Where are the prices of apartments in Istanbul heading?

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2024-03-12

The city of Istanbul in Turkey is considered one of the most crowded and diverse cities in the Middle East, and it is also an ideal destination for housing and real estate investment and Istanbul is characterized by its ancient history and rich cultural heritage, and combines modern and traditional aspects at the same time, making it one of the most prominent real estate destinations in the world.

In this article, we will explore the world of apartment prices in Istanbul, and discuss the factors affecting the determination of those prices, in addition to the most famous residential areas that enjoy the availability of apartments.

Factors affecting the prices of apartments in Istanbul:

Location is one of the main factors in determining apartment prices and exclusive areas overlooking water and close to transportation and basic facilities are often more distinctive and expensive, as for example, apartments in coastal areas such as Beylikduzu are usually more expensive than those in other areas.
The size and design of the apartment affects the price, as larger apartments designed in a luxurious and modern style are usually more expensive than apartments that are smaller in size or have a more traditional design.
The availability of equipment and common facilities in residential complexes affects the price, and the presence of facilities such as swimming pools, health clubs, gardens, and children's play areas increases the value of the property.
The balance between supply and demand in the real estate market affects the prices of apartments and if there is strong demand and limited supply for apartments in a particular area, prices are likely to increase.

Types of apartments in Istanbul:

Studio apartments: They are suitable for individuals or couples looking for a small and affordable living space.
Two-bedroom apartments: Two-bedroom apartments provide additional living and sleeping space, and are suitable for small families or individuals who need an additional room for guests or a home office.
Three-bedroom apartments: provide more space and are suitable for large families or individuals who need additional rooms for children or guests.
Penthouse: Refers to the residential apartments located on the upper floor of the building, which are characterized by a special design and the presence of a private terrace or garden.
Furnished apartments: They are a popular choice for renters who are looking for temporary housing or who do not want to purchase the necessary furniture and equipment.
Apartments in residential complexes: There are many residential complexes in Istanbul that include common facilities such as gardens, swimming pools, gyms, playgrounds, and entertainment venues.

The future of apartment prices in Istanbul:

It is not possible to accurately predict the future of apartment prices in Istanbul, as prices are affected by many variables and various factors, however, some economic, political, demographic and cultural factors can be used to determine the general trends of real estate prices in the city.

Foreign investment and the increasing demand for real estate in Istanbul are among the factors affecting the rise in real estate prices and the demand for real estate is affected by political and social events in the country and the region, the location, quality and surrounding facilities of the property also affect its value.

The availability of supply and demand is one of the main factors that determine the value of real estate and when supply exceeds demand, prices usually go down while when demand exceeds supply, prices usually go up.

Advantages of investing in apartments in Istanbul:

Istanbul is one of the largest and most active real estate markets in Turkey and there is a strong demand for apartments from both local residents and foreign investors.
The country has witnessed a steady growth in the real estate sector over the recent decades and the demand for residential apartments is increasing in the city, which leads to an increase in real estate values.
Enjoying a privileged geographical location that combines European and Asian continents, there is a well-developed network of means of transportation, which facilitates access to the city and makes it an attractive destination for investors and residents.
Istanbul's economy is diversified and dynamic, with many active economic sectors such as tourism, trade, technology, and manufacturing.
This creates many opportunities for investment and supports the sustainability of the real estate sector.

Residential apartments in Istanbul are affected by tourism:

Here are some of the ways in which the real estate market is affected by tourism:

Residential apartments in Istanbul, close to the tourist attractions and the city center in particular, are increasing in great demand by tourists who want temporary or long-term residence in the city and this higher demand leads to an increase in the value of the apartments and higher prices.

Renting apartments to tourists is a profitable opportunity for real estate owners and residential apartments in tourist sites can be in high demand in the form of hotel apartments or apartments for short-term rent, which contributes to achieving a good financial return.

Political stability and security play the main role in stimulating tourism and attracting tourists to Istanbul and when there is political and security stability in the city, interest in investing in apartments increases to take advantage of the potential returns.

Common questions:

Is it possible to get good investment returns from an apartment in Istanbul?

Yes, good investment returns can be achieved from an apartment in Istanbul due to the high demand for rents in the city.

Is there a rise in apartment prices in Istanbul in the long term?

Yes, the prices of apartments in Istanbul usually increase in the long term due to the growth of the economy and the constant demand for real estate in the city.