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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.

Maiden Tower, Istanbul

Go west

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.”

Western Istanbul map

Buyukcekmece

“This is the retirement village of Istanbul and summer vacation district,” explains Mustafa. “Retired Turks tend to live here, and their family will visit in the summer and Eid periods. There are no tall buildings here, mainly two- to three-storey villas and apartment complexes. It’s a very clean, family-friendly region, and especially beautiful around the coast with lovely sea views. There are two large universities in the region, making it important for the student community. Hence there are several malls and the town centre is well equipped.”

Prices in Buyukcekmece have risen by 90% since 2011.



Gurpinar (Coastal region)

Mustafa points out that Gurpinar has seen huge development over the last five years, with major brands moving into the area, including a few big-name hotels which have been constructed near the exhibition centre.

“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

 

“The new marina in Beylikduzu is a mega project aimed at wealthy yacht owners. It also provides a regular service to Bursa and Yalova on high speed passenger boats. It also has a regular, high speed yacht into central Besiktas, central Istanbul, avoiding hours of traffic into the city. This region is very expensive now, with villas costing over $500.000. Apartments are attractively priced with two beds in the $200.000 range. Due to the marina, prices rose 126% in the last five years. Prices continue to rise here as the marina approaches full completion, and the Canal Istanbul project approaches formal tender in January 2017.”




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.”



Esenyurt

“This is a region you should avoid at all costs,” Mustafa says. “Whilst we have some high quality private complexes here, the overall region has a poor reputation in Istanbul, and I would not class it as suitable for family living.” He adds that while on the surface Esenyurt, with its expensive developments, looks like a reputable investment destination, its safety records are dubious. 





Bahcesehir

Bahcesehir is popular with the city’s professional middle class, located as it is 45 minutes from the CBD and 20 minutes from the new airport. “The region only has luxury high end complexes aimed at the middle classes, and you won't find many street-style apartment blocks here. Hence its very popular with working families. We expect prices to move upwards very rapidly, thanks to Bahcesehir’s proximity to the new airport.”

“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.


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