The sky’s the limit for Istanbul property prices

Property prices in Istanbul continue to rise, with the average square metre of real estate shooting up by 20 percent between March 2014 and last month.

A recent report from real estate firm Reidin showed that property in Besiktas rose by 24.7 during this period, making it the most expensive Istanbul district with property costing $2213 per square metre. Besiktas is sought-after due to its central location; it hugs the Bosporus, is a five-minute journey from Taksim square as well as a five-minute ferry ride to the Anatolian side, and includes some of the city’s most prestigious areas: Etilier, Ortakoy, Yildiz and Levent. Besiktas is home to global companies, top hotels and one of the city’s best universities. A few big names have built luxury apartments here, including Trump.

Sariyer, which flanks the Bosporus and the city’s norther forests, took second place in the real estate price stakes, with property costing $1968 per square metre, an increase of 22 percent over the same period last year. Sariyer’s authentic flavour means that you can find old fishing villages rubbing shoulders with exclusive developments. It’s both upmarket and steeped in tradition.

Third runner up in the price wars is Kadikoy, on the Anatolian side. Here, property costs $1905 per metre, a jump of 10.7 percent on last year.

Even the city’s most competitively priced district jumped significantly. Prices per square metre are about seven times cheaper than the city’s most expensive areas. The least expensive district in the city, Sultanbeyli, has an average square metre value of $333, an increase of 17.8 percent over the same period in 2014. The second cheapest district, Silivri, also saw prices rising, reaching $447 and increasing by 16.1 percent.

Foreign investors continued to favour Istanbul over other Turkish centres, with Antalya ranked second for expat property purchases.
Istanbul real estate

Investment success

The report follows a statement by a senior Turkish official that Turkey’s success in attracting foreign direct investment should be an inspiration for other countries.

Turkish Airlines chairman of the board Ilker Ayci, who is also the president of the World Association of Investment Promotion Agencies, said the rise of Turkey as an attractive investment centre could be emulated by other countries.

Between 2002 and 2012, Turkey attracted $130 billion in investments.

Ayci said that government support for investment was a key factor in Turkey’s success.

"The active role taken by the ministries of finance and development has been critical in our work," he said.
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