e only city in the world that is established on both the continents of Asia and Europe, and divided by the narrow sea passage of the magnificent Bosporus. With more than 2,500 years of history, and the creation of strategic embrace of sea and land, it has become a major center for trade.
Istanbul is situated on a peninsula, bordering its 3 sides is the Marmara Sea, Bosphorus and the Golden Horn. It has been a capital of three Empires, namely the Roman, Byzantine and Ottoman Turks, over a span of 1600 years, whilst changing hands of over 120 Sultans and Emperors. Historical Istanbul is the only city in the world that is unique to these characteristics.
It’s a place where the center of Turkey’s import and export, entertainment, culture, education, shopping, tourism and arts activities reside. Istanbul is becoming more and more colorful in its rich social, cultural and trade activities. It is also, by far the most liveliest region in the real estate sector.
If the real estate market has slown down in parallel with both the Turkish and Global markets, there is certainly no drop in prices in the most expensive districts of Istanbul. New residential projects are surfacing in the districts that have carried their expensive, high-end position and appearance for many years, tieing in new residential developments. Many of these added neighborhoods are mainly on the Asian side of Istanbul. The neighborhoods of Acarlar and Cavusbasi in the district of Beykoz are attracting attention with rental rates of 4,000 YTL (aprx. €2,100) per month. According to research, 11 of the 20 additional neighborhoods are within the district of Besiktas. It has been established that the average monthly rental rates in Besiktas are 2,161 YTL (aprx. €1,150).
The land prices continue to rise in Istanbul and its surrounding regions; the economic heart of Turkey.
The market is drawing attention as the land prices in USD, have increased 10 fold within the last 3 years. Land in the regions offering the least rewards are even doubling. The return on land is therefore much higher than the dollar, gold and stock exchange. One of the reasons for the price increases is due to the upcoming planning permissions that will be applied within many new areas of Istanbul. The investors are in search for land for the purpose of constructing residential developments and shopping centres, but as land is somewhat scarce, there is not a lot of production gonig on, and the existing regions are making the premiums.
The most valuable route from the prospective of land, is the Levent-Maslak line. Generally the best premiums for land in Turkey is in this region.
The district of Riva is ahead again as the shinning star in the last period. Real estate experts state that this will be one of the regions as the center of attention in the coming years. It is already begun attracting foreign investors.
Nowadays, residential developments, apart hotels and luxury homes are what’s in style. The preferred locations are in the city centres. The attraction of city centres is due to its higher level of prestige, very good sales potential and profit margins.
The districts offering the highest returns in the Asian side of Istanbul are: Cekmekoy, Alemdag, Sarigazi, Omerli, Maltepe, Kartal, Pendik, Kurtkoy, and Gebze. On the European side of Istanbul are the districts of Sariyer, Zekeriyakoy, Catalca, Silivri, Beylikduzu, Beyoglu, Kagithane, Gaziosmanpasa, and Dolapdere.
An example of a new district on the rise, located on the Asian side of Istanbul, presenting a contemporary city planning, is Kurtkoy. With its infrastructure in place; from the prespective of its stable ground, Kurtkoy is considered one of the most secure places against earthquakes.
In a very short period of time, Kurtkoy will become one of the newer districts of attention because of its International airport, marinas, 3rd largest exhibition centre and industrial facilities. Kurtkoy reached its fame, as the region that holds the distance between laps at the Formula 1 Istanbul Park racetrack.
Protecting Istanbul’s metropolitan build and natural beauty, situated along the coast, Tuzla is another district grabbing the attention of investors. Based on rental income, Tuzla is one of two regions that offers capital returns within 13 years and 11 months, according to experts. In the last little while, the rental housing prices are becoming comparable to other luxury districts. With its modern city structures, Tuzla is also becoming an attraction with investors in the last periods.
Recently another region in Istanbul that has drawn attention in real estate investments, offering very good premiums, is Beylikduzu. This region has built up an excellent variety of residential projects in the last period. The rapidly increasing shopping centres has made the region centrally appealing.
Atasehir has proven its quality since it won the International award “City within a City” in 1996. Situated on the Asian side of Istanbul, Atasehir is a modern living centre. It addresses higher income individuals and families with its luxury housing. Due to its large variety of developments, it’is quite easy to find a property suitable to many different interests.
Lastly, the district of Nisantasi, with its rich history and social mosaic and rich displays, continues to hold its place as being the most prominent district of Istanbul. The most expensive rental rates in Turkey are in this district. No matter how high the rental rates are in Nisantasi, it carries the feature of being Istanbul’s most prestigious housing areas.
While extensively following the Istanbul real estate market trends, euroMedt has conducted in depth research on these premium making regions. For more information and a list of our private development offers from these areas, please contact us with your inquiries.
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