Best place to buy property in Istanbul 2023
Where is the best place to buy property in Istanbul 2023 ? With its cosmopolitan vibe, thriving economy and natural beauty, it’s no wonder Istanbul remains a top global real estate investment hub. But selecting the right neighborhood that matches your lifestyle and budget can be challenging in this sprawling mega-city spanning two continents
As we step into 2023, Istanbul’s established premium districts along with up-and-coming urban hotspots continue to attract property buyers. Here’s an inside look at the ten hottest neighborhoods for your next real estate purchase in Istanbul right now:
Kadıköy – Vibrant Urban Living on the Asian Side
Bustling Kadıköy offers a lively urban setting near the Marmara Sea shores, complete with trendy cafes, restaurants, art galleries and nightlife. It attracts young professionals and families with its cosmopolitan vibe, affordability and easy transit connections to the European side.
Beşiktaş – For an Upscale European Lifestyle
For those seeking an upscale European lifestyle, the stylish waterfront district of Beşiktaş beckons. Luxury apartments and exciting attractions like Dolmabahçe Palace and Yıldız Park make it a coveted though pricey address.
Nişantaşı – Prestigious Residences in Istanbul City Centre
Nişantaşı is Istanbul’s most prestigious downtown residential enclave, home to luxury apartments, designer boutiques and Michelin-starred restaurants. Its elite reputation is reflected in the premium property prices here.
Beyoğlu – Trendy Urban Hub with Arts and Culture
Beyoğlu’s streets are abuzz with restaurants, bars, galleries and music venues. Properties range from modern high-rises to historic buildings, offering the perfect base for indulging in its eclectic arts scene.
Başakşehir – Contemporary Homes with Family Appeal
Located in the European suburbs, Basaksehir offers an affordableescape from the city hustle with many gated communities. Young families appreciate the contemporary homes, parks and accessibility.
Bakırköy – Cosmopolitan Living by the Marmara
Fronting the Marmara Sea, Bakırköy appeals to middle class residents with its new residential towers, waterfront restaurants and proximity to the airport. Properties range from apartments to luxury villas.
The authentic Fatih district provides affordable and historical properties steeped in Ottoman history. Investors can find homes with renovation potential and high rental income near top sights like the Grand Bazaar and Sultanahmet
Zeytinburnu – Accessible Budget Homes
A working class district on the European side, Zeytinburnu offers more affordable apartment living for young couples and students while still being close to main attractions.
Avcılar – Family-Friendly Seaside Suburb
Located on the Marmara coast, Avcılar provides modern middle-class apartments with amenities like schools and malls. It’s popular with families seeking an affordable suburban lifestyle.
Kartal – Rising Star of the Asian Side
The revitalized waterfront district of Kartal is becoming a hub for deluxe high-rises with views of the Bay of Izmit. For now, it offers affordable prices compared to equivalent European side properties.
Best Places to Buy Property in Istanbul in 2023- FAQs
What is the average property price in Istanbul?
Average prices range greatly across Istanbul, from around $60,000 USD for smaller apartments in budget areas to over $1 million USD for luxury units in elite neighborhoods. Mid-range 2-bedroom units average $200,000 – $400,000 USD.
What are the property taxes in Turkey?
Annual property tax is around 0.1% of the assessed property value. There is also a 18% value added tax (VAT) charged on purchases which can be reduced to 1% for foreigners.
What is the transaction process for buying property in Istanbul?
The buying process involves reserving the unit, signing a sales agreement, obtaining a tax number, opening a bank account, transferring funds and finally the title deed transfer.
Does purchasing property in Turkey grant citizenship rights?
Foreigners buying property worth $400,000 or more can gain Turkish citizenship.
Istanbul offers exciting options across budget ranges, lifestyles and neighborhoods. With Istanbul Apartments proper guidance, buying a home here can be a fruitful long-term investment that lets you become a part of this vibrant city. For more information send us a message