Uniting two continents, Istanbul has always drawn the attention of investors and outside traders but we are talking now of a property boom as investors a racing to capitalize luxury real estates in Istanbul.
This year, real estate prices escalated up to 20% compared to the same period in 2014, and the market shows no sign of slowing, bringing Turkey to the top just behind Hong Kong.
Investors are turning to new developments and luxury properties outside the city center as the return on investment is getting higher with 50% of increased value on off plan constructions in two years after completion while the rents are continuing to climb.
As the European countries are now wading and the Middle Eastern countries remains risky, investors consider Turkey as a safe place, especially istanbul leading the pack as the European financial center.
Holding almost 15 million people, Istanbul is a gigantic city. From luxurious to crumbling neighborhoods it’s sometimes difficult to know where to start, but we can look for the areas that are already attracting investors in order to predict which areas will be our best options for investment.
Beyoglu is the most popular district and the heart of istanbul
Once a neglected working class center, Bomonti in Şişli’s old quarter began to shape up a decade ago with a growing demand for centrally located accommodations. When Hilton arrived building the largest hotel in the area its fate was sealed. During the last 5 years, Bomonti’s property prices have been some of the fastest ascending in the city. Although the prices are high, the proximity of Bomonti with Nişantaşı street, which is the most expensive, indicates that the prices are likely to double in just more 5 years.
Full of cultural and historical attractions, Beyoglu is the most popular district and the heart of istanbul. With many established properties this area generally requires high property premiums, but you may find districts undergoing regeneration such as Gumussuyu and Tarlabasi with lower prices. Property prices are high and demand a large capital but Beyoglu is one of the top areas for big return on investment.
Real estate investing in istanbul
Of course, in a city as big as Istanbul it’s hard to escape a few areas that are not as great, but the government’s planning projects are quickly transforming the unsafe urban areas for the better. New developments offered for the best prices in areas where regeneration has taken place is attracting more and more investors as they are pres enting a great opportunity for real estate investment in Istanbul with promising returns in few years.