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What is the least amount that can be invested in a property in Istanbul in 2024?
Table of Contents
Istanbul, the ancient city of the Bosphorus, is an ideal destination for real estate investment, due to its distinguished strategic location, modern infrastructure, growing economy, rich culture, and hospitable population. Real estate prices in Istanbul are still affordable for many investors, compared to other global cities.
But,
What is the minimum amount to invest in Istanbul in 2024?
In fact, there is no definitive answer to this question, as the minimum investment amount depends on several main factors, the most important of which are:
1- Property type:
The type of property is a major factor that greatly affects its price in Istanbul, whether the property is a residential apartment or a commercial store.
Residential apartments are one of the most in-demand types of real estate in Istanbul, especially with the increase in population and the desire of many to own their own homes. Residential apartment prices are affected by many factors, as we mentioned previously, the most important of which are the area, location, type of building, view, and available services. In general, prices for residential apartments in Istanbul start from 80.000 US dollars for a studio apartment in remote areas, and may reach millions of dollars for luxury apartments in central locations.
As for shops, they are one of the attractive types of real estate for investors seeking to achieve lucrative rental returns. Shop prices are affected by many factors, the most important of which are space, location, type of commercial activity, population density, and available services. In general, shop prices in Istanbul start from 150.000 US dollars for a small shop in a residential area, and may reach hundreds of thousands of dollars for large shops in shopping centers or main streets.
A detailed guide to real estate prices in Turkey in this article Real estate prices in Turkey 2024- 2025
2- Property location:
The location of the property is one of the most important factors that greatly affects its price in Istanbul. Easy access to public transportation, services and amenities are important factors that affect the value of a property. Properties located in locations close to metro and bus stations and main roads are more expensive than properties in remote locations. Also, the population density in the area is one of the factors affecting the value of the property. Properties located in areas with high population density are higher in price than properties in areas with low population density. Istanbul has a wide range of facilities and services such as schools, hospitals, malls, parks and recreational facilities. Properties located near these facilities are more expensive than properties located further away. Some areas in Istanbul have a high historical and cultural value that attracts tourists and enhances their real estate value, such as: Taksim, Besiktas, and Sisli. Properties located in historical areas or close to tourist attractions are higher in price than properties in less famous areas.
In short, real estate prices rise significantly the closer you get to the city center in areas such as Taksim, Besiktas, and Sisli, where apartment prices reach hundreds of thousands of dollars. These areas enjoy a prime location and provide many vital facilities and services, making them ideal for housing and investment. But these areas may not suit investors with a limited budget. On the other hand, real estate prices in suburbs such as Beylikduzu, Basaksehir, and Bahcesehir are lower, making it a suitable destination for investors with a limited budget, where suitable apartments can be found at reasonable prices. It is worth noting that the suburbs of Istanbul have modern infrastructure and provide a quiet and safe environment for living. They are also a suitable option for investors looking for good rental returns.
3- Construction type:
In addition to the property type and location, the building type plays a pivotal role in determining the property price.
Classifications of building types in Istanbul:
- Modern buildings and new real estate:
This category includes buildings with modern designs, advanced infrastructure, and distinguished facilities and services. Examples include: smart residential complexes, modern hotels, and modern commercial centers.
The new properties are distinguished by the high quality of materials used and modern finishes, in addition to providing integrated services such as swimming pools, gyms, gardens, and 24-hour security services, in addition to high efficiency in the use of energy and modern technologies. But their prices may be higher than the prices of old properties, and they also require higher maintenance fees.
- Old buildings:
This category is characterized by its classic style and sometimes central location. Examples include: historical palaces, Ottoman houses, and apartments in old neighborhoods.
These properties have a distinctive historical and cultural value, and the possibility of renovation and rehabilitation to increase their value. Old real estate prices may be cheaper, but they require restoration and renovation work to match modern standards, which may be expensive and burdensome for investors as it consumes a lot of time and effort. Also, these older properties may lack some of the facilities and services available in modern buildings. They also have little benefit from energy efficiency and do not support modern technologies. Some investors prefer to buy old properties in distinctive locations and renovate them to benefit from their high value after renovation.
4- Area, view, and condition of the property:
The apartment's area, view, and property condition are crucial factors that greatly affect the property's price and market value. One of the most important determining factors for the price of a property is the size and area of the unit, with large apartments usually being more expensive than small apartments due to the additional space and comfort they provide. Moreover, the view plays an important role in evaluating the property, as apartments with distinctive views, such as those directly overlooking the sea or green spaces such as forests, are at the top of the prices. For example, apartments with Bosphorus or sea views are more attractive and more expensive than those with city views. Also, the condition of the property plays a crucial role in determining its value, as the condition of the property can increase its attractiveness and thus raise its value. For example, there can be a significant difference in prices between a ready-to-move-in property and an under-construction property, with buyers often moving towards ready-to-move-in properties due to them being ready to move in immediately. In addition, the closeness of the delivery date for new projects plays a role in determining real estate prices, as the approaching delivery date can lead to an increase in prices in the project and even in the surrounding area as a result of excess demand for units.
Frequently asked questions
Modern buildings, new properties and old buildings.
One of the most important determining factors for the price of a property is the size and area of the unit, with large apartments usually being more expensive than small apartments due to the additional space and comfort they provide.
The location of the property is one of the most important factors that greatly affects its price in Istanbul. Easy access to public transportation, services and amenities are important factors that affect the value of a property. Properties located in locations close to metro and bus stations and main roads are more expensive than properties in remote locations.
The taxes associated with purchasing property in Turkey include the title deed fee, which is 4% of the property's value, and service and utility fees such as electricity and water.
Yes, foreigners can obtain bank loans to purchase property in Turkey. Loans are provided based on the terms and guarantees specified by the bank.
Maintenance costs vary depending on the type of property and the residential complex. They typically include cleaning costs, security, gardening, and shared facilities such as swimming pools or sports clubs.