Where to Buy Property in Istanbul
Where to Buy Property in Istanbul: Taksim is similar to Islington 20 years ago in that an artistic community has moved in to live in listed buildings that have been renovated into luxury apartments. If you want to invest in lettings, you can get a one-bedroom apartment for around £180,000, which could rent for £1,500 per month. A two-bedroom apartment that has been renovated or is brand new costs between £250,000 and £300,000. Alternatively, you could spend around £400,000 on a two-bedroom duplex fully furnished suite in a five-star hotel.
Nisantasi, Galata, Taksim, and Beyoglu are prime central areas. Nisantasi, in the Sisli district, is the most expensive – an exclusive residential area with high-end shops reminiscent of Knightsbridge – with an entry-level two-bedroom apartment costing more than £300,000. Galata is a fashionable district, whereas Beyoglu is the main shopping/entertainment district, particularly the Taksim sub-area, which is popular with tourists and is undergoing significant regeneration.
Where to Buy Property in Istanbul: Commuter Towns
Since there is an avalanche of off-plan projects on the outskirts of the city, it is critical that you seek legal counsel and research the developer’s background. Bahcesehir – the “Garden City of Istanbul” – is one of the most established and accessible new communities, with one-bedroom units starting at around £52,000 and two-bedroom units costing upwards of £70,000. Many of these properties are in “affordable housing” blocks with shops, cinemas, pools, playgrounds, schools, supermarkets, and a hospital nearby – all of which are 40 minutes by Metrobus from Taksim.
Esenyurt, Sefakoy, Gunesli, and Beylikduzu are other new communities where investors are buying. Although most international investors prefer the European side, demand and general investment are shifting to the Asian side. There are plans for the world’s fourth longest bridge, which will connect Istanbul and Yalova, as well as a new financial center (the main CBD is on the Eastern side).
Where to Buy Property in Istanbul: Bosphorus waterfront
A yali, one of the waterfront holiday homes “small palaces” built on the banks of the Bosphorus since the 19th century, is hard to beat for traditional grandeur in historical Istanbul.
There are over 600 of these along both the European and Asian sides of the great strait, ranging in price from £1.5 million for an apartment to £100 million for a lavish waterfront Ottoman era mansion. On the European side, Bebek is a lovely little cosmopolitan enclave with swanky yachts moored on its waterfront, but it’s difficult to find properties for sale there.
Buyer Need to Know
Because this is a thriving, emerging market, you should seek independent legal counsel. Be wary of “guaranteed rentals” – how likely are promised yields of 10% per year? Request proof. Consider the supply and demand in some of these rapidly growing suburbs.