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Istanbul is the largest city in Turkey, containing a diverse mix of ages-old and modern features. Its bustling atmosphere attracts visitors from all around the world to marvel at its unique combination of history and urban commotion. Expats investing in real estate often want a blend of historic and contemporary living conditions. Finding this balance can be difficult, but is essential to creating the perfect home away from home. This article is a perfect guide for expats considering buying real estate in Istanbul for investment. We’ll take a look at the historic neighborhoods and explore some of the luxury new developments offering amazing amenities.
Overview of Turkish Real Estate Market
Turkey’s real estate market has experienced continuous growth in recent years, which can be attributed to population expansion, urbanization and government incentives for international investors. Data from the relevant authorities has revealed that residential property sales in Turkey went up by 5.1% in 2020 when compared to the sales of 2019. Istanbul is still the top choice for international buyers, with close to a quarter of the foreign property purchases in Turkey being made there.
Buying Property in Turkey as a Foreigner
In order to purchase a property in Turkey, foreign buyers must comply with certain legal formalities such as getting a residence permit and securing the military’s authorization. However, owning property in Turkey comes with a number of benefits, such as the ability to obtain residency permits for family members and the potential for high returns on investment.
Old-World Charm in Istanbul’s Real Estate
Expats are drawn to Istanbul for its spectacular history and remarkable architecture. The city has a strong magnetic pull that continues to attract tourists from all over the world. Neighborhoods like Sultanahmet and Galata offer a glimpse into Istanbul’s past, with their winding streets, colorful buildings, and centuries-old landmarks. Preservation efforts have ensured that many of these buildings have been restored to their former glory, making them attractive options for those seeking a sense of old-world charm.
Modern Living in Real Estate in Istanbul
Besides its cultural heritage, Istanbul is also home to some of the most modern amenities and luxury living options. You can enjoy a luxurious lifestyle with all the high-end facilities available here. New residential projects like Maslak 1453 and Istinye Park Residences cater to a wealthy clientele, with features such as private pools, 24-hour concierge service, and on-site shopping centers. These features offer a unique level of comfort and convenience, appealing to those who want to lead a more modern lifestyle.
Finding the Best of Both Worlds in Istanbul’s Real Estate
Expats who prefer the best of both worlds can find properties that blend traditional beauty with modern-day comforts. These properties offer a unique combination that gives you the perfect balance between nostalgia and modern amenities. For example, the Karakoy Lofts development in Beyoglu preserves the historic facade of a century-old building while offering contemporary interiors and high-end finishes. The Ayvansaray complex in Fatih is a unique blend of contemporary and traditional Ottoman architecture. It provides modern facilities such as a fitness center and swimming pool in keeping with today’s standards.
Investments Opportunities in Istanbul’s Real Estate Market
Investing in Istanbul’s property industry has the potential to bring good returns for foreign investors. The city offers a wealth of opportunities to those looking for a sound investment. Property values in Istanbul have been rising steadily in recent years, with some experts predicting further growth in the coming years. The key to successful investment is identifying emerging neighborhoods and staying up-to-date on market trends. Some areas to watch include Kadikoy, Bahcesehir, and Esenyurt.
Permanent Residence and Retirement in Istanbul
For retirees or those looking for a permanent residence, Istanbul offers a number of advantages. The city’s expat population is on the rise, and it is evident in the numerous neighborhoods that have become favorites of those coming from abroad. Retirement in Istanbul is an increasingly attractive option due to the low cost of living compared to other European cities. Besiktas, Kadikoy, and Beyoglu offer a range of housing choices that fit every pocket, from modest apartments to luxurious penthouses. Healthcare is also affordable and accessible, with modern facilities and highly trained medical professionals.
In addition to its practical advantages, Istanbul offers a rich cultural and social scene that appeals to many retirees. The city prides itself on its impressive selection of museums, art galleries, and historical monuments. On top of this, it offers a wide variety of restaurants and nightlife spots to suit any taste. Retirees can enjoy peaceful walks along the Bosphorus Strait, explore the winding streets of Sultanahmet, or take 1-day trips to nearby destinations like Cappadocia or Ephesus.
For those seeking permanent residency in Turkey, owning property can be a key factor. If you’re a foreigner and have bought property in Turkey, you could be eligible for a residency permit. This permit lets you stay in the country for up to one year at a stretch. This permit can be renewed annually, and after eight years of continuous residency, foreigners may be eligible for permanent residency. Additionally, owning property in Turkey can provide a source of rental income or serve as an investment for the future.
Overall, Istanbul’s combination of affordability, accessibility, and cultural richness makes it an attractive destination for retirees or those seeking a permanent residence. Istanbul is an attractive city for buyers and tenants alike, with its ever-growing expat population and its vibrant real estate market. Here, you can find a unique balance between comfort, convenience and excitement.
Offers from Developers and Real Estate Agencies for Foreigners
Foreigners can find a wide variety of offers from developers and property companies in Istanbul. Some developers offer payment plans that allow buyers to pay over a longer period of time, while others offer rental guarantees or other incentives. It’s important to work with a reputable developer or agency that has a solid track record and can provide reliable information and support throughout the buying process. Turk.Estate cooperates only with trustworthy developers and real estate agency, so feel free to visit their website.
Conclusion
Expatriates hoping to experience Istanbul’s traditional culture while still enjoying the benefits of modern amenities can find many real estate investment opportunities. Staying abreast of trends in the market and discovering up-and-coming neighborhoods makes it easy to invest wisely in Istanbul’s buoyant real estate sector. Istanbul is an unbeatable holiday location for those who seek a unique mix of the old and the new. Its impressive history, vibrant culture, and amazing architecture makes it a standout city to explore.