GLOBAL PROPERTY GUIDE
I stanbul: Buying Guide
Istanbul There's a lot of interest in Turkey at the moment. One of the world’s fastest-growing economies, its greatest city is enjoying soaring tourism. Massive internal migration and a youth-oriented demography are prompting rapid expansion, aided by a increasing role as a regional centre. Beautiful, historic Istanbul is one of the most-visited cities in Europe - and its property market is booming as a result of this and a host of other factors, including a relatively stable political situation, good rental yields, and house prices that are generally lower than those of other major European cities. We believe that Istanbul is one of the world's promising property markets and provides exciting opportunities for international investors.
Table of contents Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
GLOBAL PROPERTY GUIDE
Introduction
Introduction
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs
Few cities can compete with Turkey's greatest metropolis when it comes to culture, beauty and historic grandeur. After visiting it, the 19th century French poet and statesman Alphonse de Lamartine wrote, "If one had but a single glance to give the world, one should gaze on Istanbul."
Home prices Financing your purchase Landlord and tenant
The Wall Street Journal recently called Turkey "Eurasia's rising tiger", after the country's economy grew 11% yearon-year in the first quarter of 2011, outpacing powerhouse China. And Istanbul is booming as a property market and a tourism destination. A gateway between East and West since ancient times, Istanbul is one of the world's most cosmopolitan places - a travel hub to other great cities in Europe, Asia and the Middle East; one of the world's largest metropolitan areas, with a population of more than 13 million people; and the world's 34th richest city by GDP, according to PricewaterhouseCoopers. Istanbul's property market is thriving, for several reasons. As tourism to Turkey is growing much faster than to any other European country, Istanbul has also now become the third most visited city in Europe after Paris and London. This rise in international popularity has landed it on the radar of many second home buyers in the EU and the US. In addition, nine new universities have opened, taking the city's total to 166. Even in the midst of a global recession, Istanbul's housing demand is projected to grow to 2.9 million units through 2015. Finally, the undervaluation of the New Turkish Lira means that property in Istanbul is now relatively inexpensive.
Where to buy
But these days, people from around the world are doing more than just gazing on this great city many are finding Istanbul a great location for a second home or an investment. One of the world's prime residential and commercial investment locations, it is currently one of the best buy-to-let cities in Europe, a proven market that is attracting international buyers from the US, the UK, Russia and the rest of the world.
GLOBAL PROPERTY GUIDE
Introduction
Turkey's political situation
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant
Turkey has had a long history of military intervention in government, with fiscal deficits and sweetheart deals with military-connected entrepreneurs. This structure was unpopular, inefficient, and led to periodic currency crises. But under the leadership of Prime Minister Recep Tayyip Erdogan, since 2003 the country has broken with its past of military dominance and over-spending, introduced budgetary restraints, brought down inflation, and prepared the ground for rapid economic growth.
Where to buy
Much changed in 2002 with the landslide victory of Erdogan's Justice and Development (AK) Party, the party of the rising business classes. Democratization and reform are its watchwords. With its origins in grass-roots Islamic movements opposed to the longstanding dominance of the military and the secular Kemalist elite, the party also has a distinctly pious, religious tinge. Erdogan's government has been strongly pro-EU, and instituted several democratic reforms such as giving the European Court of Human Rights supremacy over Turkish courts, diminishing the powers of the 1991 Anti-Terror Law which had constrained Turkey's democratization, and passing a partial amnesty to reduce penalties faced by members of the Kurdish terrorist organization PKK who had surrendered to the government.
Budgetary restraint has been a consistent theme of Erdogan's career; as mayor of Istanbul, he successfully repaid most of the Metropolitan Municipality's $2 billion debt. As head of state, he inherited a debt of $23.5 billion to the IMF, which was reduced to $7 billion in 2009. It will be completely paid off in 2013. The public debt as percentage of annual GDP also declined from 74% in 2002 to 39% in 2009. In June 2011, Erdogan won a third term as PM, giving him and the AK Party a strong mandate even if the party didn't win the supermajority that would have allowed Erdogan to promulgate the country's new constitution by decree. Erdogan remains the most powerful leader Turkey has had in decades, but he has a lot to deal with at the moment: The fighting between government forces and militant separatists from the Kurdish Workers' Party (PKK) has escalated in the last several weeks. In July, a month after the Prime Minister's reelection, all but one of Turkey's top military brass quit at the same time over the arrests of several officers, charged with conspiring to undermine the government. Erdogan's reforms have included significantly scaling back the military's political power and putting more power in civil hands over the years. His installing loyal officers as the new leaders of the armed forces after the July mass resignation is seen by many as the consolidation of his powers - and they're worried that he might be exhibiting an authoritarian streak. There's also the fear that Turkey's thriving economy is in danger of overheating. Despite all these concerns, Turkey remains a growing economic force. In Erdogan's eight years in power, nearly $100 billion in foreign investment has poured into the country. Brisk economic growth and low unemployment keeps many Turks happy - and many foreign buyers interested in Turkey. And while he keeps delivering the economic goods, Erdogan is very likely to remain comfortably in power.
The AK has achieved a remarkable economic transformation, bringing Turkey's budget deficit under control and ending the long economic crisis cycle of overspending - inflation - currency crisis which marked the previous period.
GLOBAL PROPERTY GUIDE
Introduction
About Istanbul
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Half in Europe, half in Asia, the historic city of Istanbul is one of the world's greatest metropolises. Known in antiquity as Byzantium, it became Constantinople, the capital of the Roman Empire under the reign of Constantine the Great. It would remain the capital of the Eastern Roman Empire until its fall in 1453, when it then became the capital of the Ottoman Empire. "Istanbul", from a Greek phrase meaning "in the city", had been the common, if unofficial, name for the city since the 10th century, and became its official name when the Republic of Turkey was established in 1923. Tropics zone
Turkey
Istanbul-spelled istanbul in Turkish-is situated in northwest Marmara. The historic Bosphorus Strait divides the city into its European and Asian constituent parts. Thanks to its topographical diversity, Istanbul has a number of sub-climates. Near the Bosphorus, the climate is Mediterranean, but farther up north it is colder and rainy. Generally, the city experiences hot summers and cold, wet winters. Turkey's largest city is its economic and cultural centre. Its strategic location as an intersection of international land and sea trade routes contributed a lot to its rapid development. Being Turkey's industrial hub as well, the city produces a variety of industrial products such as metal ware, chemicals, pharmaceuticals, electronics, and automotive parts. Among Istanbul's most visited sites are the Sultan Ahmet Square, once the great Hippodrome of Constantinople and still a beautiful place to visit; the underground reservoir known as the Basilica Cistern; Topkapi Palace, which was the imperial residence for 400 years of the 600-year Ottoman Empire; and the 550-year-old Grand Bazaar, an enormous covered market filled with thousands of shops and sidewalk vendors.
Romania
Ukraine
Bulgaria
Russia
Black Sea
Georgia
Istanbul
Armenia AZ.
Turkey
Iran
Syria
Cyprus Mediterranean Sea
Iraq
Lebanon
GLOBAL PROPERTY GUIDE
Introduction
Global Appeal
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
A July 2011 article in the Daily Telegraph named Istanbul one of the 20 best places to buy a second home abroad. It has certainly become more popular among visitors, with a 30.1% increase in tourist revenue in 2011 according to a MasterCard worldwide survey. The national carrier, Turkish Airlines, has added many new routes to its network since 2005, branching out to hundreds of destinations even during the global financial crisis. New luxury developments are coming up every year. With low taxes (0% capital gains tax for the first 5 years) and an economy that grew 7.3% in 2010, it's no wonder that buyers from all over the world are flocking to Turkey, and to Istanbul in particular.
Kuzguncuk is a town famous for old Istanbul architecture
Bosphorus Strait - Istanbul Turkey's Association of Real Estate Investment Companies (GYODER) expects the housing demand in Turkey to grow to 2.9 million units on account of the increase in the number of households, renovation requirements and urban transformation projects in the period from 2011-2015.
GLOBAL PROPERTY GUIDE
Introduction
A B2L success story
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Istanbul's rental market is a proven success. Yields between 4% and 8% are not uncommon, as the demand for rental accommodation has grown by at least 25% in the last five years, according to CB Richard Ellis. The growing middle class and an everincreasing international community have made Istanbul a prime buy-to-let market, with buyers snapping up new developments as quickly as they are built. There has been a demand for at least 250,000 new units each year, especially in the CBD and outlying suburbs in the west, such as Beylikdüzü, which is favoured for its proximity to Atatürk International Airport. Its population is growing quickly, with some experts predicting that it will nearly quintuple in size within the next five years. Western-style homes are particularly popular among Istanbul's new middle class, and of course foreign buyers-aspirational for one, familiar for the other. Modern houses and apartments with all the amenities in a good location are being built all over the city.
The country's construction sector saw an impressive 17.1% growth in 2010, but such is the demand for new housing that Istanbul is undersupplied at the moment. According to the Turkish Statistics Institute, house sales across the nation grew 17.89% in Q2 2011 from the first quarter to 107,308 units. Transactions in Istanbul accounted for 22,343 of the sales. As a city investment location, Istanbul has been going up in the estimation of experts as well. 2011 Emerging Trends in Real Estate Europe, a report issued recently by PricewaterhouseCoopers and The Urban Land Institute, names Istanbul the strongest location in Europe for new acquisitions and development, and the second strongest for existing property performance, outperforming cities such as London, Paris and Munich.
Istanbul – smaller apartments have surprisingly
good yields, even in the best districts
COST (US$) CITY
TO BUY
PRICE/SQ.M. (US$)
MONTHLY RENT
YIELD (p.a.)
TO BUY
MONTHLY RENT
Bakirköy - 75 sq. m. apartments 120 sq. m. 170 sq. m. 225 sq. m. 300 sq. m.
133,350 202,200 459,510 621,000 763,200
706 948 1,741 1,879 n.a.
6.35% 5.62% 4.55% 3.63% n.a.
1,778 1,685 2,703 2,760 2,544
9.41 7.90 10.24 8.35 n.a.
Besiktas - 120 sq. m. apartments 200 sq. m. 250 sq. m. 350 sq. m.
378,120 667,400 840,500 978,600
1,396 2,668 3,113 4,617
4.43% 4.80% 4.44% 5.66%
3,151 3,337 3,362 2,796
11.63 13.34 12.45 13.19
Beyoglu apartments
55 sq. m. 85 sq. m. 120 sq. m. 170 sq. m. 250 sq. m. . 75 sq. m. 120 sq. m. 170 sq. m. 225 sq. m. 300 sq. m
116,820 185,555 286,320 340,170 n.a.
702 1,085 1,457 2,004 2,458
7.22% 7.01% 6.10% 7.07% n.a.
2,124 2,183 2,386 2,001 n.a.
12.77 12.76 12.14 11.79 9.83
110,850 180,000 347,140 459,675 668,400
587 971 1,452 1,676 2,430
6.35% 6.47% 5.02% 4.38% 4.36%
1,478 1,500 2,042 2,043 2,228
7.82 8.09 8.54 7.45 8.10
Sariyer apartments
75 sq. m. 125 sq. m. 200 sq. m. 300 sq. m.
112,800 267,750 690,200 962,400
578 1,095 2,426 3,555
6.16% 4.91% 4.22% 4.43%
1,504 2,142 3,451 3,208
7.71 8.76 12.13 11.85
Sisli apartments
80 sq. m. 120 sq. m. 140 sq. m. 165 sq. m. 250 sq. m.
172,880 248,040 296,240 359,205 733,000
814 1,213 1,207 1,360 2,255
5.65% 5.87% 4.89% 4.54% 3.69%
2,161 2,067 2,116 2,177 2,932
10.17 10.11 8.62 8.24 9.02
Kadiköy apartments
.
GLOBAL PROPERTY GUIDE
Introduction
A B2L success story
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs
Apartments in the marvelously attractive Besiktas district are more expensive than elsewhere in Istanbul, with prices over €5,000 per square metre for the largest apartments. Lucky are those that live in this area of palaces and large houses, looking out onto the Bosphorus!
Bakirköy is a mixed district, and has a large range of houses and apartments and areas, with higher-end apartments at around €3,800 per square metre, and smaller apartments average €1,700 per square metre. Gross rental yields are around 6.4% on 120-square metre apartments - again slightly higher than in 2010. Kadiköy on the Anatolian side of the Bosphorus is another very mixed district, buzzing with life and students, largely residential. As is to be expected, prices of residential apartments here have a wide range. Yields in this district have been disappointing in 2011 so far, with 120-square metre apartments returning 3.5%.
Home prices Financing your purchase Landlord and tenant Where to buy
Besiktas district Since 2010, yields for smaller apartments in Besiktas have improved. A 120-square metre apartment now yields a return of around 6.6%. Yields fall off at the higher sizes, which are much more expensive to buy per square metre. True, better returns can be had in the noisier Beyoglu which, though it can still command very high sales prices, is a more 'work-oriented' district and can return rental yields on apartments of 5%-8.7%.
Sariyer district The very beautiful and wealthy Sariyer district is very expensive in its upper reaches, with residential property prices reaching over €3,000 per square metre. But smaller apartments are good value. Yields can be good, at around 6.9% on a 120-square metre apartment.
Beyoglu district
The varied Sisli district has apartments mostly over €2,000 per square metre, and yields of around 5% on 120-square metre apartments.
GLOBAL PROPERTY GUIDE
Introduction
How to buy
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Foreigners interested in buying property in Turkey won't find a hard time finding a real estate agent many welcome walk-ins, and an increasing number speak English, especially in Istanbul. Many Turkish newspapers (even English language ones) also feature weekly property listings, which can give the prospective buyer a good overview of what homes are available, depending on their preferred size, location and price range. Because of the likelihood of scams, it is important to find a reputable agent and lawyer. It is very much worth spending time on consulting other expatriate buyers to find a trustworthy person. Due diligence must be conducted both on the property and on the lawyer. Having a solicitor to do the conveyancing is not a legal requirement, but it is highly recommended. Make sure that you have a solicitor trusted by the foreign community, because the purchase process is problematic. Permission for sale needs to be acquired by sending the deeds of property and passport translations of the buyer to the local Army Headquarters for approval. The permission for sale usually takes six to eight weeks to secure. Once the permission of sale is secured, the transfer of title of deed ("TAPU") is done at the local Land Registry Office.
Notarization of all property sales to foreign nationals by a government-authorized interpreter is a legal requirement. Both contracting parties (seller and buyer) are required to be present at the entry of title. The process of registering property in Turkey takes nine days to finish. The Turkish government, in turn, takes three to nine months to process the application and release the title deeds for transfer.
GLOBAL PROPERTY GUIDE
Introduction
Buying and selling costs
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Total transaction costs of buying and selling a property in Turkey at 9% to 10%. The buyer pays only 4.5% to 5.5% - much less if bought from a developer.
Transaction Costs: buying plus reselling Registration and notary fees Title deed charge
Stamp Duty
0.10% - 1.0% 1.5% 1.5% 3% 3% 0.75%
Costs paid by buyer Costs paid by seller ROUNDTRIP TRANSACTION COSTS
4.60% - 5.50% 5.25% 9.85% - 10.75
Agent´s commission
Buyer Buyer Seller Buyer Seller Seller
GLOBAL PROPERTY GUIDE
Introduction
Home prices
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant
Average prices for off-plan, new builds and resales in Istanbul are generally lower than those of other major European cities.
House Price Change, Annual (%)
The Turkey Residential Property Price Indices compiled monthly and annually by the international real estate information company REIDIN.com indicate that residential sales prices in Istanbul, after recovering from a dip in 2009, are now steadily increasing, though they have yet to approach the peaks they reached in the first half of 2008.
Where to buy
08
09
Nominal Source: REIDIN.com
10
11
10 5 0 -5 -10 -15 -20 -25 -30
Real
REIDIN.com House Sales Price Indices (Nominal, June 2007 = 100) Month January February March April May June July August September October November December Average
Turkey Composite 2008 2009 2010
Istanbul 2011 2008 2009 2010
2011
103.4 103.2 105.6 104.1 102 98.2 96 95.8 94.8 91.8 90.5 88
95 94.9 95.2 95.4 95.7 96.4 97.2
94 94.8 95 95.2 95.6 96.5 97.5
87.4 86.5 85.3 85.8 87.3 88.7 89.7 90.2 90.8 91 91.2 91.1 88.7
91.3 91.7 92 91.9 91.8 92.1 92.2 92.3 92.6 92.9 93.1 93.5 92.3
105.5 104.8 108.3 107.4 105.5 101.6 99 97.5 96.2 91.8 91.1 87.8
85.8 84.7 83.4 83.9 84.8 85.8 86.4 86.9 87.5 88.1 88.4 88.4 86.2
88.8 89.5 89.9 90.6 91 91.2 91.3 91.3 91.7 92.3 92.8 93.3 91.1
GLOBAL PROPERTY GUIDE
Introduction
Financing your purchase
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Mortgages are available to foreigners buying residential real estate, both residents and nonresidents. Typically, up to 85% of the purchase price is available, or 100% mortgages if the property is purchased at a significant discount. Mortgages can be obtained for any region in Turkey, with a maximum term of 20 years. The mortgage process can be slow, due to the Turkish legal and administration system. Buyers should start the process as early as possible to avoid delays. Interest rates are higher if a Turkish-denominated loan is chosen, lower if a US$ or other foreign currency loan is desired.
Currency opportunity The Turkish lira has been underperforming so far in 2011, its 14% decline making it the weakest performer among 31 major currencies at the moment. Some experts point to skepticism about government policies as being a major reason why this is so; Deputy Prime Minister Ali Babacan has said that it is "out of the question" for the central bank to have a strict approach to ensuring a certain target level for the lira.
Daily Exchange Rates: European Euros per Turkish New Lira
Whatever the reason may be for the lira's performance, many experts also believe that it can only improve from here on out, with Credit Suisse AG picking it as a currency that forex traders might want to buy as it will probably strengthen in the months to come.
0.42
One upside to Turkey's weak currency is the surge in tourism. Istanbul hotels currently have the highest occupancy rates in Europe, and many of the coastal resorts are even turning people away. Turkish banks have even reported a 35% surge in foreign credit-card spending for the first half of 2011 from the same period in 2010, outpacing popular countries such as Italy, Portugal and Greece.
0.50 0.48 0.46 0.44
0.40 0.38 Jan 11 Feb 11 Mar 11 Apr 11 May 11 Jun 11 Jul 11 Aug 11
For foreign buyers in new developments, these are usually offered at fixed prices in their home currency, so for practical purposes any currency swings will not affect them.
GLOBAL PROPERTY GUIDE
Introduction
Landlord and tenant
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Turkish landlord and tenant law somewhat favours tenants, in that a tenant has the right to continue to stay in the property, regardless of the contract. However, since the law allows the parties freely to agree rents, this is less of a problem than might appear.
Rents The landlord and the tenant may freely agree upon the rents at the beginning of the rental contract. The lessor is required to inform the lessee at least one month before expiration of the lease (which the tenant can compel him to renew, see below) of the amount of rent he wants for the new rental period. If the lessee does not agree to this amount, the lessor may request an assessment of the rental value of the property by applying to a court. The court will take into account the report of an expert as to the amount of rent appropriate for the property in question, taking into account prevailing market rents. There is no other form of rent control in Turkey. If a lease is for more than one year, the amount by which the rent will increase each year must be specified.
Duration and terms The parties of the lease may specify any duration period they wish. However, a tenant is not obliged to move out on expiration of a fixed-term lease, if he has paid his rent regularly. The lease is automatically extended for one more year, unless the landlord informs the tenant in writing at least fifteen days before the expiration date of the lease that it cannot be renewed. Unless there is a clear provision to the contrary in the lease, a tenant may not partially or completely sublet or turn over to another person the leased property. The parties may include special terms in the contract: e.g., who is responsible for custodial, heating, water, and lighting expenses, what furniture and other items are included, if any, what damages or deficiencies, if any, are present at the time the lease is signed, and similar subjects.
Getting your property back The Turkish legal system is quite slow. Justifications for eviction include sub-letting without permission, nonpayment, need to redecorate or use the property for the landlord’s family, or need to sell. EVICTION FOR NON-PAYMENT OF RENT (worst case) Duration until completion of service of process Duration of trial
Deposits Normally the tenant and landlord agree that the tenant must make a deposit before renting the apartment. This deposit should be paid back at the end of renting period, if there is no damage by the tenant at the property.
30 180
Duration of enforcement
90
Total Days to Evict Tenant
300
If the lessee, after the lease, has signed a written promise to vacate the premises by a certain date, he is obligated to move by that date. But a promise to vacate given at the time the lease is drawn up is not valid. The promise to vacate should be drafted by a notary public. Again, formal law and practice are not entirely identical, so good advice, preferably from an agent who knows the property and the tenants,can steer you round the pitfalls.
GLOBAL PROPERTY GUIDE
Introduction
Where to buy
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant
Istanbul is a major residential centre comprised of 27 urban districts. In European Istanbul are Avcilar, Bagcilar, Bahçelievler, Bakirköy, Bayrampasa, Besiktas, Beyoglu, Eminönü, Esenler, Eyüp, Fatih, Gaziosmanpasa, Güngören, Kagithane, Küçükçekmece, Sariyer, Sisli, and Zeytinburnu. In the Asian side are Beykoz, Kadiköy, Kartal, Maltepe, Pendik, Tuzla, Ümraniye, Üsküdar, and the Adalar Islands. Most coastline communities in the districts bordered by the Bosphorus have many expensive beachfront cottages and luxurious chalet mansions called yali. In Üsküdar and Kad?köy, modern residential areas and apartment blocks are home to a third of the city's population. Some notable middle-income or upmarket places in Istanbul to check out are:
Romania
Ukraine
Bulgaria
Black Sea
Russia Georgia
Istanbul
Armenia AZ.
Turkey
Iran
Where to buy
Mediterranean Sea Cyprus
Syria
Iraq
Lebanon
Black Sea Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction
Where to buy
Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Most coastline communities in the districts bordered by the Bosphorus have many expensive beachfront cottages and luxurious chalet mansions called yali. In Üsküdar and Kad?köy, modern residential areas and apartment blocks are home to a third of the city's population. Some notable middle-income or upmarket places in Istanbul to check out are:
Adalar A chain of nine islands in the Sea of Marmara, just a few miles off the coast of Istanbul, these are often referred to as the Princes' Islands and are a haven for the well-off-with posh beaches and resorts, elegant cafés and restaurants, beautiful homes that range from modern houses to well-preserved Victorian-era cottages. Key residential areas are the islands of Buyukada and Heybeliada, popular for their tranquil beauty and unhurried lifestyle.
Black Sea Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Beylikdüzü (Avicilar district) This coastal town in the district of Avcilar is a growing middle-class area on the rise and a popular choice to host trade fairs. Most residents work in the manufacturing or service sectors and the nearby commercial harbour, Kumport. Buildings and factories are rising in areas like Büyükçekmece. The trains and the metro also pass through here, making it very accessible from the city centre. The suburb is also only 10 minutes away from the Atatürk International Airport. Beylikdüzü has three universities, major hospitals, and two shopping malls. It is close to sports clubs, golf courses, the airport, and the Marmara coast.
Black Sea Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story
Where to buy Atakรถy (Bakirkรถy district) This middle-class area in the congested Bakirkรถy district is one of the largest and oldest residential block neighbourhoods in Istanbul.
How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Black Sea Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Besiktas This is one of the city's oldest and most highly developed districts, a place of palaces and luxury hotels on the Bosphorus. It is a top investment property centre with modern residential and commercial areas, including a popular marina. Desirable neighbourhoods in this district include Bebek, Etiler, Levent, Arnavutkoy, Ortakoy, and Ulus. Levent. This business district on the Bosphorus' western shore has clusters of office and residential buildings, such as the 52-floor is BankasI Tower 1, one of the tallest skyscrapers in Turkey. It has office spaces in 30 floors, an 800-seat theatre, an exhibition gallery, and a reception hall. The upcoming Sapphire Tower will have 54 floors of mixed-use spaces, an 800-seat theatre, an exhibition gallery, and a reception hall. The upcoming Sapphire Tower will have 54 floors of mixed-use spaces, a shopping centre, a leisure zone, indoor gardens, a swimming pool overlooking the city, and a golf practice area. The conversion of 1950s villas into office and commercial spaces became a trend when foreign and local companies started coming to Levent.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices
Where to buy Beykoz This district is one of the most peaceful areas of the city. Some of the most luxurious villas in Istanbul can be found along Beykoz' coast, including many of the Ottoman seaside mansions called "yali" that are bordered by forest parklands. Owned by prominent people and politicians, the upscale coasts are usually occupied only during the holidays.
Financing your purchase Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Beyoglu In the old days an important and highly sophisticated residential area for the Ottoman elite, this cosmopolitan district has recently undergone urban renewal. It is being revitalized as a prime commercial area for young professionals, particularly istiklâl Avenue. The British, German, Russian, Dutch and Swedish consulates are here, and the neighbourhoods of Cihangir and Gümüssuyu are still filled with old foreign immigrants from Asia and Europe. Cihangir is one of the city's oldest neighbourhoods. It has a bohemian air, its narrow streets lined with cafés, bars, restaurants, galleries and studios. Many artists, writers, and film actors prefer to live here.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Sultanahmet (Eminönü district) This culturally important area was the centre of Old Istanbul, when the Byzantine elite would gather at the Hippodrome to watch the chariot races. Today, the Hippodrome is called Sultan Ahmet Square, surrounded by beautiful, landscaped parkland. Facing the square is the stately Hagia Sophia, built by the Emperor Justinian in the 6th century A.D. and now a museum. Nearby is the grand, sprawling Topkapi Palace, the home of sultans and the centre of the Ottoman Empire for 400 years. One of Sultanahmet's residential areas is the old quarter of Kadirga, close to the Marmara Sea. Its old timber houses are classic examples of traditional Istanbul architecture, but sadly many of them are crumbling and disappearing. There has been a recommendation to preserve the area as a World Heritage site. To accommodate the vast numbers of visitors to this historic part of Istanbul, there are dozens of hotels, restaurants and street-side cafés in the neighbourhood. Sultanahmet is part of the major commercial and industrial district of Eminönü.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase
Where to buy Kadikรถy This is a large commercial district with some of the most attractive shopping areas in the city, from malls to street bazaars like the Sali Pazari Tuesday Market to Turkey's biggest fresh market. Kadikรถy is also largely residential, with somewhat diverse neighbourhoods such as middle-income iรงerenkรถy, with its mass housing projects; the fast-developing business region of Kozyatagi; and the long-established, affluent neighbourhoods of Fenerbahรงe and Moda.
Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Kartal A high-class residential area far from the city centre along the shores of the Marmara, Kartal has many luxurious beachfront properties and apartment complexes that are much favoured by Istanbul's elite. An anticipated development is the "green city" program, or the Kartal Urban Transformation Area. Renowned architect Zaha Hadid is undertaking the project. Lavish residential areas, concert halls, theatres, museums, docks, and hotels will be built here during the next two decades. The development will include office and residential towers, parks, restaurants, cultural centres and a marina. By 2020, the district is projected to be the new cultural and industrial centre of Anatolia.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story
Where to buy Halkali (Küçükçekmece district) This is a highly populated residential neighbourhood in the Küçükçekmece district. Mass housing was first developed here in the early 1980s, but recently there has also been a boom in more modern high quality residential complexes.
How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices
Where to buy Küçükyali (Maltepe district) A popular residential area in the once-affluent district of Maltepe, this neighbourhood's well-organized planning makes it quite sought-after. It enjoys views of the Princes' Islands in the Sea of Marmara.
Financing your purchase Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices
Where to buy Pendik This residential district has well-developed infrastructure and varied housing, from public housing blocks to middleclass waterfront apartments and posh, expensive villas. It is also a prime commercial investment property centre, with a large weekend street market and a variety of restaurants, movie theatres, and schools. One of the district's most highly desired neighbourhoods is Kurtkรถy near Sabiha Gรถkรงen, Asian Istanbul's international airport.
Financing your purchase Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant
Where to buy Sariyer A plush residential district, Sariyer has long been a favourite among wealthy Turks and foreigners, who built lavish summer residences here. After the construction of major roads leading to other parts of Istanbul, the wealthy villages of Tarabya, Yenikรถy (whose waterfront homes and gated compounds attract expats in particular), Istinye, Emirgan, and Rumelihisari were developed and Sariyer became the neighbourhood of Istanbul's rich politicians, businessmen, actors and musicians. Bistros and the beautiful beaches draw many visitors during weekends.
Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Sisli This is a bustling residential, business and shopping district with a variety of neighbourhoods, from posh Nisantasi to shantytowns. Nisantasi is a wealthy historic district that has long been settled by elite, well-educated, and prominent people, including Orhan Pamuk, the Nobel Prize-winning novelist whose books are set in, or inspired by, the area. It also has a large community of foreign residents, most ofwhich have family or business connections in Turkey. Other well-to-do neighbourhoods in the district are Kurtulus, an old cosmopolitan neighbourhood, home to a significant population of ethnic Greek and Armenian Turks; and Mecidiyekรถy, an important business and shopping district in Istanbul, with many towering office and residential buildings. Maslak. This neighbourhood is one of Istanbul's major modern business centres. It is situated closer to the districts of Besiktas and Sariyer, but is actually an exclave of Sisli. The country's first five-star office and residential building, the 26-storey Windowist Tower, recently opened in Maslak.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices Financing your purchase Landlord and tenant Where to buy
Where to buy Tuzla A small residential and industrial district in with vast coastal areas facing the Marmara Sea, Tuzla's major housing structures are apartment blocks set in a web of narrow streets, though along the coastline there are also big villas owned by wealthy people from the city centre. The outlying beaches are popular retreats for locals and tourists alike. The modern and sophisticated beach town of Içmeler has a relaxed village atmosphere with a European touch. Luxury yachts rest in the bay while international holidaymakers gather at the seafront bars, cafÊs, and restaurants.
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE
Introduction Turkey's political situation About Istanbul Global appeal A B2L success story How to buy Buying and selling costs Home prices
Where to buy Çekmeköy (Ümraniye) This neighbourhood is a fast-developing sector in the middle-class district of Ümraniye and a choice neighbourhood for several commercial and residential development projects.
Financing your purchase Landlord and tenant Where to buy
Black Sea
Catalca Gaziosmanpasa
Eyup
Sariyer Beykoz
Silivri
Kucukcelmece Umraniye
Sile
Kartal Buyukcekmece Avcilar
Mediterranean Sea
Pendik
Kadikoy Maltepe
Tuzla
Adalar
City centre enlarged
Sultanbeyli 6 13
4
14
12 11
3
16
13 9
10
5
2 8
1
7
1 - Eminonu 2 - Beyoglu 3 - Sisli 4 - Kagithane 5 - Besiktas 6 - Sisli 7 - Uskudar 8 - Fatih 9 - Gunguren
10 - Zeytinburnu 11 - Bakirloy 12 - Bahcelievler 13 - Bagcilar 14 - Esenier
GLOBAL PROPERTY GUIDE