Feb 5, 2023

Istanbul Real Estate: How were House Prices in Istanbul and Major Cities in 2021

Real estate investors are eager to know the prices of apartments in Istanbul and Turkish cities in order to make the appropriate decision about the most suitable city for real estate investment. Those wishing to buy Istanbul real estate or an apartment in Turkey also look for information about average real estate prices in Turkey, the reasons and criteria for high and low Istanbul real estate prices, as well as about the most famous neighbourhoods in which real estate prices have increased in Istanbul and the major Turkish cities.

The prices of apartments in Istanbul increased the most, compared to other Turkish cities, and the prices of apartments in Sariyer increased the most compared to other areas in Istanbul.

Turkish cities that witnessed the largest increase in apartments prices

The prices of the apartments and the high price of real estate in the city in general and the area in particular is one of the main important factors to the real estate investor, because the price of the property is a fundamental factor before determining the place and time of real estate investment in Turkey.

Prestige Real Estate magazine, in its February 2021 issue, published a report prepared by Zingat Real Estate platform about the Turkish cities that are witnessing the largest increase in apartment prices.

According to the report, Istanbul ranked first among the Turkish cities, which are witnessing the highest increase in apartment prices, as the average price per square meter in February reached 5.058 Turkish liras, with an increase of 2.26% compared to January 2021.

The city of Mugla followed, as the average price per square meter in February reached 4,625 Turkish liras, with an increase of 2.78% compared to January 2021. Izmir ranked third, with an average price of 4.225 Turkish liras per square meter in February. The following Turkish cities followed in order: Çanakkale, Antalya, Balıkesir, Edirne, Bartın, Isparta, and Yalova.

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Increasing the investment value of Istanbul real estate

The prices of Istanbul real estate witnessed an increase during February 2021, several factors, including the location of the area, contributed to the increasing demand for apartments within Istanbul.

The increase in the prices of apartments in Istanbul during February varied according to the aforementioned Prestige magazine report, as Sariyer recorded the highest price for apartments among the areas of Istanbul, where the average price per square meter in Sariyer, during February 2021, reached 14,581 Turkish liras, with an increase of 3.2 % compared to the price per square meter in January 2021.

Bakirkoy area came second, as the average price per square meter recorded 11.463 Turkish liras, with an increase of 3.22% compared to January. Then Besiktas area, where the average price per square meter reached 11.412 Turkish liras during the February, with an increase of 3.2% compared to January.

Key factors that determine Istanbul apartment prices

Neighborhood location

The prices of apartments in the center of Istanbul differ from the prices of apartments in its outskirts. In general, apartment prices vary from one neighbourhood to another depending on the neighbourhood’s location and its proximity to the city centre, vital centres and tourist attractions.

Proximity to modern transportation lines

The apartment's location near a metro station, Metrobus station, or tram station contributes to the high price of the apartment compared to apartments farther from the station even within the same neighbourhood or the same area.

In areas such as Esenyurt and Beylikduzu, apartment prices rise near the Haramidere, Beylikduzu and Cumhuriyet metrobus stations. Meanwhile, the prices of apartments in the same neighbourhoos decrease whenever we move away from the metrobus stations.

Proximity to shopping centres

There are dozens of huge malls in Istanbul, such as Mall of Istanbul, Cevahir Mall, Marmara Park, Forum Istanbul and Emaar Mall. These malls are usually surrounded by high-end residential complexes.

The proximity to these large commercial malls contributes to the rise in apartment prices. The description of the real estate project or apartments for sale in Istanbul often includes the closest commercial malls to it, as the proximity of the project to commercial malls is one of the main attractions for real estate investors.

Proximity to infrastructure projects

Istanbul boasts many ready and under construction infrastructure projects. Such as the Bosphorus Bridge, Istanbul Airport, the Istanbul Canal, the Financial Center, highways, parks and touristic and vital facilities, the proximity of the property to these vital projects contributes to a significant increase in real estate prices.

For example, the Basin Express road contributed to the increase in real estate prices in the Basin Express area in Istanbul surrounding the road three times over three years, and the Basaksehir area also witnessed an increase in real estate prices due to several factors, including its proximity to Istanbul Airport, the largest airport in Europe, and the opening of “Başakşehir Çam ve Sakura Şehir Hastanesi,” the largest medical city in Europe, as well as expanding the metro line within Basaksehir.

Calm and picturesque nature

Those looking for tranquillity and picturesque nature tend to buy an apartment or villa in the garden city of Bahcesehir or Beylikduzu, or to live near one of the two famous lakes in both Buyukcekmece or Kucukcekmece, where they enjoy peace and comfort, and enjoy wonderful views of the sea, lake or Green nature.

Cheap apartments in Istanbul

Those looking for cheap apartments in Istanbul are turning to modern real estate development areas such as Esenyurt, Esenler, Gunesli in Bağcılar and Gaziosmanpasa. These areas are characterized by relatively cheap real estate prices within modern residential complexes, which include the various social facilities such as swimming pools, children’s playgrounds and large green spaces.

Real estate appraisal document

The real estate appraisal document must be attached to the contract for selling the property to foreigners in Turkey. This document shows the real price of the property, to avoid any fraudulent attempt. There are many real estate appraisal companies in Turkey, which are approved by the Turkish government, where the evaluation report is prepared by certified Turkish real estate experts.

To learn more about buying Istanbul real estate, do not hesitate to contact us via WhatsApp, here. Our company's real estate consultant will respond to you immediately.

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