Prices of Real Estates in Istanbul, Turkey

No one can deny the success of Turkey in the past five years to be one of the most important real estate investment markets in the world, competing strongly with cities that preceded it in this field, such as Paris, London, New York, Dubai, Shanghai and Hong Kong, this success is the crowning of hard working and efforts of all Turkish authorities to reshape and develop cities and work hard to up to the state’s ambitious plans in attracting a larger number of foreign investors, and the efforts that reflected in a number of cities, especially Istanbul, Antalya, Bodrum, Trabzon, Samsun and Bursa, As the state worked on rebuilding and developing its infrastructure to cope up with its development plans, through extending new lines of metro network and developing the old ones, as well as depending on the smart communications and technology in processing all provided services to citizens and foreigners that carried out electronically via the smartphone.

The state also worked in improving the road and bridge network, and other infrastructure projects, as well as improving the tourism sector and all related services such as improving the level of hotel and its services and shopping services through the establishment of shopping centers with the most famous international brands.

Turkish government also raised the quality standards and imposed it on all companies and restaurants that match to the quality requirements of the European Union, all these factors contributed at the success of the real estate investment sector in Turkey, which is growing day by day, exceeding all expectations in the past ten years, Turkey has become a center for attracting foreign investments in all fields, commercial and industrial, and even in the field of construction, and Istanbul has become one of the most important raising markets in the region. Turkey ranks seventh in the world as one of the strongest emerging markets.

Reasons for the success of Istanbul:

- Istanbul is one of Turkish cities that was able to attract foreign investors and it is the city with the highest selling real estate range in Turkey due to several factors, including:

- Istanbul is the central tourist and economic capital of Turkey.

- Its strategic location strait at Bosphorus, and controlling at the coming trade to Europe.

- It has the new 3rd Istanbul airport one of the biggest airports in Europe, which has the highest rates of air traffic.

- The unlimited diversity that characterizes the city and the presence of all the services, facilities and entertainment that a tourist and investor can want.

Types of real estates in Istanbul

- Commercial: These are real estate that can be used in investments and business, and that generate profits and income returns for its owner, such as shops, offices, stores or hotels. for more information about commercial properties and investment returns, click here.

- Residential real estate, such as villas and apartments, whether these apartments are in residential complexes or through normal buildings, as well as hotel apartments, which is for investment, in this article we will focus on the prices of apartments in Istanbul, their types, the factors controlling the prices, and everything related to the prices of apartments in Istanbul.

Factors that specifying apartment prices

The area or the districts and its nature

The districts near to the center of Istanbul are much higher comparing to the districts at the outskirts, as prices of districts at outskirts are much cheaper. Areas such as Beşiktaş, Levent, Sisli, Fatih or Maslak these areas that are in the old city center of Istanbul are the most expensive areas in all Turkey not only in Istanbul, even if the construction age of the property is more than thirty years old. The nature of the area is also one of the factors affecting the price of the apartment. 

Also, each area has a general character. There are tourist areas and there are commercial and economic investment areas such as Maslak and Basin Express, and other residential areas with distinction, or a tourist area such as Taksim, Sisli and Beşiktaş are more expensive than normal residential areas.

Type and nature of the project

Investment projects such as hotel projects are more expensive than normal residential projects, especially if the hotel apartments carry an international hotel brand that starts from 4 to 7 stars, as it has a profit and investment return for the owner of the apartment.

Apartment views

The location of the project and its view control the price of the apartments in these projects. The projects that are close to the Marmara Sea or those that have a view of the Bosphorus are always more expensive than their other projects.

The social facilities of the complex

The more facilities and services of the residential complex has, the more luxury it gives to its residents. There are complexes that have a swimming pool, a children’s area and a gym, and there are complexes that have basketball playgrounds, squash courts, a private cinema, a music room, and a meeting room, and the various construction companies trying to provide its residents more services to make them feel luxurious, and there are construction companies that the resident has an international membership in all of its projects, so he is able to use the social services of any of their projects inside or outside Turkey.

The area of the apartment

The apartment area, the number of bedrooms, bathrooms, balconies, all these are factor that effect on the price of the apartment. The larger the apartment, the higher the price. The 1+1 apartment is less expensive compared to the 4+1 or 5+1 duplex apartment.

The quality of the apartments’ interior finishes

It is one of the most important factors affecting at the price of the apartment. better materials in the finishing means the high price of the apartment will be. There are companies that using international brands or local brands with an excellent reputation, and there are normal materials with less quality.

Types of apartments

The type of apartment also affects at its price, as there are several types of apartments that divided into

• Apartments within residential complexes, these kinds of apartments within a residential complex enjoy multiple services and social facilities such as swimming pools and playgrounds. The most important feature of it is the security and surveillance with cameras, which means high level of protection for the residents of the complex, services that meet the needs of its residents and work on their luxury.

• Investment apartments within residential and investment complexes, such as those in Basin Express

• Hotel apartments within investment complexes

• Apartments in normal buildings and these are less expensive compared to other types of apartments.

Age of the building

The age of the building one of the factors that affect at the price of the apartment. If the age of the apartment or the building is zero, the price is more expensive than those that are more than 10 years old. In areas such as Fatih the age of the buildings reaches more than forty years, while the age of buildings in an area such as Beylikduzu is not more than twenty years, and here at Ramzy Real Estate Company, our consultants advise that the client should not buy an apartment that is more than 5 years old, whether the apartment is within a complex or an normal building, because the condition of the apartment getting old after five years, especially since the management of residential complexes does not give maintenance to the apartment for more than two years.

Floor height

In Arab countries, the most expensive apartment is the ground floor or first floor apartment, but here in Istanbul, the higher the number of floors, the higher price of the apartment will be.

The direction of the apartment

Western apartments are more expensive than eastern apartments, and this is because of the nature of Istanbul, here winter exceeds 6 months than the rest of the seasons. Therefore, western apartments are more suitable for the entry of sunlight as long as possible inside the house until sunset, which makes the house warm, it also contributes to relying on natural lighting for a longer time, which saves the use of electricity.

If you decide to buy a new apartment in a normal building in an area at the outskirts of Istanbul, such as Esenyurt, the cheapest price for two-bedroom apartment will be 50.000 $, but if you decide to buy a new 1+1 apartment within a residential complex in Esenyurt, the cheapest price will be 120.000 $, In areas such as Basin Express, the apartment 1+1 up to 250.000 $.