Istanbul, a historic city straddling Europe and Asia, is one of the world’s most important metropolises. Known as Byzantium in antiquity, it became Constantinople, the Roman Empire’s capital, during the reign of Constantine the Great. It remained the capital of the Eastern Roman Empire until 1453, when it was conquered by the Ottoman Empire and became the Ottoman Empire‘s capital.
Many wealthy seaside cottages and magnificent chalet houses known as yali can be seen in the areas bordering the Bosphorus. A third of the population of Üsküdar and Kadköy lives in contemporary residential neighborhoods and apartment complexes.
Sultanahmet Square, once the great Hippodrome of Constantinople and still a lovely place to visit; the underground reservoir known as the Basilica Cistern; Topkapi Palace, which served as the imperial residence for 400 years of the 600-year Ottoman Empire; and the 550-year-old Grand Bazaar, an enormous covered market filled with thousands of shops and sidewives.
Buy Real Estate in Turkey
For international investors, Turkey’s real estate industry provides a wide range of options. Turkey draws investors by offering Turkish citizenship in return for real estate investment, offering a variety of budget-friendly choices, a streamlined buying and ownership procedure, and a favorable currency rate. Turkey rated 14th among the world’s most favorable real estate markets for foreigners in 2020, according to a study performed by international real estate investment firm Remote Ventures.
In Turkey’s real estate market, foreigners of various nationalities take advantage of these possibilities. Despite the epidemic, more than 40 thousand homes were sold to foreigners in Turkey in 2020, according to the Turkish Statistical Institute.
Let’s have a look at the best places to purchase property in Istanbul for investment purposes.
The Fatih district is the most popular when it comes to tourist statistics. This is reasonable considering the Blue Mosque, Hagia Sophia, and Topkapi Palace, which are all famous historical structures. This region should be considered by anybody seeking for a buy-to-let income from short-term vacation rentals.
We cross the Golden Horn, remaining on the European side, and arrive at the Taksim and Beyoglu districts, which are known as “New Istanbul” by locals because they provide the finest nightlife and shopping options. In these areas, many visitors also book self-catering accommodations.
Bahcesehir, which is located in the Basaksehir district, is known for its lush greenery. This residential neighborhood is particularly attractive to foreign purchasers since it is just 6 kilometers from the proposed canal route for Istanbul and 40 minutes from the new international airport. Bahcesehir Lake is its crown jewel, and residents come to the surrounding picnic spots, cafés, and children’s playgrounds on weekends throughout the summer. In Bahcesehir, several off-plan projects offer 3-year interest-free payment options.
When it comes to real estate investment in Istanbul, it’s important to keep in mind that houses on the Bosphorus’s shoreline are among the most costly in the country. Yali mansions, constructed by Ottoman monarchs and upper-class members of society for use as summer residences, are a part of that area.
Some are now hotels and museums, while others are still privately owned and protected. To give you a sense of how much they cost, the Erbilgen Mansion is valued at a whopping $200 million. In terms of costs per square meter, the Besiktas district on the European coasts is the most expensive residential neighborhood. Besiktas is one of the finest choices since it is home to numerous well-known restaurants serving delectable food, as well as some of the city’s most recognized museums.