The reason behind the difference in the prices of apartments in Istanbul goes to several factors that directly or indirectly affect it.
Find out the reason behind the difference in apartment prices in Istanbul:
We will talk about the external and internal factors that affect the prices of apartments in Istanbul and their difference from one region to another:
First- Global Economic Changes:
Global economic changes directly affect the exchange rates of currencies due to the fear and insecurity accompanying these economic crises, thus the economic sectors of all kinds goes automatically to protect themselves from these changes, and this is translated to an increase in the exchange rate, which means a decrease in the purchasing power of the local currency and this in turn will be reflected on the prices of various types of goods. Houses are considered a type of goods traded in the Turkish real estate market, and therefore the prices of apartments in Istanbul will definitely be affected by these global economic changes.
Second-The timing of buying the apartment:
Economic theories say that the increase in the demand for apartments at a certain time leads to a rise in their prices, as happens in the tourist seasons that witness a heavy demand for real estate investment in Turkey, and on the contrary, the decrease in the demand for apartments at the end of the year, for example, will lead to a decrease in house prices in Istanbul.
Third- Fixed costs and variable costs:
Fixed costs are the traditional administrative expenses associated with the process of buying and selling apartments in Istanbul, while variable costs are costs that change according to economic conditions, such as the cost of building materials. The administrative expenses include taxes and fees that are added to the price of the property and thus affect the price of the apartment, and we mention some of them:
• Real estate tax: Its value is 4% of the value of the purchased property. It is paid equally between the seller and the buyer at a rate of 2% for each party. This tax is paid only once and not annually.
• Possession tax: which is paid annually and amounts to 0.003% of the property value.
• Service costs: they are paid for the services provided by the housing project, which are security protection fees, electricity fees, maintenance fees and other important costs that a person is looking for when choosing a particular house.
Fourth- The location of the apartments in relation to Istanbul:
Each area in Istanbul has a certain level of prices according tio the region and with the specifications of the apartments in it, especially since Istanbul is divided into two parts separated by the famous Bosphorus Strait. The apartments in the Asian part of Istanbul are different from the apartments in the European part. There are modest real estate in terms of technical specifications, level of interior design, real estate space and the number of rooms in it , if it is intended for housing, in addition to the proximity and distance from vital facilities and the transportation network. And there are luxurious real state in Istanbul with spacious and integrated interior equipment and its presence within the important centers near the gardens and parks.
Fifth- Specifications of apartments in Istanbul:
Each type of apartment in Istanbul enjoys a certain price according to its specification. The apartments for student housing have comfortable but rather simple specifications, their price differs from the luxury apartments of two or three floors equipped with all amenities and luxury, which in turn differ from the villas that have the highest levels of interior design and advanced facilities.
Most expensive apartments in Istanbul:
We will go through the most important areas in Istanbul, which are characterized by high apartment prices:
In Sisli area:
Sisli is one of the most prime areas in Istanbul, so investing in this vital area is certainly a win option. Real estate in this area has a panoramic view of the Bosphorus and it combines apartment and hotel styles to enjoy the fine ambiance and luxury touches. The apartments in this area have distinctive and comfortable interiors for the residents of the apartment because of its integration of security protection systems and cameras to ensure the safety and security of the residents and health and sports centers for the family to spend enjoyable and useful times. Among the services that concern people are closed parking to serve them in a modern and smooth way, and this is what you find available in Sisli area.
In Sariyer area:
Sarıyer area is known for its charming view of the Bosphorus, as it is a unique environment for constructing luxury apartments and enjoying the beauty of the view and the luxury of construction. Real estate in this area is characterized by a fantastic view of the Bosphorus Strait, and there are green spaces and gardens that add vitality to the place and are considered an outlet for the residents of the region. There are also many popular sports facilities for all family members, from billiards halls to tennis courts, jogging and walking tracks, health centers such as saunas, Turkish baths and sports clubs. All technical services are available in the area such as fiber optic internet, electric generators, communication lines, security protection systems and backup water tanks.
In Beykoz area:
This area is characterized by the beauty of its breathtaking view of the sea within the lap of the picturesque nature, as the Beykoz area is located in Istanbul near the Fatih Bridge in the Asian section, and the properties in it are characterized by the elegance of the interior design that respects privacy and gives a sense of comfort in every corner of the place in addition to a wonderful sea view. Everyone who lives in the Beykoz area can listen to the magic of its beauty. Health and sports facilities, safety and protection are available in the Beykoz area thanks to the security protection systems available around the clock.
In Maslak area:
Maslak provides a high standard of living for its residents. It is one of the main business areas in Istanbul. A high level of technology and modern interior design awaits you, which distinguishes real estate in Maslak. The properties available for sale in Maslak vary between offices, penthouses and luxury apartments. This area is rich with social and health centers. The services available in Maslak vary, including security, reception, parking, and engineering reading devices instead of the traditional apartment key in order to enter the apartment.
Cheapest apartments in Istanbul:
In Istanbul you can find suitable apartments in terms of price and specifications:
In Gazi Osman area:
Ghazi Osman is an integrated area, containing schools, hospitals, mosques, shopping malls, transportation, banks, entertaining parks, sports clubs and medical centers, making it preferable to live within cheap and comfortable apartments.
In Avgelar area:
Avgelar area contains many universities and medical and security service centers such as police and government offices. It also has shopping centers, restaurants, cafes, tram line and transportation means. It is a suitable environment for the cheapest apartments for sale or housing.
In Esenyurt area:
What distinguishes this area is its population, this is not a problem as all services are available such as hospitals, schools, universities, shopping malls, restaurants, cafes, gardens and tourist shrines that are easy to move around due to the availability of all transportation in Esenyurt. This large population is offset by a large demand for the cheapest apartments, which offers great opportunities for real estate investment.
In Xaray area:
Exaray is one of the areas that contains museums, mosques, holy areas, mules and all facilities and services, whether schools, universities, hospitals and shopping centers, police stations, a metro line, transportation and a children's park, thus it is a safe environment for real estate investment in cheap apartments and suitable for comfortable residence.
In Hakale area:
This area is similar to most Turkish areas in terms of organization and arranged streets. It provides a network of transportation and it is rich with all kinds of services to be provided in all residential communities. It is nice to experience housing in one of these beautiful areas.
In Kagd Khana area:
Located in the center of ancient Istanbul, this area has a special charm and its cultural-style visitors, yet you find everything you need of services such as restaurants, shopping malls, gyms and clubs. There is a great demand for housing within this area because apartments are rather cheap.
In Ayub rarea:
It overlooks the sea and is located near ancient Istanbul and tourist areas such as Sultan Ayyub Mosque so it is a very great opportunity to invest in, and you can enjoy nice times at health centers such as gym, sauna, swimming pools and children's gardens.
Thus, we have described in detail at the reasons behind the difference in the prices of apartments in Istanbul within a sector that is considered one of the most important investment sectors in Istanbul, which is the real estate sector.
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