Is it best to invest in the west? Don’t buy in Istanbul before reading this
By now everyone’s well aware of Istanbul’s huge potential for investment. In fact, it’s no longer potential - the city is growth in action.
The recent Global Living Report from international real estate services firm CRBE, which compares property markets across 35 key cities, showed that Istanbul experienced the highest house price growth with 25% annual growth.
However although prices have risen quickly, the report stated that at $127 per square metre, Istanbul’s property prices were also extremely favourable compared to its rate of growth. CRBE continues that Istanbul still has huge potential for growth.
Investors seeking the aforementioned favourable prices need to tread carefully, however. While this is a city that’s clearly going places, not every development or even every area represents a good investment.
If you’re an investor seeking to increase your property portfolio, our Istanbul consultant Mustafa Yilmaz urges you to look towards the west.
“Depending on where your home is located, travel time to the central region is between one and two hours. In terms of investment, this region does not appreciate in line with the central parts of Istanbul. However, we think Western Istanbul is an extremely good option for investors.”
Prices in Buyukcekmece have risen by 90% since 2011.
Gurpinar (Coastal region)
“The coastal region was redesigned by the local authority, and the region has delightful lake and sea views, which is quite unique. Gurpinar is very safe neighbourhood, ideal for family.”
Due to the infrastructure improvement and increased investment, Gurpinar prices have risen dramatically, climbing 145% in the last five years. Prices have flatlined here in the last six months.
West Istanbul Marina in Beylikduzu
Beylikduzu Central Axis
This region is popular with commuters travelling to the central city each day, explains Mustafa. There is a number of good facilities here including major hospitals, malls and universities. “However,” he adds, “it’s a busy area and not very suitable for family life. The key to buying in Beylikduzu is to be extremely selective, and you need to know the area very well, as it's made up of everything from industrial centres to low rise, but isolated suburbs.”
“Price rises here have reached 151% in the last five years. I don't expect this region to increase in value beyond 10% per annum.”
“Generally, these western regions are well served by malls, private hospitals and private schools,” says Mustafa. “With the exception of Esenyurt, they’re all good neighbourhoods, with good travel links to the central city and the new and old airport.” Property in Bahcesehir is one of our top recommendations for investors looking for affordable luxury in Istanbul.