Istanbul: the hottest places to buy residential and investment property
“If one had but a single glance to give the world, one should gaze on Istanbul”.
— Alphonse de Lamartine,
Istanbul is one of the largest and
Istanbul is promising in terms of property buying, but not all 39 districts (ilçeleri) are good for investment. "Those who consider investing in Istanbul should choose the district carefully, as the transport accessibility, the quality of infrastructure and the seismic risks can have a significant impact on the potential of their investments", says George Kachmazov, managing partner at Tranio.
According to Alyona Malcheva, property sales consultant at İnanlar İnşaat, the most upscale residential districts of the city are Beşiktaş and Sarıyer. They are located on the European side of Istanbul. "The bustling, busy and touristy neighbourhoods are good for business". These are Ortaköy, Taksim, Sultanahmet, and Laleli, for example", she says.
Tranio presents its ranking of the most promising investment districts in Istanbul:
1. Beşiktaş: palaces and skyscrapers
Beşiktaş is a green, safe and modern district on the shore of the Bosphorus: it is the commercial and cultural centre of the city and home to famous palaces and luxurious hotels.
The transportation system is excellent in the district: buses and dolmuş taxis run to almost every district of Istanbul. The district also has a sea port. The only disadvantage related to the system of transportation in Beşiktaş is the absence of a metro system.
The majority of the most upscale Istanbul neighbourhoods are located in Beşiktaş. They include Bebek, Levent and Etiler. Ortaköy and Ulus are also considered favourable for life and property investment.
Levent is a famous business district with a lot of office buildings, including the highest Turkey´s Istanbul Sapphire skyscraper (54 floors above ground level and several underground floors) and Bankası Tower 1 (52 floors). Foreign companies have been "conquering" Levent in recent years. There is a shortage of office space, therefore, the
There are many antique villas facing the Bosphorus in Beşiktaş. This is one of the most densely
2. Beyoğlu: embassies, immigrants and European architecture
Another upscale district of Istanbul, Beyoğlu is located near Beşiktaş. The Galata Bridge connects it to the old European side of the city. The Tünel metro line runs from the bridge to the Galata Tower.
The most famous landmark in Beyoğlu is the Pera Palace Hotel, constructed in 1892 for the passengers of the Orient Express. In one of its rooms, Agatha Christie wrote her novel "Murder on the Orient Express". Over the years, such celebrities as Greta Garbo, Mata Hari, Sarah Bernhardt and Kemal Atatürk stayed at the hotel.
Beyoğlu is designed and
The top neighbourhoods of Beyoğlu are Gümüşsuyu and Cihangir, a bohemian neighbourhood with narrow streets, cafés and bars, where primarily artists, writers and actors choose to live.
Beyoğlu is one of the most expensive places to buy property in Istanbul. A flat of 75 sq m costs about €170,000. The rental rate runs at about €840 per month, meaning that the owner will get an yield of about 6% per annum.
"Flats of all types rent out well there. You can rent two and
3. Sarıyer: holiday homes for the elite
Sarıyer is a picturesque district near the Bosphorus Strait on the European side of Istanbul. It borders Beşiktaş in the south and the districts of Kâğıthane and Eyüp in the southwest and west respectively.
There are numerous cafés and restaurants in Sarıyer. The local beaches are a popular holiday destination. However, only sunbathing — as opposed to swimming — is advisable, as the water there and in other areas of Istanbul is extremely polluted.
In 2008, Bahçeköy became part of Sarıyer; in 2012, the latter absorbed the commercial district of Şişli and the business district of Maslak. One of the most upscale Sarıyer quarters is Nişantaşı. It is known for having been the famous Turkish writer and Nobel Prize winner Orhan Pamuk's place of residence. The Zekeriyaköy neighbourhood is also considered safe and livable.
Sarıyer is traditionally popular with the
4. Fatih: commercial and cultural centre
Fatih is located near Istanbul Atatürk Airport, Istanbul Sirkeci Terminal and Beyoğlu. The majority of Istanbul´s main historical and cultural landmarks, including the Hagia Sophia Museum, Topkapi Palace, Süleymaniye and Sultanahmet (the Blue) Mosques, the Church of the Holy Saviour in Chora (the Chora Museum) and the Istanbul Archaeology Museums are all located in the district.
Fatih includes the neighbourhoods of Laleli, Sultanahmet and Eminönü. Laleli is the most "Russian" neighbourhood of Istanbul, as it focuses on tourism from the CIS countries. It is also quite an important commercial centre of the city. In Laleli, there are many Russian traders who come to buy goods, and the shops are speckled with Russian lettering. The crime rates in the neighbourhood are higher than in the
"The prices in Fatih start from €135,000, [and] the rental flats yield about 5% per annum", says Maria Zharaya, Tranio director for Turkey.
5. Kadıköy: residential complexes for the middle class
Kadıköy is the most ancient district of Istanbul on the Asian side of the city: the earliest evidence of human settlement there dates back to 680 BCE. This is a large commercial district with a lot of cafés, restaurants, shops, bazaars, parks and playgrounds, but it is also cosy and safe.
Kadıköy is situated near Sabiha Gökçen International Airport. The Haydarpaşa Terminus that connects Istanbul to Anatolia, the Asian part of Turkey, is located in the district. A ferry goes to the European side of the city every 30 minutes.
Kadıköy includes Caddebostan, the business Kozyatağı area, the quiet Moda neighbourhood and Fenerbahçe, home to the local football club stadium.
In Kadıköy, there are mostly residential complexes for
6. Kartal: urban development centre
Kartal is situated on the Asian side of Istanbul, between the districts of Maltepe and Pendik. Despite being far from the centre, the location of Kartal is convenient: Sabiha Gökçen International Airport is just 15 minutes away, and there is a train connection to the other districts. For this reason, Kartal is densely populated, even in spite of the relative remoteness.
"Kartal is a rapidly growing
There are a lot of luxurious villas and prime apartment complexes — largely oriented towards affluent buyers — on the coast already, but the Istanbul authorities have plans for the further development. Kartal is expected to become a new cultural and industrial centre of Anatolia by 2020. The numerous projects for the construction of residential buildings, concert halls, cinemas, museums, office blocks, parks, restaurants and a dock, as well as the Kartall Mesa complex with 304 apartments and the Pega Kartal complex with 200 apartments, have been initiated recently. Apartments cost from €100,000 to 400,000 there.
7. Bakırköy: shops and restaurants
Bakırköy is one of the most ancient residential districts in Istanbul.
Bakırköy is one of the main commercial and residential districts on the European side of Istanbul. There are countless inexpensive clothing shops, cafés and restaurants, some of them facing the Marmara Sea. The residents of the surrounding districts come to shop there, which is why Bakırköy is always bustling, especially on the weekends. The largest shopping mall is Capacity.
In previous centuries, this part of the city was primarily inhabited by Greeks and Armenians, who built spacious houses. In the twentieth century, Bakırköy was reconstructed significantly, and not much was left of its historic part.
The foreign population of Bakırköy is small, but the district offers good employment opportunities to immigrants and has 50 Turkish language schools. The top Bakırköy neighbourhoods are Ataköy and Florya.
"Bakırköy is one of the most upscale Istanbul districts. Florya is where the local elite, celebrities and the upper class of Istanbul reside. The prices range from €2,700 to €13,500 per sq m", asserts Maria Zharaya.
8. Beylikdüzü: housing stock modernisation
Beylikdüzü is a district popular among the middle class. Most locals are industrial or service workers. There is a regular transport connection to the centre, for example, Atatürk Airport is only
The district has
Nearly all the territory of Istanbul is seismically active, and Beylikdüzü is considered to be one of the most
"It’s better to buy
The residential property prices in Beylikdüzü range between €600 and €900 per sq m.
9. Ataşehir: apartment buildings and office space
Ataşehir is a business district near Kadıköy, located on the Asian side of Istanbul. It is designed for car owners, and, as a result, the use of public transport is not very common there. The developers of Ataşehir made provisions for a large parking zone, and there is a plethora of convenient surface and underground parking areas in the district.
Many companies have their offices in Ataşehir: new business buildings are being constructed, and there are many opportunities for recreation and sports. The district also has five schools and two shopping centres. Ataşehir is considered to be
Another feature of Ataşehir is the development of
10. Küçükçekmeсe: prospects for creating an infrastructure
The Küçükçekmeсe district is located near Bakırköy. The main advantage of this part of Istanbul is the opportunities for growth and the abundance of space for development. There are many newly built
Mass housing construction began in the 1980s in this area, and for this reason Küçükçekmece has almost no ancient buildings. Apartment complexes are being actively built in the district now. One of the new projects is Tema İstanbul, with over three thousand residential units, three hotels, a shopping mall, an exhibition centre, a parking area, and a theme park with amusement rides, cinemas and museums. The prices for flats in the complex range from €120,000 to €370,000.
Tranio recommends choosing the Istanbul districts according to the goal of purchase:
- short term rentals: Beyoğlu, Beşiktaş, Fatih
- investing in development: Ataşehir, Beylikdüzü, Kartal, Küçükçekmece
- for families with children: Bakırköy, Kadıköy, Sarıyer.
Yulia Kozhevnikova, Tranio.com