Istanbul, a city pulsating with life and overflowing with history and culture, has rightfully earned its reputation as one of the most marvelous cities in the world. It seamlessly blends Eastern and Western charms and serves as a gateway between Asia and Europe. Thanks to its strategic location and unique landmarks, Istanbul has become a favorite destination for foreigners looking to own property, whether for residence or investment. If you are considering buying property in Istanbul, this article will provide you with a comprehensive and detailed overview of the most attractive and suitable areas for foreigners to purchase real estate in 2024.

Istanbul real estate market 2024

Turkey in general, and Istanbul in particular, has witnessed remarkable economic growth over the past two decades. This growth coincided with Turkey opening up to foreigners, making it easier for them to own property. Istanbul is the economic and cultural hub of Turkey and offers a wide variety of real estate, ranging from modern apartments in high-rise towers to traditional homes in historic neighborhoods. The legal facilities provided to foreigners regarding property ownership, including obtaining residence and Turkish citizenship, have made Istanbul an attractive destination for foreign investors. The demand for real estate in Istanbul remains strong, especially in modern and developed areas, including both residential and commercial properties. Investors aim to benefit from high rental yields and the increasing value of properties.

The most sought-after property types for ownership by foreigners include luxury residential apartments, which continue to see steady demand from those looking for a high quality of life and breathtaking views of the city or the sea. Additionally, residential complexes offering a mix of comfort, security, and entertainment, with various amenities such as swimming pools, gyms, and gardens, are becoming increasingly popular. Furthermore, offices and business towers in commercial areas like Maslak, Levent, and Şişli are in high demand from both local and international companies.

What makes Istanbul a preferred destination for foreigners for real estate investment?

Unique Geographic Location

Istanbul is strategically positioned, linking the continents of Asia and Europe, which makes it an international commercial and cultural hub. This unique geographic location provides easy access to global markets and top tourist destinations. The geographic advantage enhances Istanbul’s appeal to foreign investors seeking a profitable and sustainable investment in the real estate market. The seamless connection between two continents increases the investment value of properties and offers unique business opportunities.

Development and Advanced Infrastructure

Istanbul has seen massive investments in infrastructure development, including the expansion of metro and tram networks, construction of new airports, and improvements to highways. Strong infrastructure means easy access and mobility within the city, making living there more comfortable. These enhancements increase property values and attract foreign investors.

Strong Economy and Market Growth

Turkey is one of the fastest-growing economies in the world, and Istanbul as the economic capital plays a key role in this growth. Continuous economic growth gives investors confidence in the real estate market. Increasing demand for residential and commercial properties boosts investment returns, making Istanbul an attractive destination for foreigners.

Government Facilitation and Incentives

The Turkish government has enacted regulations to facilitate foreign property ownership, including granting Turkish citizenship to foreigners who invest in real estate with certain amounts. The incentives and facilitations offered to foreigners make the purchasing and investment process smoother, encouraging more investors to enter the real estate market.

Cultural Diversity and Rich History

Istanbul is a city where various civilizations and cultures converge, giving it a unique and diverse character. Its historical and cultural landmarks add a special allure to living in the city. Many foreigners are drawn to invest in Istanbul due to its cultural and historical beauty. Being in a city that blends ancient heritage with modernity provides a unique living experience.

Diverse Real Estate Market

Istanbul’s real estate market offers a wide range of property options, from luxury apartments in modern residential complexes to historic villas and traditional homes. In addition to residential properties, commercial properties such as offices and retail spaces are gaining popularity, making Istanbul a comprehensive destination for real estate investment.

High Investment Returns

The increasing demand for properties due to population growth and urban expansion leads to rising property prices and rental yields. Achieving high investment returns over the long term makes real estate in Istanbul an attractive investment opportunity, especially given the economic and political stability.

High Quality of Life and Comprehensive Amenities

Istanbul offers a variety of public facilities and services, such as international schools, modern hospitals, luxury shopping centers, and entertainment venues. The high quality of life in Istanbul attracts many foreigners to reside and invest in the city, bolstering the real estate market.

Moderate Climate

Istanbul enjoys a mild and pleasant climate year-round, enhancing its attractiveness as a residential and tourist destination. The natural beauty of the city, including beaches, lakes, and parks, provides a comprehensive living environment that attracts foreign investors.

Recommended areas for foreigners to buy property in Istanbul in 2024

Basaksehir District

Located in the European part of Istanbul, Basaksehir is one of the city's newest urban areas. It is renowned for its modern urban planning and superior infrastructure. Apartments for sale in Basaksehir

Statistics:

- Average price per square meter: Approximately 41.848 Turkish Lira.

- Percentage of foreign property owners: Approximately 22%.

- Annual price growth: Ranges between 8% and 10%.

Advantages:

- Luxury residential complexes and various entertainment venues.

- Presence of international schools, universities, and high-quality hospitals.

- An ideal family-friendly environment with safety and stability.

Bakirkoy District

Situated on the European coast of Istanbul, Bakirkoy is one of the most desirable areas for living and investment due to its proximity to the sea and the city center. Apartments for sale in Bakirkoy

Statistics:

- Average price per square meter: Approximately 77.471 Turkish Lira.

- Percentage of Foreign Property Owners: Approximately 20%.

- Annual Price Growth: Ranges between 9% and 11%.

Advantages:

- Stunning sea views.

- Developed infrastructure and well-known shopping centers.

- Excellent transportation links, including the metro and Metrobus.

Kadikoy District

Located on the Asian side of Istanbul, Kadikoy is an important commercial and cultural hub. It combines bustling urban life with a traditional character. Apartments for sale in Kadikoy

Statistics:

- Average price per square meter: Approximately 90.996 Turkish Lira.

- Percentage of Foreign Property Owners: Approximately 24%.

- Annual Price Growth: Ranges between 7% and 9%.

Advantages:

- Charming coastal views and available marine transportation.

- Active nightlife and rich entertainment and cultural facilities.

- A wide variety of restaurants, cafes, and markets.

Sisli District

Sisli is a significant commercial and urban center on the European side of Istanbul and one of the city's most prestigious areas. Apartments for sale in Sisli

Statistics:

- Average price per square meter: Approximately 54.383 Turkish Lira.

- Percentage of Foreign Property Owners: Approximately 18%.

- Annual Price Growth: Ranges between 6% and 8%.

Advantages:

- Strategic location close to Taksim and Nişantaşı areas.

- International shopping centers and the presence of major companies and offices.

- Variety of luxury properties and commercial complexes.

Zeytinburnu District

Zeytinburnu is characterized by numerous real estate development projects and is also located on the European side of Istanbul. It is known for its central location. Apartments for sale in Zeytinburnu

Statistics:

- Average price per square meter: Approximately 44.128 Turkish Lira.

- Percentage of Foreign Property Owners: Approximately 19%.

- Annual Price Growth: Ranges between 7% and 9%.

Advantages:

- Significant infrastructure and residential project development.

- Proximity to the sea and major transportation hubs.

- Diverse social and entertainment facilities.

All statistics mentioned in the article are according to the Endeksa website.