If you are interested in the real estate market in Istanbul and keep up with its most prominent details and information related to it, you will see a noticeable rise in real estate prices, what is the reason for that?
Since this question has been asked by many people and investors around the world, the editorial team at Right Way Real Estate decided to share with you the most prominent aspects of this topic.
In this article, you will learn about the most important factors that affect real estate prices in this city, and we will highlight areas with high and low values.
What determines real estate prices in Istanbul?
If you intend to buy a property in Istanbul, you must first take an idea of real estate prices in this city and the most important influences that contribute to its increase or decrease, and this is what we will discuss through the following paragraphs:
1 - The geographical location is one of the most important factors that affect the value of real estate in Istanbul, and the more distinguished it is, the higher the value of the property.
(If you don't have enough cash to buy an expensive property, you should move away from strategic geographic locations and look for cheap or remote areas.)
2 - The view of the property, does it overlook the vast green spaces, the sea, or the city streets?
3 - Are there important projects near the area such as airports - tunnels - bridges - water channels - public transportation lines?
4 - Is the property old or modern, as new properties are more expensive (they are best for real estate investment).
5 - Also, the proximity of the property to service facilities leads to an increase in its value (are there schools - universities - hospitals - tourist places - entertainment centers near it).
6 - Is the property in a residential complex or in a separate building? Real estate in apartment complexes is known to be more expensive than others.
Are real estate prices in Istanbul high?
According to the data, real estate prices in this city will record a significant increase during the current year, and the rate of increase may reach 50%. Here are the details of the whole matter:
- Istanbul is known for hosting the most important strategic projects not only in Turkey but also in Europe, the most important of which are (the new Istanbul Water Canal - New Istanbul Airport - Sabiha Airport - Tunnels - Public Transport Network).
- One of the general effects that cause real estate prices to rise in Istanbul is the rise in the prices of raw construction materials.
- Increasing demand to buy real estate there.
- Change in the value of the Turkish lira against foreign currencies.
- Most of the construction companies are keen that their projects comply with the conditions for obtaining Turkish citizenship.
- A large percentage of real estate projects are ready to move in (it is known that ready properties are more expensive than properties under construction).
Real estate prices in Istanbul will continue to rise in the coming period due to the unprecedented urban development, economic recovery and political stability, in addition to its location, which spans two continents at the same time, separated by the Bosphorus Strait.
Do not forget that this city annually hosts thousands of foreigners from different countries of the world, some of them are looking for work, others want to study, and a third is looking for stability, and it is one of the most densely populated cities around the world.
The most expensive real estate in Istanbul:
Through the following paragraph, we will mention the high-priced real estate in Istanbul.
1 - Sariyer is one of the most prestigious neighborhoods in the city (it is among the first three areas in terms of high prices), and it is characterized by a view of the Bosphorus Strait - one of the largest areas in terms of area - containing luxury residential complexes.
2 - Among the most important areas of the European side, Bakirkoy, which is characterized by vitality and a long coastline on the Marmara Sea. Rich in public transportation, which made it a destination for living and stability.
3 - Beykoz is one of the areas located on the Asian side of the city, with many rivers that give it a classy character. Celebrities, politicians and businessmen come to get some peace and quiet.
Do you think that real estate prices on the European side are more expensive than those on the Asian side? This is definitely wrong. There is no firm evidence confirming this. There are areas in the Asian side of Istanbul that are more expensive than the European side. This depends on the services that the area enjoys, its location, its view, its infrastructure, and other details.
On average, real estate prices in these areas range from 7000 TL to 15,000 TL.
Cheapest real estate in Istanbul:
Take a look at the cheapest areas in Istanbul and its most prominent features.
1 - Beylikduzu is one of the most important areas for buying real estate, its prices are moderate and appropriate compared to other areas of the city. It is expected that prices will rise significantly during the coming period, based on the increase in demand.
2 - Esenyurt area, where prices are cheaper than Beylikdüzü and suit those who are looking for modern real estate due to the construction of many high-end projects in it recently.
3 - If you prefer to live in a rural environment, you should choose the Silivri area, which has the lowest prices in Istanbul. There are green spaces in it, and the Turkish government pays great attention to it.
We have provided you with a comprehensive report on real estate prices in Istanbul, and we have indicated its most important areas. We hope that we have provided you with answers to your questions on this subject.
If you have more questions and inquiries, do not hesitate to contact us to provide you with adequate answers.
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