We will take a look at apartment prices in Istanbul and the factors affecting them and we'll explore how to determine the price of an apartment in this unique city and highlight factors such as location, size, design, furnishings and economic factors that play a role in determining a property's value.
What are the factors affecting apartment prices in Istanbul?
- Location is one of the most important factors that affect the price of an apartment and places close to public transportation, schools, hospitals, and commercial facilities are usually more exclusive and therefore higher in price.
- The size of the apartment plays an important role in determining its price, as large apartments are usually more expensive than small apartments.
- The quality of interior design and finishes also affects the price. Apartments with modern design and luxury finishes are usually more expensive.
- New apartments are often more exclusive and therefore more expensive than used properties.
- Local and global economic conditions affect apartment prices and high interest rates and currency fluctuations can negatively affect prices.
- Supply and demand in the real estate market play a big role in determining prices and if there is low supply and high demand for apartments, prices can rise.
- Government regulations related to real estate such as tax laws and real estate legislation can also affect prices.
- Development of new areas and large real estate projects may lead to an increase in apartment prices in those areas.
- Apartments with great sea or city views are usually more exclusive and therefore more expensive.
- The quality of infrastructure in the area affects the attractiveness of the place and the prices of apartments there.
Tips when buying apartments in Istanbul
- Before you start looking for an apartment, define precisely what you are looking for and number of rooms, space, interior and exterior features that are important to you.
- Determine your budget carefully and try to stick to it and do not exceed your ability to pay and note that there are additional costs such as fees and taxes.
- Before making a purchase decision, visit potential apartments in person to assess their condition and suitability to your needs.
- Studying the local market and knowing current prices and trends helps you make better decisions.
- Make sure to carefully examine all papers and documents related to the apartment, including title documents and contracts.
- Feel free to try to negotiate the price if appropriate. Sometimes you can get better offers.
- Make sure that the apartment and building have good infrastructure and provide basic amenities.
- Hire a professional real estate attorney to review documents and ensure that the transaction is in accordance with local laws.
- Check local laws and regulations regarding property purchases and foreigners if you are a non-Turkish citizen.
- Take care to look for safe and reliable areas in the city.
- Get information about the community surrounding the apartment, schools, hospitals, transportation, and other services.
- If you intend to buy the apartment as an investment, evaluate the investment potential and expected return.
- It may be a good idea to consider real estate insurance to protect the property and its contents.
- Consult professional legal and financial advisors if you need to.
- Follow real estate market developments periodically to ensure that your investment is still worthwhile.
Advantages of buying apartments in Istanbul
- Istanbul is considered a strategic city thanks to its location between two continents (Asia and Europe), which provides easy access to multiple markets and makes it an important commercial center.
- In Istanbul, you will find a wide variety of apartments of various sizes and styles, allowing you to choose the apartment that meets your needs.
- If you want to invest in real estate, you can rent the apartment and get good rental returns due to the high demand for rentals in the city.
- Istanbul has a developed infrastructure that includes roads, transportation, and public facilities such as schools, hospitals, and stores.
- The city is full of malls, restaurants, cafes, parks and tourist attractions that provide entertainment and shopping opportunities.
- Istanbul has a moderate climate that allows you to enjoy diverse weather seasons throughout the year.
- Real estate laws in Turkey encourage investment and ownership of real estate properties by foreigners.
- Some government offers and programs offer tax breaks for real estate investors.
- The real estate market in Istanbul has witnessed rapid development in recent years, making it one of the most attractive markets for investors.
- Istanbul brings together different cultures and nationalities, making it a culturally and socially diverse city.
- An opportunity to obtain Turkish citizenship , a Turkish passport , and real estate residency in Turkey by purchasing an apartment in Istanbul
Promising areas to buy apartments in Istanbul
Below we will learn about the most popular areas to buy apartments in Istanbul:
Basaksehir:
- Among the promising areas for searching for apartments for sale in Istanbul, the Basaksehir area stands out, which is one of the upscale neighborhoods on the European side of the city and this area is characterized by the presence of modern and luxurious residential complexes equipped with distinguished service and entertainment facilities.
- Recently, Basaksehir has witnessed the establishment of many modern and luxurious real estate projects that have distinctive modern specifications and investment in this area is encouraged due to its proximity to the new Istanbul Airport and the new water canal.
- In addition, Basaksehir offers a quiet atmosphere isolated from the hustle and bustle of the city, and it has a developed transportation network that connects it to other areas of Istanbul easily.
- It is important to note that real estate prices in this area are constantly increasing, and are expected to rise further with the completion of the construction of the new water canal, making it an attractive and future investment opportunity according to experts’ expectations.
Atakoy:
- It is considered one of the prominent and prestigious residential destinations in the city and this area occupies a privileged location in the Bakırköy region, as it overlooks the wonderful coasts of the Marmara Sea and is characterized by stunning landscapes with wide green spaces, as Atakoy is famous for providing luxurious residential complexes that combine luxury and elegance, making it an ideal choice for those looking for comfort and distinction.
- Real estate experts in Turkey highly recommend buying apartments in this area due to the high density of residential complexes with high-end specifications and their charming sea views, in addition to the availability of attractive offers and reasonable prices.
In conclusion, the apartment market in Istanbul shows sustainable development and continuous growth and the factors affecting apartment prices in this city are multiple and complex, and include economic, social, geographical and political factors, as it is important to understand these factors and their impact on prices before making a purchasing decision.
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