Real estate in Istanbul: advantages and opportunities for investors
Istanbul has always maintained its popularity, and every year the number of tourists visiting the ancient city increases by about 11%. Before the pandemic, more than 10 million tourists visited Istanbul in 2019 alone. This was the highest figure in the last five years. It is expected that the tourist flow will recover after the lifting of restrictive bans.
Istanbul is known all over the world for its attractions inherited from the Byzantine and Ottoman Empires. At the same time, most of the guests visit Istanbul to resolve business issues. Since rental housing is in high demand and brings a stable income, the real estate market in Istanbul attracts investors.
Over the past 10 years, the city has been developing dynamically, and the construction of residential and commercial real estate is carried out not only in new neighborhoods, but also in the historical center.
In the first quarter of 2020, about 64,000 residential and commercial properties were sold in Istanbul. According to experts, the cost of housing in Istanbul will increase in the near future due to the high demand from foreign buyers interested in investing in real estate. You can find the latest offers available on the market here.
Obtaining citizenship for investing in real estate in Istanbul
Investors who buy property in Turkey worth more than $ 250,000 are eligible for citizenship.
The paperwork process takes about 2 months. The main advantages of Turkish citizenship:
- Family members also have the right to citizenship.
- Visa-free entry to 110 countries, including Japan, Singapore and South Korea.
- Simplified immigration to the UK on a Turkish visa for entrepreneurs, the opportunity to open a business in the country, get a residence permit, and then get citizenship.
- The possibility of an easier move to the United States with a long-term resident investor visa. The visa is valid for 2 years with an extension every 5 years.
- Income from other countries is not reported in Turkey.
Such opportunities make the Turkish real estate market particularly attractive for foreign investors.
Istanbul: real estate selection and districts
Before you buy an apartment in Istanbul, you need to get acquainted with the features of the city, its regions and the real estate offered there.
The central district, where shopping centers, offices of various companies and large entertainment centers are located. In Shishli there are many restaurants, luxury boutiques of famous brands, cafes and all kinds of places to relax. Modern residential complexes here are distinguished by comfort and well-thought-out infrastructure.
The region is mainly known as a business center. Along with this, premium and business class residential complexes are being built in this area. The projects here have a high investment potential in terms of affordable accommodation and prospects for increasing the cost of housing, and will be a good option for buying real estate in the center of Istanbul.
This fast-growing area with forests and a 12 km coastline is located on the Asian side of Istanbul.
Located in the European part of Istanbul, on the western side, it is a very developed area, which in recent years has been preferred by foreigners both for living and for investment.
One of the advantages of Beylikduzu is its location high in the forest area, which makes it a very good option for those who want fresh air. There are beaches, a port and luxury complexes for living here. The complexes include swimming pools, gyms and spa centers. Marmara Park Shopping Center and the E-5 motorway are located nearby.
One of the oldest and most beautiful areas of Istanbul, which was once a castle facing Halic. There are numerous mosques, attractions such as the famous Maiden Tower and the Beylerbey Palace. Despite the fact that this is a historical region, many modern residential complexes have been built here. From here, you can reach the European part of the city in 4 minutes via a tunnel laid through the bottom of the Sea of Marmara. Along the coast, there are famous Istanbul villas, luxury entertainment centers and restaurants.
This is one of the oldest places in Istanbul. It is an industrially developed, commercial and densely populated region.
Dolmabahce, Yildiz Palace, Chiragan Palace, Ikhlamur Palace and prestigious hotels are located here.
This is the most expensive area of Istanbul in terms of historical and luxury villas, located on the Bosphorus Strait.
The fact that some of them are located on the strait line is a valuable region in terms of the abundance of historical mosques, churches, tombs and villas. There are also state-protected nature parks.
However, here you can also find Art Nouveau properties, with an abundance of green areas and views of the strait. This is a region where foreign companies are located, consular employees and high-income individuals live.
The area located in the heart of Istanbul and in which the Old City is located. Embassies and consulates of many countries, prestigious hotels, entertainment venues, historical and religious centers are located here. At the same time, this part of Istanbul is the most Europeanized, and new buildings are one of the most attractive objects for investment. The complexes are usually built near Taksim Square and are located near the metro, tram stops and ferry crossing.
What should you pay attention to before buying an apartment in Istanbul?
When choosing a house in Istanbul, you should decide in advance for what purposes it will be purchased. If housing is purchased for living, then in accordance with the wishes, you should explore the regions and make a choice, considering numerous options.
If the property is purchased for rent or for the purpose of obtaining citizenship, it is important to make a choice in terms of future prospects.
In addition, you should also think about who to rent an apartment to in the future: long-term rent for families or short-term for tourists and businessmen. Real estate experts will provide all the necessary information and provide legal support during the selection process.