Istanbul Property Market
If you are looking at the Istanbul property market to get Turkish citizenship, you are on the right track. The city, Turkey’s biggest and most prominent for business, education, tourism, health and the economy, is often the first choice for those looking to tap into the citizenship by investment scheme.
Real estate investors flock from all over the world to buy property, often choosing the off-plan and new developments to capitalise on appreciation potential. The city’s housing market is a global hotspot, and the eyes of the world are watching to see how it performs over the next ten years. Indeed, not even a major pandemic can hold it back.
About The Istanbul Property Market
For centuries, Istanbul has been a global seat of power, and this trait continues to this date. Sales and enquiries slowed down at the beginning of 2020, as the COVID virus spread across the globe. However, as the Turkish government reopens its economy, they are picking up again.
While the centres like Fatih and Beyoglu will always be the most prominent because of their central location, many investors look towards the emerging suburbs of the Basin Express Road, like Kucukcekmece, Bahcesehir, and Basaksehir. Their reason is simple. The outskirt European districts are the focus of much development including the new Istanbul airport and metro, and the planned Istanbul canal.
Investors looking for a mid to long term project with the maximum capital appreciation have the perfect playground to add to their portfolio. Many are also interested in properties that also allow them to become eligible for citizenship.
Turkish Citizenship by Investment Scheme
Turkey’s citizenship by investment scheme was born in 2016 but did not get off to an excellent start. The minimum entry-level of 1 million USD turned off investors who could get cheaper passports elsewhere. Come 2018, the government dropped this entry-level to $250,000 and people flocked from around the world. The only requirement is that the applicants keep their property, worth this amount, for three years. Please note the $400,000 minimum threshold has been increased in 2022 from $250,000 previously. Now requirement is for Turkish Citizenship Via Investment Scheme is minimum $400,000 for real estate investments.
With an average application time of 3 to 4 months, it is also one of the quickest and easiest procedures, when compared to countries like Spain and Portugal. In 2019 alone, we helped 168 clients with their applications for the citizenship investment scheme proving that it is a winner with those real estate investors who want the rights to live and work in Turkey as a Turk do. (More about how to apply for Turkish citizenship.)
Istanbul Property for Citizenship
Anyone with $400,000 who wants to get into the citizenship investment scheme will be surprised with the wide choice on offer. Many investors opt for new build apartments on large lifestyle residences that include communal facilities like a swimming pool, landscaped gardens, gyms, saunas and much more. The following are perfect examples.
1: Zeytinburnu Apartments
These sea view apartments in Zeytinburnu also sit near the central Fatih district that is Istanbul’s tourism capital. One aspect that makes it desirable is the excellent transport links including the E-5 highway, Metrobus line, Metro and Tramline, Ferry terminal, Eurasia Tunnel, and the Marmaray Line.
Its coastal position offers stunning Marmara Sea views, while its central location also makes it a rental potential hotspot. 1 to 5-bedroom apartments are available, but another reason it attracts investors is the interest-free payment plans. Cash buyers get a 15% discount, or you can put down a 50% deposit and pay within 12 to 30 months. Quote reference number 3594 for more information.
2: Beyoglu Apartments
Beyoglu is what many call the new part of the city. Home to the famous Taksim Square and Istiklal Avenue, it is a centre of tourism, art, culture, food, shopping and nightlife, hence for buy-to-let investors occupancy rates are maximised. This development of 2 to 4-bedroom, 5-star luxury apartments, sit in the Piyalepasa neighbourhood. You can also see, even for a studio apartment in Istanbul, there are wide range of options.
Facilities that residents will have access to include a heated indoor swimming pool, children’s play area, equipped gym, Turkish bath and sauna, basketball court, concierge services, valet parking, games, and cinema room, and 24-hour reception. Quote reference number 3278 for more information.
3: Boutique Apartments in Beyoglu
This development offers one-bedroom to 3-bedroom apartments and duplexes at great prices for this central location. Besides, buyers just put down a 35% deposit and then pay the rest off over three years at 0% interest. What makes this development stand out, though, is the unique architectural style of a honeycomb exterior. As well as featuring fitted kitchens and bathrooms, residents will access via the staffed reception area. Find out more about these apartments by quoting property listing number 3041.
If you want to know more about the Istanbul property market and Turkish citizenship by investment scheme, get in touch with us today. As an established real estate agent, with offices all over Turkey, we have helped thousands of buyers become proud Turkish homeowners. We were also featured in TRT World’s video about investing in Istanbul.
How to Buy Property in Istanbul: This article talks about the buying process for apartments and villas in Turkey’s most prominent city. Including advice and tips to finding your dream home, it is a useful starter guide for first-time buyers in Turkey.