Real estate in Istanbul
As Istanbul city is growing year after year investors and people from all over the world come for work purposes whether through an investment, job contracts, or any other type of work, this is because Istanbul city offers people a very competitive market that actually contributes to the international markets. Thus, thousands of foreigners have actually moved to Istanbul to start a new life and new job, even locals who travel from different cities in Turkey to Istanbul in order to get a better job offer. This situation has resulted in a growth in real estate business in Istanbul and during the past ten years more than a million apartments were built to contain the growing numbers of people, not to mention the great number of foreigners who have moved to Istanbul and bought or rented houses in the city.
Here are more information about real estate in Istanbul:
The complex situation of the real estate market in Istanbul city might be confusing for newcomers especially those who are willing to buy one. Thus we will go step by step answering the most asked questions when to buy or rent a house in Istanbul.
Where is the best place to buy a house in Istanbul?
Well, there is no specific answer to that question because it depends on three main factors, the budget, the lifestyle, and the reason of buying a property but in general, districts like Beyoglu, Fatih, Uskudar, Kadikoy, Taksim and Sisli are considered the heart of both new and old city where the shopping malls and crowded life exist.
If you are looking for a more calm and family life with relatively cheaper prices you can aim on for districts away from the heart of Istanbul city, districts like Beylikduzu, Basaksehir, and Bakirkoy. These districts are developers and have a calm family life.
Districts like Maslak and Sariyer are considered the Business centers where you can find trade and business towers. These districts are expensive because most of the high class lifestyle of them.
The most important thing about Istanbul city, is that all districts have all services and facilities like hospitals, shopping malls, restaurants, schools, and universities so no matter what district you are staying at, you are going to find all of the facilities you need.
Are homes on Bosphorus expensive?
Properties that are located right on the Bosphorus strait are considered among the most expensive properties around the world, because of its large size, extremely high class interior and most importantly, the breathtaking view of the Bosphorus.
The buildings there are not new actually, most of them are 15-20 years old except for the Villas on the Bosphorus but still, very expensive because of the reasons mentioned before.
In general, it is not easy to find a property to buy on the Bosphorus strait and if found it is going to be extremely expensive, we are talking about a minimum of 20 Million Turkish Lira for an apartment and if you are aiming for a Villa there, at least 30 Million US Dollars.
Why buy a property in Istanbul?
Whether you are moving to Istanbul for business, education, investing, or any other reason. You can find many options to buy a property that suits you and your budget and lifestyle. In addition, you can get an advantage of having the Turkish nationality when buying a property in Turkey and get the benefit of doing your business as a Turkish citizen.
At the end, Istanbul is ranked among the cities that offer a lot of opportunities for investors because of its huge market that is available for everyone to join.
If you are thinking about investing in a property, some districts in Istanbul such as Beylikduzu, Basaksehir and other districts offer investors an active market where they can absolutely win.
How to buy a property in Istanbul?
The process takes between a week to ten days from visiting properties and finishing the process of buying (taking in consideration that the client is ready to buy), and it is not obligatory to use a lawyer when buying a property in Turkey but we recommend to use one if you are foreign to prevent any misunderstandings between you and the agent.
One of the important things to know, is that you do not have to buy through an agent, if you find a house and agree to buy it from the owner immediately it is absolutely legal but, it is better to buy through an agent because most of them can offer you a discount over the total price.