Istanbul Properties in European Side
Istanbul Properties in European Side
Nowadays Real Estate market in Istanbul is growing each day both in quality and prices. However the prices on properties in Istanbul are still lower than in Europe.
Istanbul is among the five fastest growing markets in the world. Only in 2013, property prices in Istanbul rose 20%. The total number of properties sold to foreigners in 2013, amounted to 12.000.
The real estate market in Istanbul leads in the number of purchases and the number of mortgage deals. The volume of mortgage lending in Istanbul from January to September 2013 rose to 36.4 billion lira (about $ 18 billion).
According to Global Property Guide, the city occupies 30th place in the ranking of the most expensive cities to buy real estate. According to the company Colliers International Turkey, between 2004 and the end of 2011, the average price of apartments class “lux” in Istanbul has almost doubled – from $ 2000 to $ 4500 for 1 square. m. However, there are still relatively inexpensive real estate.
Over the past three years, the value of property in Istanbul is growing steadily, it is expected that the increase will continue. According to the analytical data of the Association of Real Estate Investment (Gyoder), since January 2010 a property in Istanbul has risen by 41%.
Let’s have a look on the most popular regions of Istanbul for purchasing a property:
Properties in Besiktas
Besiktas is a major commercial center of Istanbul, located on the shore of the Bosphorus. This is one of the oldest and most well-developed areas of Istanbul with lots of shopping and business tsentor, boutiques, luxury hotels and prestigious schools. Prices for 1 square. m. of housing starts from 900 euros in new buildings – from 2000 euro, especially in the most expensive neighborhoods that make up the district Besiktas – Bebek, Levent and Etiler.
Properties in Sisli
Sisli – a major business and shopping district, mainly for the middle class, a relatively new area (construction began in the 19th century), located near the Bosphorus, without access to the shoreline. After the founding of the Republic, the area started to develop, where there was a tram line, began active construction of apartment blocks. Now in Sisli are many shopping centers, cafes, restaurants, cinemas. Here you can find as a fairly low-budget and prestigious neighborhoods with infrastructure and quality houses (eg Nisantasi). Prices start from Sisli 550 euro per 1 sq.m. in ordinary homes and from 1000 euros in new residences.
Property in Beyoglu
Beyoglu district is located in the European part of Istanbul, surrounded by the waters of the Bosphorus and Golden Horn Bay. Before the start of the First World War was the center of Beyoglu residences of the political elite of the Ottoman Empire. After the settlement of migrants from Anatolia region, the architecture of Beyoglu became more eclectic, and the area in general – overpopulation. Now most of the area is built up of old buildings. Recently, however, Beyoglu was sufficiently important business center with a very international community. Prices for apartments in older homes here start at 550 Euro per 1 sq in new homes – from 1000 Euro per 1 sq m, and in the luxurious residence – from 2300 per 1 sq.m.
Real Estate in Fatih
On the opposite side of the Golden Horn on the shores of the Bosphorus and the Sea of Marmara is a historic district of Fatih – the territory enclosed within the former city walls of Constantinople. Here are all the main cultural and historical attractions of Istanbul – Hagia Sophia, Sultanahmet Mosque and others. In older homes property prices start from 400 euro per 1 sq. m.
Properties in Sultanahmet
Inside the Fatih district of Istanbul’s historic center – Sultanahmet, part of which in 1985 entered into the UNESCO World Heritage List. Suhtanahmet – is, above all, cultural and tourist center that is filled with various attractions, hotels, shopping arcade and markets. There are very few apartments for sale, so the prices start from 1700 euros per sq.m. in older homes.
Properties in Zeytinburnu
Next on the Bosphorus is located Zeytinburnu the industrial area. Here you can find property in apartment blocks, most of which are inhabited by migrants. Prices for apartments in ordinary homes start at 450 Euros per 1 sq.m. There are, however, proposals in new building from 1000 euros.
Properties in Bahçelievler
After Zeytinburnu is Bahçelievler region. Name of area translated from Turkish as “houses with gardens” – thanks to the original layout Bahçelievler was built up mainly private houses with small plots. Since the second half of the 20th century, however, due to population growth, it became necessary to rebuild most of the homes in the multi-storey blocks of six storeys or condominiums. Housing prices per 1 sq.m. average from 450 euro to ordinary households and 1200 euros in new residences. Here you can find a wide range of offers – from old houses in traditional neighborhoods to large new residential complexes.
Properties in Beylikdüzü
Beylikdüzü – one of the most affordable areas of Istanbul. Basically here are offered for sale new complexes with developed infrastructure. Average house prices start from 450 euro per sq.m. In this region has a high potential growth of housing costs (especially when buying under construction), as well as a good potential for rental, as nearby there are several universities and the largest exhibition center.