By Justin Mays:
Turkey’s massive and most diverse city, Istanbul, boasts excellent infrastructure to handle its ever-growing population and the high levels of foreign investments. The Turkish government's efforts to strengthen the Turkish real estate sector by welcoming foreign investments have resulted in many foreign nationals taking advantage of the affordably priced properties and investing in them to reap the benefit of high returns.
What makes Istanbul real estate stand out is that buyers have an extensive selection to explore. With its strategic location between Asia and Europe and the presence of top-grade transport facilities, Istanbul tops the list of cities in Turkey to invest in.
In today’s blog, Prime Property Turkey gives you all the facts and forecasts about Istanbul, Turkey, real estate. So, let’s get straight to it:
Istanbul Real Estate Facts & Forecasts
Istanbul has a lot going for it. It is a city with an alluring blend of cultures and sights. The property market here is diverse, including but not limited to residential units, high-rise apartments, villas, etc.
- Istanbul has a thriving property market, and the real estate in this city boasts the same quality and luxury as European real estate. Moreover, modern constructions are earthquake resistant but have much lower price tags. You can check our Istanbul properties page and browse the diverse commercial and residential real estate options.
- The real estate here also has an impressive ROI which is why investors buying a property in Istanbul can anticipate an annual rental return of two to four percent. For local and foreign buyers alike, the allure of a diverse city like Istanbul isn't going to dim anytime soon. All the real estate forecasts for the city support this trend.
- The relaxation of rules for Turkish Citizenship by investment has also facilitated high property sales in Istanbul. Foreigners can invest a minimum of USD 400,000 in a property in Turkey and get Turkish citizenship.
- Istanbul was at the forefront of the Turkish property market in 2021, with 3.9 percent of house sales made to foreign nationals.
- Furthermore, Istanbul has many fresh megaprojects such as the Istanbul Canal, Istanbul Financial Centre, the third Istanbul Airport, the third Bosphorus Bridge (Yavuz Sultan Slim bridge), etc.
- The Istanbul Canal project has caught the eyes of foreign investors. With a length of 45.2 kilometers, the canal passes through the Basaksehir, Kucukcekmece, Arnavutkoy, and Avcilar. This has resulted in these areas' skyrocketing investment value, which will only increase when the project is completed.
- According to one estimate, the annual compound growth rate will be 8% between 2022 and 2027 for the residential property market in the country.
- In April 2020, foreign nationals purchased more than 6000 apartments in Istanbul.
- During the first four months of 2022, sales of residential properties also witnessed a 49% boost.
- Experts believe that Istanbul real estate prices will continue to increase in 2023.
Further Reading: Istanbul, Turkey | Facts and Attractions
You can check out our blog post on “Istanbul Real Estate | How to Find Your Home” and learn the dos and don'ts of buying a home in Istanbul.
Things to Consider When Buying Property in Istanbul
Determine your budget and tour properties within that budget to avoid any waste of time.
Choosing the right location with access to social and transport facilities is critical for the success of the investment.
You should check to see if the property has all the essential specifications you prefer, such as air conditioning. Also, ensure the property is an earthquake-resistant construction.
Get To Know the Area
Once you decide on a property, compare its price with other such properties and take the time to understand the property’s location.
All-in-all, the Turkish government is taking steps to make it easier for the property market to grow, as well as supporting new construction projects. These steps will bring a positive outlook to the property market in the country in general and Istanbul in particular in the coming years.
We, at Prime Property Turkey, are happy to assist you in your hunt for the perfect property. Our expert teams fully know the ins and outs of the Istanbul real estate sector. All you have to do is contact us and share your preferences with our team so that they can help you find the right property in Istanbul, Turkey.
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