What Should You Consider Before Buying an Apartment in Istanbul?
Living in this century with a cumulative knowledge of the past centuries, and probably a life experience through the last few decades, you should have noticed how our everlasting efforts as human beings are adding value to our life, making it easier, faster, and more comfortable. We can consider this as one of the best things that we all share as humans “seeking the better”.
There are many reasons that would make you take the decision of buying or investing in Turkey. Why not, Turkey is one of the top 20 economies of the world with a unique geographical location and multiple natural resources, which gives it the capability to grow and expand in variable sectors.
However, when you are intending to buy in Istanbul, you need to take in consideration many factors that would help you decide Where, When, and What size of property you would buy. Let’s discuss these factors one by one.
1- Is your Apartment Close to a Metro line?
“Metro Everywhere, Metro to Everywhere” was the slogan raised by the Turkish President Recep Tayeb Erdogan since he was the mayor of Istanbul, and ever since that time the Metro network of Istanbul is keeping expanding, to reach and join all parts and districts of the big city.
With its capacity, frequency, and accuracy, Metro Network is providing a safe, time saving and easy transportation for hundreds of thousands of Istanbul’s people every single day. In 2015, the total length of Istanbul metro railway lines reached 145 km, while it was planned to reach total of 441km in 2019, and the next target is to reach 981 km few years later.
New Metro lines in 2020
As for the year 2020, Istanbul is expecting two new important metro lines to start functioning at the mid of the year, and by the end of the year.
The first line is [Mecidiyekoy – Mahmutbey] which will connect the old business center in “Mecidiyekoy” with “Basın Ekspres” the new business center of Istanbul, through “Mahmutbey” metro station.
The second line, which everybody in Istanbul is waiting for is the “New Istanbul Airport” metro line. Passing by some suburbs of Istanbul like “Gokturk”, this line will connect the new airport (about 35km in distance) with the very center of the city in “Gayrettepe” neighborhood in 45mins.
As an investor or a new Istanbul inhabitant, you need to make sure that your future property is located near to an active metro station, or under construction metro station. This will guaranty you the value of your property and an easier life style if you decided to live in.
Tip for Investor: Buying near an under construction metro line will easily add 15-25% appreciation value to your property when the metro is ready.
2- Is Your Apartment Close to Main Highways?
Being close to Istanbul Metro network could be the best but not the only important factor for choosing a property. As we are depending very much on cars in our daily life, staying close to a highway could be a great addition to our transportation plans and may contribute in enhancing our life style.
Istanbul has two main highways (E5 and E80) which holds the main traffic load of the city, this makes them the most important on the traffic map.
While E5 and E80 are connecting the city east and west, there comes the O-7 [known as Basın Ekspres (Media Highway)] to connect the two main highways with the new third highway, and leading to the new Istanbul airport. Taking the important function and location of this highway in consideration, the government decided to redevelop the districts beside the highway, turning them from an industrial areas into a residential and business areas.
The “Basın Ekspres“ district have been hosting a large number of developments and projects in the last few years and still have the ability to host more for the coming years. The district contains currently, residential and commercial developments, hotels, schools, universities, hospitals and shopping centers buildings, and yet still expecting more developments in the future.
The importance of this district doubles when you know that a new metro line is being constructed to connect the Basın Ekspres district to the other parts of the city.
“Prices in Basin Ekspres district have increased more than 30% over the last 2 years”
3- What is the View of Your Apartment?
No matter when, how or who you are, Istanbul was able to capture the heart of anyone passed by it through the ages. How not to be.
Istanbul is laying on a green hilly land between two seas (Marmara and Black sea), the combination that would make an amazing scene wherever you look. The red bricks topped colorful buildings would give a cozy addition to the scene that will create inside you the eagerness to live in, let away the great mosques and the luxurious imperial palaces.
This amazing beauty reaches its most when combining all the above mentioned elements in one scene on the sides of the “Bosphorus Strait” which was and still the most beautiful scene in Istanbul.
“The Bosphorus strait is the only path connecting the black sea to global waters and it has always been the most important way for import and export movement in the Black sea countries.”
“Bosphorus sides are preserved by the government as a historical area, no new developments are allowed, so you can only find old, restored, or rebuilt buildings there.”
It is not difficult to have an apartment with a good view in Istanbul, but as we mentioned earlier, we are always looking for the best. So we may arrange the views in Istanbul from best to good in a descending order like this:
Bosphorus view, sea view, forest or nature view, project landscape view, and city or highway view.
Apart from having a property on one of the sides of Bosphorus, you can consider having a property in a new high rise development in the city center and getting both advantages of the modern buildings and the Bosphorus view.
This could be a best combination of features of an apartment in the center of the city which makes this option the most demanded and the most valuable.
Sea view is appreciated all around the world and the case is the same in Istanbul. Due to its geographical expansion, Istanbul has a long waterfront against the Sea of Marmara, yet most of it is already built decades ago which leaves limited locations for the new developments in the close coast.
Targeting sea view will lead you to districts like “Zeytinburnu, Bakirkoy, Kadikoy, or Kartal” when searching close to city center, or to districts like “Kucukcekmece, Avcilar, Beylikduzu, Buyukcekmece and Pendik” when going a bit further.
“Having a sea view will add value to your apartment, the closer and the clearer the view is, the more value the apartment is”
4- What is the Size of Your Apartment?
Being the commercial and economical capital of Turkey and a global city with a far deep history has always made Istanbul a target for immigrants from inside and outside of Turkey.
This fact among many other facts and conditions like (income, transportation, life expenses, etc…), has contributed to the structure of community of Istanbul. And formed a majority of – young and small families with limited resources – that would prefer smaller and affordable housing, closer to their workplaces.
When choosing your apartment in Istanbul, take in consideration that smaller apartments are more demanded when letting for rent or for sale.
5- Buying an Off Plan Apartment or Completed One?
All of us are ready to make a good and profitable deal, but not all are ready to take the risk. But this is life, taking the risk is a key factor in making a profit.
Buying an off-plan apartment can make you a real profit in a short time, yet you need to be ready to take the risk of delaying or stopping of the construction in the worst case.
Istanbul Metropolitan Municipality requires the construction developers to prove their ability to finish the development in the scheduled time and specifications.
While you are searching for the right property, and if you are looking for a good investment, make sure that you are dealing with a reputable developer, or make sure to buy in later construction stages to lower your risk.
6- Do Your Expectations and Budget Match?
Having a realistic expectations is an important key to achieve your investment goals.
Some of the Investors come to Istanbul with high expectations hoping to buy the best property with a low price, even below the market price. This might happen sometimes, but can’t be a rule.
A common example of an investor with mistaken expectations, “I want a 4+1 apartment near Taksim Square, I have 50 thousand USD”.
Don’t lock yourself in expectations, but search and look for the best property that could bring you the maximum profit within your budget. You might need a help from a real estate consultant to save your time and efforts in your search journey.
Gather All and Make Your Formula
In the lines above, we tried to spot light the main and critical points that would make or affect your decision when looking for a property in Istanbul. Ether you are an investor, an immigrant or a property collector, you should be aware and carful when choosing the right property to buy. Make sure your property is close to a Metro Station or a Highway, choose your favorite view and be sure it worth it. choose the Size that suits you, but if you are willing to sell within few years, make it smaller. Consult about the developer you are going to deal with. If you are not in hurry to live in, buy your property before it is Ready. Check the available options close to your budget and make sure to get the maximum profit at the end of the investment, not only in the time being.
If you would like to check all our projects in Istanbul, click here: All Properties in Istanbul for Sale