Istanbul a famous city is known for its historical, cultural, and geographical importance and for being the economic and financial capital of Turkey and its profitable and high-value real estate market that draws immense attention from investors and business executives from all over the world.
Infrastructure development projects, urban renewal, modern transportation networks, the comprehensive reform of regulatory laws, and the provision of government facilities to both real estate developers and investors, were reflected in the growth and prosperity of real estate in Turkey in terms of quantity, quality, and price.
So, what causes the variation in property prices in Istanbul?
First is the location of the property in Istanbul, the proximity to the city centers directly affects the value of the property in determining the prices per square meter. Apartments or villas located in the heart of the city or in neighborhoods close to the city center are priced and rated higher than those situated in the suburbs.
Also, the proximity of the property to coastal areas, historical sites, educational centers, and transportation systems also contribute to the price variations.
Second, and after the location, the area of the property or the project determines the property price in Istanbul.
Construction status and age of the property
Construction status and age of the property are key factors in determining property prices as If the property is newly planned and under construction, the rates are usually expected to be on the lower side, leaving a significant margin for a better return on investment. Compared to the ready-to-move projects and properties for sale in Istanbul, off-plan properties offer a relatively higher probability of future price improvements.
The Materials Quality
The quality of materials used in the construction along with the finishing of interiors, and exteriors largely affects the prices. Flats with luxurious and high-quality fittings cost more than those with average finishing.
The views from houses and flats in Istanbul are among the most influencing factors that shape the variation in the property’s pricing in the same neighborhood. For instance, sea-view and villas in Istanbul cost 40% more than those located in residential areas with no unique sights.
According to the Turkish Statistical Institute (TurkStat), Turkey’s most populous city Istanbul has continued to be the top preference for buying properties in the country for local and foreign investors. On the other hand, when it comes to foreign investors, Iraqis, Iranians, Russians, Saudi Arabians, and Germans take the prime spot in purchasing residential units in Istanbul.