Property prices in Istanbul are much affordable in comparison with the other big cities in the world. While in the cities like London, Dubai, Paris and Kuala Lumpur square meter prices start from 5.000 USD, it is possible to find new properties in Istanbul with production high quality from 1250 USD per square meter. The reason behind why Istanbul property prices are cheaper than the other big cities is the competitive price of the Turkish Lira and the growth speed of Istanbul.
Since the Turkish Lira lost value to USD over the years, Istanbul real estate prices are cheap in terms of USD. However, price stabilization in Turkish Lira led property prices in Istanbul to go up both in terms of USD and Turkish Lira. Secondly, since Istanbul is growing fast and new residential areas arise year by year, developers apply competitive pricings to be able to sell faster and start for new developments.
Istanbul Real Estate Prices
Istanbul real estate prices change from area to area. Properties in central Istanbul are the most expensive ones while properties in outer locations are cheaper. Although, Istanbul is not officially allocated to the zones, to understand and classified the Istanbul property prices, we can talk about 3 zones in Istanbul in terms of property prices.
Zone 1 – Central Istanbul Property Prices
As is mentioned above, central Istanbul real estate prices are the highest. Besiktas, Sisli, Sariyer, Maslak, Levent, Mecidiyekoy, Bomonti, Beyoglu, Seyrantepe Kagithane areas can be listed as central locations. Small boutique real estate project prices start from 2,000 USD in these locations. Larger and more central properties in these areas, start from 3,000 USD go up to 10,000 USD. Kagithane and Bomonti areas are the cheapest central locations on the list.
Zone 2 Locations
Areas that 15-25 km away from the central Istanbul can be accepted as Zone 2 locations. Kucukcekmece, Zeytinburnu, Bakirkoy, Halkali and Bagcilar are the examples for zone 2 locations. Real estate prices in these areas start from 1,500 USD and go up to 2,500 USD. However, there are seaside luxury properties are existed in these locations which have more expensive square meter prices. In general, properties in these locations are in qualified real estate projects and more affordable compare to central Istanbul properties.
Zone 3 Locations
Locations that are 25-45 km from the Istanbul city center can be listed under Zone 3 locations. Bahcesehir, Beylikduzu, Esenyurt, Buyukcekmece areas could be pointed out for Zone 3 locations. These locations are usually calmer areas and have large real estate projects since the density is lower than central Istanbul. Property prices in Istanbul zone 3 locations start from 1250 USD go up to 2250 USD. Zone 3 Istanbul properties are popular since the prices are reasonable and projects/apartments are larger.
Istanbul Real Estate Price Analysis
We as Century21 Sinerji Istanbul, have detailed price analysis and understandings for Istanbul properties in every zones. To understand Istanbul property prices better and to get professional consultancy, you can reach us 7 days of the week by our phone number, e-mail or via the contact form.
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