Istanbul, the iconic city that bridges Europe and Asia, offers a rich tapestry of history, culture, and modernity. Its real estate landscape reflects this diversity, catering to various tastes, budgets, and lifestyles. Istanbul's diverse real estate portfolio ensures every investor or home-seeker finds something suited to their taste. Whether enchanted by history, drawn to modern luxury, or seeking commercial ventures, Istanbul promises a property type to meet your desires.
What are the Types of Properties in Istanbul?
If you're considering investing or settling in Istanbul, you'll be able to familiarize yourself with the city's range of properties. Here's an overview, and we will start from the top options:
Luxury Bosphorus Mansions (Yalı)
Lining the shores of the Bosphorus, these waterfront mansions are among the city's most prestigious and expensive real estate. Many date back to the Ottoman era and are considered architectural gems. They offer unrivaled views and a slice of Istanbul's historical grandeur.
Historical Ottoman Houses
Istanbul boasts several neighborhoods where you can find beautifully restored Ottoman-era houses, particularly in areas like Balat and Fener. These homes are characterized by their wooden structures, multi-stories, and ornate designs. While they offer a unique living experience, maintenance can be more intensive.
Modern Apartments and Residences
Modern apartments are widespread in both the European and Asian sides of Istanbul. These range from standard residential buildings to luxury residences with facilities like swimming pools, gyms, and more. Districts like Beşiktaş, Şişli, and Maslak are known for their upscale, modern residences.
Penthouses with Bosphorus Views
Penthouses, often in high-rise buildings, provide panoramic views of the city and the Bosphorus. These luxury accommodations are sought-after, especially in areas like Bebek, Ortaköy, and Etiler.
Lofts and Studios
Popular among young professionals and artists, lofts and studio apartments are commonly found in the city's more bohemian and trendy neighborhoods like Cihangir, Karaköy, and Galata.
Gated Communities (Site)
These are planned communities with multiple houses or apartment blocks, often featuring shared amenities like playgrounds, security services, gardens, and sports facilities. Bahçeşehir, Beylikdüzü, and Büyükçekmece are known for such communities.
Commercial Properties
From office spaces in business districts like Levent and Maslak to retail spaces in bustling areas like Taksim, the Turkish property market, especially in Istanbul, offers many commercial property options for businesses of all sizes.
Restoration Projects
Given Istanbul's age and history, there are always properties in need of restoration. These are often found in historical districts and can be a worthwhile investment for those looking to preserve history or capitalize on the city's vibrant tourism industry.
Villas and Detached Houses
While apartments are more common in central Istanbul, you can find villas and detached houses in the city's suburbs and more residential areas like Zekeriyaköy, Tarabya, and Büyükçekmece.
Why Choose Istanbul for Your Property?
Istanbul will be your best choice when you're on your Turkey property inspection trip or looking for property in Turkey. Foreign property buyers always think of Istanbul as a great place to search for and buy property there. There's why foreign buyers, all foreign nationals, come from their home country and visit Turkey to buy property in Turkey, especially in Istanbul:
A Simplified Purchase Process
When considering buying property in Turkey, the first thing that will come to your mind is how easy it is to purchase. The Turkish government is providing incentive programs, such as the Citizenship by Investment program, to boost further the appeal of investing in the Turkish real estate market. Furthermore, you can buy a property in Turkey with low stamp duty with a title deed to save your rights. These legal systems help you conduct the best deals, especially in a big city such as Istanbul; it also saves you a long drive. Due to these several factors, investing your money in a property in Turkey is easy.
Different Housing Options
Unlike any other country that offers you a few options for real estate, a vast country like Turkey affords you many opportunities.
You can choose one of the big cities, in the city center, a place with green spaces, expensive districts, or many other options where you can find your dream home.
Housing is Cheap Compared to Other Countries
The growing demand for residential property in Turkey due to the presence of working expats has a good rapport with the construction of new buildings at affordable prices. Residential property in Turkey had an affordable average price during the past two decades, making property purchases in Turkey very attractive. Overall, Istanbul is the right place to find your affordable holiday home.
Ideal for Long Term Investment
Buying property in Istanbul's real estate investment market can be a wise long-term investment strategy. The city has experienced significant growth in recent years, with property prices steadily increasing. This growth is expected to continue, making it a lucrative investment opportunity. One of the main factors driving the commercial real estate market in Istanbul is the city's population growth. As more people flock to Istanbul for job opportunities and a higher quality of life, the demand for housing continues to rise. This steady demand ensures that properties in Istanbul always have a market, providing a stable investment option.
Another advantage of investing in Istanbul's property is the variety of options.
Whether looking for luxurious apartments, historic houses, or commercial properties, Istanbul offers diverse choices to suit different budgets and preferences. This versatility allows investors to find a property that aligns with their investment goals and strategies, making them feel that their chosen property is the best. In addition to financial benefits, investment property in Istanbul offers residents a high quality of life. The city boasts world-class amenities, including shopping malls, public transportation, restaurants, and cultural attractions.
Istanbul's vibrant and cosmopolitan atmosphere provides a dynamic lifestyle that appeals to locals and expatriates. Investing in Istanbul's real estate market presents a unique opportunity for long-term growth and financial stability. Real estate investment in Istanbul with its strategic location, diverse investment property options, and high quality of life, Istanbul is an ideal destination for those seeking a profitable and rewarding investment.
Affordable Luxury Properties
Investing in Istanbul's properties can provide the opportunity to own affordable luxury property. The city offers a range of high-end properties at relatively lower prices than other major cities worldwide. Buying property in Turkey means that investors can enjoy the benefits of luxury living at a more affordable cost. Investing in affordable luxury investment property in Istanbul offers the chance to own high-quality properties at a relatively lower cost compared to other global cities. Overall, Istanbul's real estate prices are the best when buying property in Turkey.
Obtaining Turkish Citizenship
People interested in obtaining Turkish citizenship must invest a minimum of $400,000 in real estate to have a title deed. You can transfer your money from foreign currencies to the Turkish lira through a Turkish bank. The Turkish passport allows you to enter 121 countries with free visa travel.
Getting a Residence Permit
Getting a residence permit and foreign identity number in Turkey requires foreign investors to follow a specific process. Firstly, they must apply for a residence permit within 30 days of arriving in Turkey, either online or in person at the (DGMM) office. They must gather required documents such as a valid passport, proof of accommodation, proof of financial means, and a health insurance policy. Once all documents are gathered, the application is submitted to the DGMM for review.
All those things encourage foreign buyers from foreign countries to make investment decisions and invest their foreign investment in the right property in Turkey to invest their money.
What do you need before starting your search journey?
When you're searching for a perfect property, you have to consider these factors:
- Specify your Requirements
- When deciding on your needs in buying property, it is essential to consider factors such as location, budget, property type, and amenities.
- Determine the desired location based on your preferences.
- Set a realistic budget
- Decide on the type of property that suits your needs.
- Consider the amenities and facilities you require.
Clearly defining your requirements will help narrow your property search and make sure you find a suitable investment in Turkey.
Get a Trust Worthy Local Real Estate Agent
Real estate agents can assist and guarantee the smooth searching and purchasing of a property in Istanbul. Always consult a local real estate agent to help navigate the city's vast and dynamic property market. The right real estate agent will provide a step-by-step guide to help you get your appropriate real estate. Choosing a suitable real estate agent knowledgeable about the specific requirements and regulations is recommended. The right agent gives you the best way to buy your property in Turkey.
The Importance of Property Location
Istanbul's strategic location as a bridge between Europe and Asia makes it an attractive destination for international businesses. European Istanbul has a good reputation for investment. Investment in the European side of the city allows you to tap into this thriving business environment and benefit from the city's economic growth.
Read more about: The Key Role of Location in Successful Real Estate Investment
Other aspects you have to consider are:
- Investment in the city center or the countryside
- Investing in property in the city center or the countryside in Turkey offers different advantages and considerations.
- Investing in the city center provides access to a vibrant and bustling environment with numerous amenities, such as shopping centers, restaurants, and entertainment options.
City center real estate also tends to have higher rental yields and potential for capital appreciation due to high demand.
Read more about Buying Property in The City Center: A Comprehensive Guide
On the other hand, investing in the countryside offers a more peaceful and serene environment, surrounded by nature and picturesque landscapes. Countryside properties often provide a slower pace of life and can be ideal for those seeking a retreat or a second home. Ultimately, deciding between investing in the city center or the countryside depends on individual preferences, investment goals, and lifestyle considerations.
The Best Neighborhoods in Istanbul To Buy Property
Here are some of the best areas to buy property in Istanbul:
Besiktas: a famous Istanbul neighborhood spreading on the European northern side around the famous Europe-Asia bridge.
Bahcesehir: located in the western suburbs of the European side of Istanbul.
Taksim: situated in Beyoğlu in the European part of Istanbul.
Taksim Square is the most known modern city center of Istanbul.
Property Purchasing Expenses in Turkey's Real Estate Market
Buyers should be aware of various expenses when purchasing property in Turkey's property market. These include property transfer tax, title deed fee, notary fees, legal fees, real estate agent commission, valuation fee, mortgage fees, and utilities and maintenance fees. These costs can vary depending on the property and location.
Conclusion
When choosing the right property type, Istanbul offers many options. Overall, it is essential to do thorough research and consider all factors before deciding on the type of property to purchase in Istanbul.