What is the Istanbul House Prices in 2024?

Istanbul, a city that bridges continents, never fails to capture hearts. Its rich history, vibrant culture, and stunning scenery make it a dream location for many. But for those considering making Istanbul house, a crucial question arises: how much does it cost to buy a house there in 2024?

This guide simplifies the Istanbul housing market, exploring average costs, key trends, and popular neighbourhoods. Whether you’re a seasoned investor or a first-time buyer, this information will equip you to navigate the Istanbul property scene with confidence.

Understanding Istanbul House Costs: It Depends on Where You Look

Pinpointing a single average price for Istanbul houses is tricky. Here’s why:

• • Location, Location, Location: Istanbul boasts diverse neighbourhoods, each with its unique charm and price tag. Upscale districts like Beşiktaş and Nişantaşı cost a pretty penny, reaching over £2,500 per square metre. On the other hand, suburban areas like Esenyurt and Beylikdüzü are more wallet-friendly, starting around £1,500 per square metre.
  • Apartments vs Villas: Generally, apartments are cheaper than villas in Istanbul. A one-bedroom flat (around 60 square metres) could cost roughly £130,000, while a two-bedroom option might reach £185,000. Villas, especially those with gardens or sea views, can be much more expensive.
  • Size and Fancy Extras: Naturally, larger houses and those boasting fancy features like swimming pools or concierge services will cost more.

Istanbul House Market Watch: What’s Happening Now?

The Istanbul housing market in 2024 shows some interesting trends:

• • Rising Prices: Following a recent trend, house prices in Istanbul are expected to keep climbing in 2024. Turkey’s high inflation rate is a big factor behind this.
  • Apartment Boom: A growing city population and a preference for convenient city living are driving up the demand for apartments, especially in central areas.
  • Investment Zones on the Rise: Areas like Kağıthane, Fikirtepe, and Esenyurt are attracting investors seeking promising opportunities due to ongoing development projects and improved infrastructure.

Neighbourhood Gems: Finding Your Perfect Spot in Istanbul

Istanbul’s vibrant tapestry is woven with distinct neighbourhoods, each catering to different lifestyles and budgets. Here’s a peek at some popular areas:

• • For Luxury Living: Beşiktaş and Nişantaşı offer swanky waterfront apartments and high-end amenities, but come with a hefty price tag.
  • For Trendsetters: Karaköy, the city’s artistic hub, boasts charming historical buildings and a buzzing cultural scene. Expect a mix of modern apartments and restored historical properties.
  • For Budget-Conscious Buyers: Areas like Esenyurt and Beylikdüzü offer more affordable housing options, often in modern apartment complexes with good public transport links.
  • For Families: Kadıköy on the Asian side offers a relaxed atmosphere, excellent schools, and a mix of apartments and family-friendly neighbourhoods.

Beyond the Price Tag: Important Considerations

While cost is crucial, other factors are important for a successful house purchase in Istanbul:

• • Legal and Tax Implications: Get professional advice on the legalities of foreign property ownership and associated taxes.
  • The Buying Process: Familiarise yourself with the standard buying process in Turkey, including finding a reputable realtor and navigating closing procedures.
  • Cost of Living: Factor in ongoing expenses like property taxes, maintenance fees, and utilities when determining your budget.

Ready to Explore Istanbul House Market?

The Istanbul Apartments For Sale Sales team is here to help. We have a wide range of properties available to suit all budgets and lifestyles. Our experienced and knowledgeable team can guide you through the buying process and ensure a smooth and successful transaction. Contact us today to discuss your dream Istanbul home.