Real Estate Index
Istanbul’s already high population never stops growing. This demands more and more living spaces. The recovery of old buildings to secure the history, while building new ones became a high priority in the city’s development plans for economic growth. The growing middle-class market, as well as the younger population with innovative ideas which are transforming into professionals, are helping the city create a demand for consumerism.
The government’s 2012 decision to lift restrictions on foreign property ownership is attracting investors from the neighbouring regions. Now that a $250 thousand USD investment is enough to secure a Turkish citizenship, Turkey’s own Association of Real Estate Investment Companies predicts $10 billion USD investments into the Turkish market over the coming years.
As we dive into more details on the real estate prices, we will be using their Turkish Lira prices to match our source materials. According to Invest in Istanbul, a foundation created by the Turkish Chamber of Commerce, the average price for sale housing per m^2 in 2016 was a maximum of 14,151 TRY in Beşiktaş, and minimum 1,984 TRY in Esenyurt districts. Let’s take a look at a few of these districts in more detail through their Demographic Structures, Education and Tourism Infrastructures, and more.
Beşiktaş, while having a relatively low population compared to other districts with 189,356 people, it is a highly desired location. 466,553 International tourists in 2016 alone visited the district. Its location could explain the reason for having 14K per m^2 price on housing. Beşiktaş is a central district with seaports that reaches all around Istanbul, and owns a football stadium that is home to the 3rd biggest Football clubs with perhaps the most passionate fans.
Once a game day arrives, the whole city turns black and white (the team’s color), to show their support for the team. While also housing Istanbul Investments’ headquarters in it, there were 1,353 businesses opened in 2016 alone in Beşiktaş. The district is number two in the city for its number of 5-Star hotels, with 15, just below Şişli with 22. There are 22 different theatres built in both modern and old times. Beşiktaş is also a highly historical district and a desired touristic location. Dolmabahçe Palace, located by the sea ports, was Turkey’s Founder, Atatürk’s, home as well as the house where he passed away.
Esenyurt, while it has one lowest average price for house sales, it is a district in constant growth. It should be in your considerations if you are looking to open a business. Holding the title of most populated area with 759,010 people, Esenyurt has one of the highest number of firms opened with 2,260 in 2016. There is about 14,197 people per bank branch, and 56 banks located in the district belonging to 15 different companies. For its local population, Esenyurt should be in the minds of those who wish to enter the Turkish market or live among local communities.
For those wishing to be right in the mix of international and local cultures, Beyoğlu is the destination. Although it is home to only 238,762 people, more than a million tourists visit the district for entertainment, health tourism, or to experience the local culture. It may have only nine different 5-Star Hotels in the district for now, but there are 17 different First class restaurants to make up for it. Since it is such a historical location, it also makes sense to protect old hotels in the area. The district has the second-highest volume of 4-star hotels in the city with 41 different building.
Beyoğlu is home to Taksim Square and İstiklal Street, where even 500 years ago, people were walking on the same path as they do now. There is history in every corner, and connections happening between different communities. For its low population and high tourist attractions, the average price for-sale housing is only 6,417 TRY! Although it is a highly historical district, entrepreneurship in the last years has skyrocketed in Beyoğlu. Baby Boomers and above age groups together only make up for the %26 percent of the total population. At the same time, Millennials alone occupy the %35 percent. It is possible to find new and upcoming businesses in every corner that attracts every age group. Its Fındıklı neighbourhood is home to one of the oldest arts faculties in the region, with Mimar Sinan University operating since 1882!
Şişli, neighbouring most of the populated districts, is one of the up and coming locations. For its lower average price for Sale Housing price with 6,232 TRY per m^2, the district is in high demand for local and international businesses. Şişli is leading the total number of firms opened in Istanbul with 2,637 corporations, while also leading the tourism industry by housing 22 different 5-Star Hotels.
Although its local population is merely 272,803, it receives double that as tourists with 581,174 annual foreigners. Şişli is the connection line for many city-wide land transportations with a total number of 16,366 motor vehicles. Metro, Metrobus, and popular bus lines all stop by the center of the district because Şişli has always been the location for businesses.
Kadıköy is another historical, highly cultural, and relatively cheap district with a fantastic sea sight. Populated by just shy of half a million people, the average price for sale houses are at 8,881 TRY per m^2. Similar to Beyoğlu, 55 years and above age groups only cover %31 percent of the population, while millennials alone lead with %30, followed by Generation X with %22. Kadıköy is a district that never sleeps. Great seafood restaurants are surrounded by countless music and art venues that work as live concerts for the people. It follows Beşiktaş’s lead of 28 First class restaurant, with 17 different food venues.
As it is a seaside district, and closest to the European side of the city, Kadıköy is a community that puts transportation first. There are three different diverse transportation methods, boat, metro, or bus lines to all around the city. Like Beşiktaş, the district is home to its own and the oldest Football club in the country, and an international football stadium. The district houses many Turkish league matches, as well as European League matches with an up to 50.509 fans capacity stadium.
|Per $1 Mil. USD