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In 2023, the demand for housing in Istanbul continues to grow
New buildings increase in price faster and are easier to rent out - both short and long term. There remains a housing shortage in Istanbul, which is driving up prices per square meter and rental rates.
In new buildings in the central districts of Istanbul, prices for luxury housing reach $14,000 per m². Also in the central areas there is a large selection of new housing with modern renovations ranging from $4,500 to $8,000 per m².
The construction of an alternative to the Bosphorus Strait, the Istanbul Canal, is accelerating. Local authorities expect that the new transport channel will turn Turkey into a logistics superpower. Since authorities approved a zoning plan near the canal, real estate here is rising in price faster than the national average.
The law that the Immigration Department announced on October 16, 2023
I want to officially announce the law that the Immigration Department announced on October 16, 2023
before, foreigners who bought properties with the sole purpose of obtaining residence permit in Istanbul, the law was like this. In big cities like Istanbul, and Izmir, they should buy a property that costs minimum 75k US dollar and in the small cities minimum 50k US dollar.
Until the immigration department announced that the minimum price for obtaining residence permit is 200k US dollars and includes several other rules as well.
LS52: Residential apartments in Kucukcekmece under-construction
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