cost of living and running a home compared to other countries
  • Quick, simplified, and easy buying process
  • Low, affordable purchasing costs
  • Apply for the Turkish citizenship investment scheme when buying property over $250,00
  • Prominent air travel hub connecting to the rest of the world
  • Food, culture, history, and things to do
  • Infrastructure investment
  • Read about reasons to buy property in Istanbul.

neighbourhoods-in-Istanbul

3: Where Foreigners Buy Homes in Istanbul

Besiktas: Mostly associated with the high ranking and performing football team, Besiktas offers a family-friendly, prestigious urban environment. Sitting in European Istanbul, the residential atmosphere also attracts working professionals who commute to the nearby Levent neighbourhood. Prominent neighbourhoods include Ortakoy and Bebek.

Esenyurt: Sitting inland, Esenyurt attracts investors looking for ideal capital appreciation thanks to affordable property prices and massive investment by the local council into transport and community features. More about Esenyurt in Istanbul.

Beylikduzu: This seaside location did an excellent job of maintaining green spaces, something other neighbourhoods in Istanbul have been vastly criticised for. Additionally, areas like Gurpinar make the ideal location for a weekend getaway holiday home for Istanbul locals. About Beylikduzu in Istanbul.

Kucukcekmece: Facing the Marmara Sea and sitting next to a lake, Kucukcekmece is another hotspot for property investment. Many overseas investors chose the neighbourhood because of its geographical position near the planned Istanbul canal route.

Buyukcekmece: For decades, Buyukcekmece was a popular getaway for Istanbul locals, but these days, it does just as good at attracting foreign real estate investors. Buyukcekmece 26 kilometres of coastline also attracts those who want a life by the sea.

Tarabya: This neighbourhood shits in the Sariyer district, a prestigious area with a high-profile real estate market. Tarabya is known for nightclubs and seafood, and the site is also close to Nisantasi, Istanbul’s most exclusive neighbourhood. Anyone searching for luxury property for sale in Istanbul would do well to look at Tarabya.

Beyoglu: Ah Beyoglu, the heart of new Istanbul, otherwise known as Taksim. This central area includes Istiklal avenue, Turkey’s busiest and longest high street. Anyone looking at property for sale in Beyoglu is assured of the best of Istanbul’s nightlife and shopping scenes.

Sancaktepe: Whereas other places listed sit in European Istanbul, Sancaktepe sits over on the Asian side and is just a 20-minute drive from Sabiha Gokcen, one of Turkey’s most prominent airports. An enormous part of Sancaktepe is dedicated to green spaces, and the neighbourhood is just a 20-minute drive to the Uskudar ferry port to get across to European Istanbul.

Kadikoy: Also on the Asian side, Kadikoy is a ferry hub. The neighbourhood includes pricey seaside properties, or homes further inland presents more affordable prices. Kadikoy’s profile has risen in recent years, and homebuyers can expect the best in shopping and nightlife.

Bakirkoy: As one of the oldest residential districts on the European side, Bakirkoy attracts middle-class families, but also many companies have chosen to base their headquarters there. The region offers excellent shopping opportunities, and Beyoglu is just 30 minutes’ drive away.

Istanbul real estate

4: How to Buy Property in Istanbul – Turkey

When looking at homes for sale in Istanbul, know there is a vast choice, and the buying process is quick and easy to complete if all finances and paperwork are in place. To search for property, browse our portfolio of apartments and villas for sale in Istanbul. Each listing contains everything to know, including price, location, home features, and contact details to find out more or arrange a viewing.

Once you have found your dream property, we step in. We complete the whole process from start to finish. While Turkish law does not require the use of a solicitor, we recommend employing one. They will draw up a contract between you and the seller. We also help with obtaining tax numbers, bank accounts, notaries, and land registry applications. If everything is in place, you can sign your title deeds and receive the keys in as little as a week.

5: Tips for Home Investors

If your purpose of buying a home in Istanbul is an investment, we recommend looking at the significant lifestyle projects across the city. These developments typical feature, pools gyms, saunas, gardens, walking tracks. They range from one-bedroom apartments to 6-bedroom duplexes home. As well as saving money on off-plan prices, some projects offer long term payment plans between one to five years on interest-free rate rates. Contact us if you want details of property for sale in Istanbul on a long-term payment plan basis. Secondly, we recommend using a foreign exchange company to exchange currencies and send money. Companies like Wise offer a better exchange rate and transfer fees.

6: Turkish Citizenship by Investment Scheme

Istanbul attracts many buyers who want to apply for the Turkish citizenship through real estate investment schemes. All they must do is buy a property worth $250,000 and pledge to keep it for at least three years. If this is something you would be interested in looking further at, this article will be helpful.

About Property For Sale in Istanbul – Turkey: This article aims to assure potential buyers of property in Istanbul by explaining some of the rules and regulations and what buyers should know before signing on the dotted line.

About Us: We are Spot Blue International real estate agent, and we have been specialising in Istanbul property since 2003. We have won many awards, and leading global newspapers and news channels frequently quote Spot Blue in the News. If you want to know more information about Istanbul homes for sale, contact us today. Alternatively, follow us on Facebook to stay up to date with property news from Istanbul, Turkey.