Buying property in Istanbul

Why is buying property in Istanbul better than other cities in Türkiye?

Istanbul is known as the cultural capital and ancient city of Europe, and in addition to its developed economy and lively and entertaining social life, it has made significant progress in cultural and artistic activities, the spirit of a modern and global city, the art of urban planning, and environmental quality.

Istanbul is at the heart of Turkey’s socio-economic transformation, aiming to transition from a traditional economy to an innovative and technology-driven one. Ultimately, the power of cities to become centers where the regional and global economy is managed stems from the weight they have in their national economies.

1. Istanbul’s colorful role in the Turkish economy

This city, with its sustainable growth, not only maintains the dynamism of the Turkish economy, but also plays an effective role in the country’s integration with the world. In this regard, it can be said that Istanbul determines the growth power of Turkey in international competition. The volume of foreign trade in this city, where more than 38 thousand foreign-invested companies operate, has reached about 247 billion dollars. From this point of view, it can be seen that more than half of all Turkish exports are carried out from Istanbul.

Istanbul ranks first in Turkey in terms of socio-economic development criteria, hosting 18.7 percent of Turkey’s population and 20 percent of the country’s total employment. In addition to contributing the largest share to the country’s economy in terms of economic growth and employment, this metropolis also has a rich and dynamic structure in terms of human capital.

With 60 universities, 15 technoparks, approximately 93 thousand R&D employees, 39 thousand faculty members and 1.3 million students, Istanbul has a serious potential in terms of qualified and competitive workforce. Considering that the average age of the population of nearly 16 million is 33.4 years and more than 70% of the population is still in the working age, Istanbul has the youngest, most creative and dynamic labor market not only in Turkey but also in the whole world.

2. Experience a profitable investment

In the 11th Industrial and Technology Development and Strategy Plan 2023, the digital transformation of the manufacturing industry, along with training a qualified workforce to keep pace with technological developments, artificial intelligence, and robotics, have been identified as critical technologies.

In this plan, with the laws and support of the Turkish government, Istanbul will first become a regional and then a global entrepreneurship center that attracts foreign capital. In order to strengthen foreign investments, a regional development strategy has been proposed and the importance of implementing priority projects such as the 3-story and large Istanbul tunnel, the second phase of Istanbul Airport and Canal Istanbul, and other strategic projects such as the construction of residential, office and service buildings has been emphasized.

Due to the high added value and quick return of real estate investment in this city, investors from all over the world come to Istanbul to buy property in Istanbul.

Life in Istanbul and its attractions

Istanbul has a long history and is considered the cultural and economic capital of Turkey. The presence of many and diverse tourist attractions has led to the boom in tourism in this city. The price of housing in Istanbul is the same as other major cities such as Ankara, Antalya, Izmir, and Bodrum. However, it is slightly more expensive than other cities in Turkey.

Living in this city has many attractions that we want you to know about:

Turkish culture and civilization are similar to Iran.

The culture of the Turkish people is a combination of Asian and European cultures and is somewhat similar to the culture of the Iranian people. The Turkish people are kind, hospitable, friendly and happy. Unlike living in European countries, you will not feel alienated in Türkiye.

In the West, unlike the East, children rule the family, and for an Iranian family that intends to immigrate abroad and has raised its child with authentic Eastern culture, accepting and harmonizing with Western culture can be very difficult. However, Turkey and the city of Istanbul, with its middle culture, can be a better choice to start immigrating.

The weather conditions are very good.

Istanbul is one of the coastal cities of Turkey, surrounded by the Black Sea to the north and the Sea of ​​Marmara to the south, and has 4 seasons. Istanbul has famous winds that make the sky look like a postcard and the air is healthy. The temperature in the coldest month of the year is 6 degrees Celsius and in the hottest month of the year it is about 34 degrees Celsius.

It has various historical, tourist and recreational places.

The city has a variety of historical monuments and ancient sites; Hagia Sophia, Princes’ Islands, Dolmabahçe Palace, Sultan Ahmed Mosque, the historic Basilica Cistern, Rumelihisar, one of the famous fortresses of the Bosphorus Strait from the Ottoman era, Galata Tower, Kızkule C Tower, Topkapi Palace and dozens of other historical monuments. Istanbul is also one of the best cities in Turkey in terms of recreational facilities, welfare, public transportation, medical services, and educational and university centers.

There are shopping centers and representative offices of world-renowned brands in Istanbul.

A variety of large shopping malls are available to you, the most famous of which include Istinye Shopping Complex with world-renowned brands, Olivium, Viaport Outlet, Outlet 212, Ak Markaz Shopping Mall, Venezia Outlet, Mall of Istanbul, and Optimum Shopping Mall.

Representative offices and stores of prominent brands such as Gucci, Giorgio Armani, Versace, Lacoste, Brilliance, Bass, Dolce Gabbana are located in the Nişantaşı neighborhood and the Istinye Shopping Center and Viaport Outlet, and other brands such as Polo, H&M, LC Wakiki, Nike, Puma, Zara, and Adidas are available in all shopping centers.

In the food industry, world-renowned brands such as Starbucks, Gloria Jean’s, Burger King, KFC, Big Mamas, Big Chef, and Nestle have branches throughout the city and also inside shopping malls.

World-famous oil companies such as Total, Shell and BP are in Turkey and have gas station branches all over Istanbul. In the automotive industry, representatives of world-famous brands, Mercedes-Benz, BMW, Volkswagen, etc., are available all over the city. Other brands in other industries, including Siemens, Beko, English Home, etc., are all available to you in Istanbul.

You will have the opportunity to work in the best companies in Türkiye.

Most of the international companies and representatives of the world’s top brands, as well as large and reputable Turkish companies, are in Istanbul, and you will find employment opportunities in them by living in this city. Of course, your high skills and expertise and your ability to speak Turkish or English are also very important, but in general, it is easier to find a job in Istanbul.

Buying property in Istanbul is a great investment.

Istanbul has a high potential for urban development and income generation, creativity and multiculturalism. The city offers socio-cultural services of the highest international quality in the triangle of tourism, culture and work. Smart investors from all over the world did not miss this opportunity and, at the same time as the rapid pace of urban development in the Middle East region and its globalization, came to Istanbul to contribute to the entrepreneurship development program and innovative and technological transformation in the current industrial structure of Turkey.

The presence of the world’s giant capitalists in Istanbul increases the value of real estate day by day. As you know, the return on investment (ROI) of housing in the world is between 18 and 22 years, while according to Endeksa analysis, the return on investment of real estate in Turkey occurs within 14 years, which indicates the early return on investment and purchase of property in Turkey, and especially in Istanbul, compared to other cities in the world.

With the globalization of Istanbul, you will be profitable and productive no matter how much you invest in this environment and participate in this globalization.

Obtaining Turkish citizenship by buying property in Istanbul

As we said, Istanbul is located in the strategic triangle of tourism, culture and business and is developing and growing in technology and innovation, thus becoming a global city. During these changes, Istanbul has received support from the government to attract foreign capital, and real estate investment in Istanbul has been highly profitable.

According to the law, from 2022, a foreign buyer, without any restrictions in choosing the region, will receive Turkish citizenship and nationality by purchasing all types of real estate, including residential, office and commercial (other than land), with a total value of at least 400 thousand US dollars, in addition to having a profitable investment. With a Turkish passport as a Turkish citizen, you do not need a Çalışma Ezin (work permit), and if you intend to start a business in Istanbul, you can easily obtain permits from the relevant departments and benefit from other government support for Turkish citizens.

In the process of purchasing property to obtain Turkish citizenship and passport, it is not necessary to live in Turkey. You can be outside Turkey and buy from Istanbul’s under-construction projects that have added value and higher investment returns for you, or invest in ready-to-move-in properties where you can benefit from Istanbul’s high rental income.

Properties purchased for the purpose of obtaining Turkish citizenship and passport are not allowed to be sold for 3 years. After the 3-year period ends and you sell your properties, you are still considered a Turkish citizen even if you do not own any property. If for some reason you are forced to sell your property before the 3-year period ends, you must first cancel your passport and then proceed to sell your property.

Obtaining Turkish residency by buying property in Istanbul

First of all, you should know that Turkish residency is different from citizenship and obtaining a Turkish passport. Individuals who intend to live in Turkey can obtain a one-year residency permit for themselves, their spouse, and their children under the age of 18 by purchasing a residential and habitable property worth at least $200,000.

As long as you own the property, your residential residence permit (Tashinmaz) can be extended in future years, and if you intend to sell the property through which you received the residence permit, your residential residence permit will not be revoked after the sale of the property, provided that you introduce your new property to the Immigration Department.

The Real Estate Residency (Taşinmaz) laws are based on the date your deed was registered with the Notary Office and the Turkish residency laws are not retroactive. For example, if you purchased a property in 2022 and received real estate residency and then the residency law changed in 2023, you will not be eligible to extend your residency.

By extending your 5-year residency permit (Tashinmaz), you can apply for a Turkish passport if you meet the necessary requirements.

Important points in obtaining Turkish citizenship

In many cases, it has been seen that buyers have confused the requirements for Turkish property residency with some citizenship requirements and have attempted to purchase property through which they cannot obtain residency!

The property purchased to obtain Turkish residency must have all the points mentioned below:

– The property deed is not joint and is in the name of only one person (the head of the family). In this case, the spouse and children under the age of 18 receive their residency under the head.

– You can apply for Turkish residency only by purchasing a property worth at least $200,000, and this is not possible by consolidating properties. However, when it comes to obtaining citizenship and a passport, it is possible to use consolidating properties.

– The property purchased for Turkish residency must be residential. However, in the context of Turkish citizenship and passport, properties can be residential, commercial, or administrative.

– The property in question must be habitable and you and your family can live in it. You cannot rent out the property with which you have obtained Turkish residency. If you have another property, you can rent out the property through which you have not obtained Turkish residency. However, there is no need for you to be present in Turkey when it comes to citizenship and obtaining a Turkish passport, and you can purchase and rent out both types of ready-made and under-construction properties.

– The amount written on the property deed must be at least $200,000, please note this. Because according to Turkish custom, the transaction amount is not written on the property deed and is declared much lower to the Deeds Office in order to reduce the cost of the deed (which is 4% of the sale amount declared to the Deeds Office) and the seller must agree to have the transaction price written on your deed.

– The property in question must not be located in areas prohibited for residence. Prohibited areas are areas where the number of foreigners exceeds 25% of the total population of the area. However, there are no regional restrictions when it comes to citizenship and obtaining a passport.

List of prohibited areas in Istanbul for obtaining real estate (Taşinmaz) 2024

1- In the Avcilar region, the neighborhoods are:
✖deniz köşkler
✖gümüşpala
✖merkez

2. In the Bahçelievler district of Bahçeli, the neighborhoods are:
✖şirinevler

3. In the Başakşehir region, the neighborhoods are:
✖ikitelli osb
✖zia gökalp

4. In the Beşiktaş area, the neighborhoods are:
✖yildiz

5. In the Beylikdüzü region, the neighborhoods are:
✖beylikduzu osb

6. In the Beyoğlu district, the neighborhoods are:
✖kocatepe
✖şehit muhtar
✖bülbül
✖çukur
✖kamer hatun
✖kalyoncu kulluğu
✖yeni şehir
✖katipmustafa çelebi
✖bostan
✖asmalı mescit

7. In the Esenyurt area, the following neighborhoods:
✖koza
✖yeşilkent
✖zafer
✖piri reis
✖gökevler
✖akevler
✖sultaniye
✖bağlarçeşme

8. In the Fatih district, the neighborhoods are:
✖mimar kemalettin
✖mesihpaşa
✖saraç ishak
✖muhsine hatun
✖balabanağa
✖mimar hayrettin
✖nişanca
✖kemalpaşa
✖katıp kasım
✖iskenderpaşa
✖molla gürani
✖molla hüsrev
✖akşemsettin

9. In the Küçükçekmece district, the following neighborhoods:
✖beşyol
✖ikitelli osb
✖mehmet akif

10. In the Sariyer region, the following neighborhoods:
✖maslak

11. In the Zeytinburnu area, the following neighborhoods are located:
✖maltepe
✖yenidoğan
✖nuripaşa
✖yeşiltepe

12. In the Ümraniye district, the neighborhoods are:
✖dudullu

13. In the Tuzla region, the following neighborhoods:
✖aydinli

14. In the Şile region, the neighborhoods are:
✖meşrutiyet

15. In the Şişli district, the neighborhoods are:
✖inönü
✖ergenekon
✖mecidiyeköy
✖cumhuriyet

Buying property in Istanbul, Asian and European

Istanbul is the fifth largest city in the world with an area of ​​5,641 square kilometers, approximately 7.5 times the size of Tehran. This beautiful and touristic metropolis is surrounded by the Black Sea to the north and the Sea of ​​Marmara to the south, and is divided into two parts, European and Asian, by the Bosphorus Strait, which connects these two seas. Istanbul has 39 districts, 25 of which are in the European part and 14 in the Asian part.

Both the European and Asian sides are well-equipped and well-equipped in terms of amenities, entertainment, medical care, transportation, and tourist attractions. Regarding real estate in these two areas, the property prices in the European and Asian parts of Istanbul are the same, but the further we move from the Bosphorus Strait to the westernmost (European part) and easternmost (Asian part) points of the city, the more affordable and balanced the house prices in Istanbul become. In fact, the prices of real estate near the Bosphorus Strait are higher in both parts than in other areas of the city.

✔ Istanbul areas on the European side

Arnavutköy District, Avcilar District, Beyoglu, Bagcilar, Bahçeli Ölü, Bakirkoy, Başakşehir, Bayrampaşa, Beşiktaş, Beylikduzu, Büyükçekmece, Çatalca, Esenler, Esenyurt, Eyup Sultan, Fatih District, Gazi Osman Paşa, Güngören, Kahitane, Sariyer District, Küçükçekmece District, Silivri, Sultangazi, Şişli and Zeytinburnu District.

✔ Istanbul areas in the Asian part

Adalar (Princess Islands), Atasehir, Beykoz, Cekmekoy, Kartal, Kadikoy, Maltepe, Pendik, Sancaktepe, Sultanbeyli, Sile, Tuzla, Umraniye and Üsküdar.

Luxurious and expensive neighborhoods in Istanbul

The price of real estate in different regions of Turkey varies according to the historical context, the age of the buildings, amenities, distance from the city center, proximity to public transportation systems such as the metro and buses, etc. Each region of Istanbul is large and contains all three social classes. In one region of Istanbul, there is a wealthy neighborhood, an employee neighborhood, and a working-class neighborhood.

As we said, the value of land is higher in areas close to the Bosphorus Strait, and the areas along the Bosphorus Strait and the Bosphorus Bridges are among the affluent areas of Istanbul, which mostly enjoy a high cultural and social level. We would like to introduce you to the luxurious and affluent areas of Istanbul:

✔ Besiktas area

This area has the most valuable land and the most expensive real estate in Istanbul and Turkey and is known as the beating heart of Istanbul. Beşiktaş is located next to the Bosphorus Strait and has a unique view of the Bosphorus Bridges. With its historical, recreational, tourist and beautiful nature attractions, it is one of the popular areas for tourists in Istanbul. The neighborhoods of Ortakoy, Bebek, Etiler, Levent and Yildiz are among the most famous neighborhoods in the Beşiktaş region.

✔ Sariyer region

This area is surrounded by the Black Sea to the north, the Bosphorus to the east, and the Belgrade Forest to the south and west, and has a unique climate and nature. In the towers of this area, we have a 360-degree view of the forest, the sea, the Bosphorus and the bridges. In addition to the pristine nature, the rich historical heritage in this area also attracts the attention of tourists, and the liveliest nights in Istanbul are held in this area and in the clubs, bars, restaurants, cafes along the Bosphorus. The neighborhoods of Maslak, Ayazga and Zakiryaköy are among the most famous neighborhoods in the Sariyer region.

✔ Bakirkoy area

Bakirkoy is the third most luxurious and expensive district in Istanbul, home to Turkish goldsmiths, money changers, business owners and industrialists. It is surrounded by the Sea of ​​Marmara, the Kande Highway and the metro line to the south and the main E5 highway and the metrobus line to the north, providing easy access to all areas.

The Kandy Highway runs along the coastline of the Sea of ​​Marmara, passing in front of the most luxurious coastal projects of Bakirkoy. This undersea tunnel connects the European and Asian sides of Eurasia. The coast of the Bakirkoy region is the only part of Istanbul that has been allowed to be built on the seashore.

Famous international hotels, luxurious restaurants and luxury projects with panoramic sea views are located along the coastline of this area. The neighborhoods of Florya, Yesilköy and Atakoy are among the most famous neighborhoods in the Bakirkoy area.

Cheap and economical areas in Istanbul to buy a house

If you have a budget of less than $150,000 to invest and buy property in Turkey or are looking to buy a large property at a cheap price, we will introduce you to some cheap areas of Istanbul:

✔ Esnivort Region

This neighborhood is located in the west of Istanbul, the European side, and an hour’s drive from the city center. The area is surrounded by the city’s main highways, making access to all parts of the city quick and easy. Public transportation in this area is provided by metro lines, metrobus, buses, and minibuses.

The number of foreigners living in this area has exceeded the quota and the area has been declared a ban on obtaining real estate (Taşinmaz). The Esenyurt area is suitable for people with study and work residence permits or people who are planning to buy for investment with small capital.

With the growth of construction in the last decade, we are witnessing a new and modern texture around the area and neighborhoods close to highways. The neighborhoods of Cumhuriyet, Harami Dareh, Zafar, and Ardicheli are among the most famous neighborhoods in Esenyurt.

✔ Sanjak Tepe region

Sancaktepe is located on the Asian side of Istanbul, an hour away from the city center. Two major highways pass through the area, providing access to the European parts and the new Istanbul Airport via the two Bosphorus Bridges. Sancaktepe has emerged as one of the developing areas of Istanbul in recent years, attracting attention with its rapid growth in real estate.

In the area where brand housing projects are being implemented, the famous developer Sinpaş, with 50 years of experience, has purchased many plots of land in this area and implemented more than 8 major projects.

Buying a furnished apartment in Istanbul

Furnished apartments are most popular with investors who aim to generate income through short-term rentals, or Airbnb, which is the best type of investment in the world. In recent years, Istanbul has been the record holder for the highest number of tourists in the world, both for leisure and business.

As we mentioned earlier, Istanbul is a city between the two continents of Europe and Asia and is a center of creativity and entrepreneurial development. In addition to business tourists who come to Istanbul to attend congresses, conferences and business meetings, it also welcomes leisure tourists, with its rich historical and cultural heritage and pristine nature.

Many of these people prefer to have a larger, more comfortable and more affordable space than a hotel during their short stay in Istanbul, and choose furnished and licensed Airbnb units. Otherwise, people who come to Istanbul for immigration and permanent residence prefer to choose unfurnished units to decorate their home to their own taste.

House purchase price in Istanbul in Iranian currency in 2024

The price of a house in Istanbul varies according to its different regions, but you can buy a property in different neighborhoods according to your purpose of purchase and the capital you intend to invest in. In 2024, the average area of ​​houses in Istanbul was 115 square meters and the average price per square meter was 25,931 lira, which can be calculated in Iranian currency according to the daily lira rate.

The average ROI index, or return on investment, for buying a house in the world is 18 to 22 years, but in Istanbul, the return on investment for buying a house is 14 years, which is faster than in other cities in the world. (Information based on the endeksa website)

If we compare Istanbul with Tehran in terms of price, you can buy two or even three apartments in Istanbul with the money you spend on one apartment in Tehran. If you are not in a hurry to move into the apartment you have purchased, you can also buy pre-sale properties, which will bring you many times the profit.

Rules for buying property in Istanbul

The rules for buying property in Istanbul are similar to the general rules for buying property in other parts of the country and are as follows:

1. It is not possible for foreigners to purchase property in military and security zones in Turkey.

2. Each foreign national will only be able to purchase a maximum of 10 percent of the real estate and land in each district or city, and no more than that is possible.

3. Each foreign national is only allowed to purchase a maximum of 30 hectares of land in Turkey.

4. According to Note 35 of the Turkish Real Estate Law, which was passed in 2012, the possibility of purchasing property in Turkey has been declared open to foreigners, except for countries prohibited in this regard. Currently, some European countries, including Cyprus, Belgium, the Czech Republic and Slovakia, are not allowed to buy a house in Türkiye.

5. In Türkiye, you can obtain Turkish citizenship by purchasing property worth at least $400,000 and receive real estate residency (Tashinmaz) by purchasing property worth at least $200,000.

Home Turki; Your best advice for buying property in Istanbul

According to the 11th plan of the Turkish government in 2023, based on the development and strategy of industry and technology towards digitalization and transforming Istanbul into an entrepreneurial center in the region, as well as with the completion of the second phase of the new Istanbul Airport and the 3-story tunnel and other strategic projects, Istanbul will become a global city in the near future. By investing in this city, you will experience a bright future with a great return on investment!

According to the Housing and Urban Development Department, the return on investment for purchasing property in Istanbul is lower than the global average, averaging 14 years, and in some areas of Istanbul, real estate prices have experienced several-fold growth in dollars over the past 3 years.

Home Turkish Group has an official license to provide real estate investment advice from the Turkish government and is an official sales representative for construction projects. With more than 10 years of brilliant experience, it has a team of professional consultants and experienced lawyers in Turkey. With full knowledge of existing laws and up-to-date regulations and precise knowledge of strategic areas in Istanbul for profitable investment, obtaining a Turkish passport and obtaining a residence permit, it is proud to accompany you to the end of the path and serve you.