What should you know before buying an apartment in Istanbul
Istanbul's real estate market is one of the most popular among foreign investors. What should be considered when buying property in Istanbul? How to choose the right apartment and what does its price depend on? Experts of the company Istanbul Property told about all the nuances of buying property in Istanbul.
Istanbul is a cosmopolitan and bustling city with a rich history, vibrant culture, and welcoming atmosphere, inviting investors and potential homebuyers to choose this charming spot over others in the region. Thanks to its numerous real estate alternatives, magnificent Bosphorus and iconic Princes’ Island views, and thriving property market, Istanbul fosters intriguing investment prospects. However, buying an apartment in Istanbul is an intricate process, and several elements must be considered to guarantee a satisfactory purchase procedure.
The most important things to consider before buying an apartment in Istanbul include:
- Location. Where you buy your apartment will have a significant impact on your lifestyle, which is why you should check proximity to necessary amenities (schools, hospitals, and stores), access to major roads and transportation networks, as well as the characteristics of the neighborhood and growth potential.
- Budget and affordability. Calculate your budget range to ensure sufficient financing choices. It is also beneficial to include other expenses, like maintenance fees and taxes.
- Apartment specifications. This starts with the number of bedrooms and the amount of living space requested. Floor plan and layout that is appropriate for your lifestyle
- Take into account the necessity for extra features such as balconies, parking, or storage.
- Construction quality and materials. Investigate the developer’s reputation and track record. Examine the building’s quality and materials. Evaluate elements such as energy efficiency and sustainability.
- Amenities and facilities. Consider the available amenities (swimming pools, gyms, playgrounds) alongside the quality and upkeep of common spaces.
- Legal and regulatory compliance. Check the legal permissions and documentation for the property. Learn about ownership and title deed information. Seek legal counsel to guarantee compliance with local laws.
Furthermore, by reviewing the different types of apartment developments available and staying up to date on average costs, you can make an informed decision that fits your requirements and financial objectives. With that being said, here are the common apartment project types in Istanbul:
- High-rise towers and skyscrapers. Modern Residence towers with breathtaking views, and opulent facilities, Those apartments are ideal for people looking for a luxurious lifestyle and panoramic cityscapes.
- Gated communities. Secure housing developments with controlled access and shared facilities. Those options are suitable for families and people that emphasize privacy and communal life.
- Historic renovations. Restored properties with historic architecture and contemporary interiors. Perfect for people who like the allure of old structures.
- Suburban developments. Residential compounds in quiet districts away from the hustle and bustle of the city center. Suitable for homebuyers looking for a tranquil atmosphere with plenty of green space.
- Mixed-use projects. Residential, commercial, and retail areas are all included in these integrated compounds. With everything at your fingertips, you can provide convenience and a dynamic lifestyle.
The average prices of apartments for sale in Istanbul vary based on criteria such as location, size, and amenities. According to endeksa.com, the average price of a 115 m2 apartment in Istanbul is about 2,443,750 Turkish Lira. We must remember that this pricing is subject to changeable factors such as seasonality, market demand levels, and currency exchange rates.
How are apartment prices determined in Istanbul?
Prices of apartments in Istanbul are determined according to many criteria that are the baseline for prices of properties worldwide. When discussing the price of a property in Istanbul, the below criteria define how high or how low a price tag can go:
- Location. Needles to mention that location in real estate is everything. Distance from the city center or the main transportation lines is crucial to determining the price, especially in a metropole such as Istanbul.
- Apartment size. The size of the apartment comes in second in terms of importance after location. Sizes of apartments are so important that our property experts at Istanbul Property divide the city based on the average square meter of the apartments in the district inside Istanbul.
- Apartment layout. The layout of the apartments and the domination of the net over the gross increases the prices of the apartments compared to each other inside one building.
- Apartment’s view. Taking into consideration that Istanbul is a city with many attractions and many landmarks and views, an apartment’s view is directly related to its price, it varies based on the landmark that it is overlooking.
- Amenities. Some apartments in Istanbul are part of 1 or 2 blocks with no social facilities, and some are part of a small city with full amenities from indoor swimming pools to saunas, gyms, recreational rooms, and playgrounds for different sports.
- Construction company. The reputation of the construction company plays an important role in determining the prices of the properties, as famous firms that have a long run in the local and international market of Istanbul real estate, as trusted developers usually charge more for their experience and their brand.
What are the price ranges for apartments in Istanbul?
Istanbul can not be considered a normal city, being bigger than Qatar with a population greater than most countries, the price ranges of apartments inside Istanbul are better off separated or divided into segments for each district inside the city.
For example, the price range in Silivery compared with the price range in Sisli is extremely different and if combined together in the same equation to get a medium of the prices in Istanbul it would be very misleading to the people interested in buying a property in Istanbul.
Therefore for a better indicator, below are the price ranges of apartments in the most important districts for foreign sales in Istanbul:
- Bahcesehir’s prices range from 150,000 USD for a 2-bedroom to 2,700,000 USD for a 7-bedroom villa.
- In Zeytinburnu prices start at 256,000 USD for a 1-bedroom apartment to 1,200,000 USD for a 5-bedroom duplex.
- The prices in Beyoglu show how prices shift even inside the same district, the cheapest 2-bedroom apartment in Beyoglu starts at 200,000 USD in a development project that is under construction and is suitable for investment by purchasing a property in Istanbul and goes all the way up to 6,450,000 USD for a 4-bedroom apartment with a golden horn view surrounded by history and prestige. This price difference is only separated by a 10 minutes walking distance.
- In Kadikoy, prices start at 235,000 USD for a studio apartment in the new area of Fikirtepe to a staggering 10 million USD for an 8-bedroom penthouse with full sea views and Bosphorus views in a magnificent tower constructed by a famous construction company.
Modern residential buildings in Esenyurt, Istanbul
In Which Districts of Istanbul Should You Buy Apartments?
Now that you learned a lot about apartments in Istanbul, it’s time to find out which district of this popular city appeals to you the most. Istanbul is one of the largest cities in the world, with 39 districts, 25 of which are in Europe and 14 on the Asian side. It might look like thorough research is needed, but don’t be intimidated by this many districts. We have provided important information about Istanbul’s most-sought districts below. With this article, you will be one step closer to the most suitable district for your lifestyle and preferences.
Beylikduzu. Beylikduzu is a developed and rapidly growing district on the European side in the west of Istanbul. Beylikduzu was chosen as the best solution to Istanbul’s increasing population problem and the district has undergone a huge development in the last 20 years. Beylikduzu attracts many people with its large green areas, parks, ponds, and the famous Valley of Life. In terms of transportation, Beylikduzu is one of the most important points offering easy access to other parts of Istanbul. This district is one of the best choices for families with children or for those looking for a quiet life.
Bahcesehir. It is a neighborhood on the European side of Istanbul and is connected to the Basaksehir district. Bahcesehir has gained even more importance with its proximity to the city’s new airport. It is one of the most important locations for those who will fly constantly. Bahçeşehir is also a well-developed neighborhood in terms of infrastructure facilities. Schools, hospitals, shopping centers, sports facilities, and other social facilities are available in the region.
Basaksehir. Basaksehir is a district that has been considerably developed in a planned manner. With Istanbul’s growth and population increase, modern housing projects, shopping centers, commercial districts, and social facilities have rapidly emerged in Basaksehir. The area is particularly popular with newly married couples, families, and high-income families. It is one of the newest and fastest developing areas of Istanbul. It is located in the west of Istanbul, neighboring Esenyurt and Kucukcekmece districts.
Esenyurt. Esenyurt is a district on the European side of Istanbul. It borders Başakşehir, Büyükçekmece, and Avcılar districts in the west of Istanbul. Esenyurt gained district status in 1989. The history of the district is much older and dates back to the Byzantine Empire. However, in recent years, Esenyurt has undergone a major transformation and has become a region that attracts attention with its modern housing projects and commercial centers.
Kartal. Kartal is a district located on the Asian side of Istanbul and it is situated along the Marmara Sea coast. Kartal is known for its diverse housing options. The district features a range of residential projects, including apartment complexes, modern housing estates, and high-rise buildings. The residential areas are well-planned and offer a comfortable living environment.
Pendik. Pendik has been an important port and trade center throughout history. Today, it has become a modern district. There are both industrial and residential areas in the district. Pendik attracts attention, especially with its coastline and marina. Pendik Beach is a recreation and entertainment area preferred by Istanbulites in the summer months. Pendik Train Station in the district is located on the Marmaray line and provides easy transportation to other parts of Istanbul.
Kadikoy. Kadıkoy is a district on the Asian side of Istanbul, on the opposite shore of the Bosphorus. Kadıkoy is one of the oldest settlements in Istanbul and is famous for its historical and cultural richness. The district is famous for its diversity with many different neighborhoods. Moda is one of the most well-known neighborhoods of Kadıkoy and is famous for its historical texture, cafes, and shops on its streets. Kadıkoy’s historical and cultural heritage is also remarkable. There are historical buildings, churches, mosques, and cemeteries dating back to the Ottoman period. The district is also known as an art and culture center. Many theaters, cinemas, art galleries, and concert venues operate here. Young individuals prefer to continue their life in this district.
Atasehir. Atasehir is a district on the Asian side of Istanbul. The concept of Batı Atasehir (West Atasehir) emerged when construction companies established their housing and office projects in this region due to the suitability of the lands on the west side of Atasehir. The district generally consists of high-rise modern residential complexes. Atasehir, mostly preferred by small families, students, and young professionals, might be a good idea for businessmen as the district hosts many company headquarters and offices.