Istanbul continues to lead Turkey in real estate sales volume and is among the top 3 investment destinations for foreigners. Property prices in the metropolis are rising steadily and demand from tourists, businessmen and project workers is year-round.
One of the characteristics of sought-after housing is good accessibility. The road network of Turkey's largest metropolis is expanding rapidly. After the opening of new metro stations, the value of nearby apartments increases by 15-20% or more.
Turk Estate portal has collected prices for the hottest districts near the metro. Let's see how much you can earn by renting a property there.
Content:
- Best districts to rent with good transportation
- Property prices in Istanbul: November 2023
- Detailed statistics by districts
- Brief conclusions:
Best districts to rent with good transportation
Among the districts within walking distance of the 5 busiest metro stations, the highest average housing cost is recorded in Gayrettepe. Medjidiyeköy is second, followed by Çevizlibağ.
- In Gayrettepe, the average monthly rent is $19 per 1 m² and $2,150 for a residence. The average property price for sale is $4,829 per 1 m² and $439,400 for a unit.
- Gayrettepe is located on the European side of the metropolis; it is one of the central districts with luxurious residences and office buildings. It is particularly popular among foreign renters, so rental prices here significantly exceed the averages for Istanbul.
- In Medjidiyeköy, one of the most densely populated districts of Istanbul, the rental cost is $10.6 per 1 m² and $1,061 for an entire property. The average sale price per 1 m² is $2,774, and for housing units, it is $330,117.
- Çevizlibağ takes the bronze with a rental cost of $9.6 per 1 m² and $890 for a housing unit. The sale price is $2,351 per 1 m² and $251,564 for a property.
- Uzunçayır is in the fourth place with a rental cost of $10.2 per 1 m² and $818 for a housing unit. The average sale price is $2174 per 1 m² and $208,695, respectively.
- Among the more budget-friendly districts with good transportation accessibility, Enibosnu should be mentioned with an average rental cost of $729 and an average sale cost of $183,326 for a housing unit.
Property prices in Istanbul: November 2023
Analysts have already presented figures for November.
- The average sale price per 1 m² in the metropolis was $1,238.
- Property prices have increased by 20.03% over the year, accounting for inflation, and by 65.62% over 2 years.
- The average cost for a 115 m² housing unit is $142,370.
- The average return on investment in Istanbul is 19 years, with an average yield of 5.72% per annum.
- The minimum/maximum cost per 1 m² varies from $608 to $3,237.
- The average time it takes for an apartment to change hands from seller to buyer is 70 days.
- As of the end of November, 168,446 housing units were listed for sale in the province of Istanbul.
Detailed statistics by districts
| District | Cost per 1 m² ($) | Average unit cost ($) | ROI (years) | Change in price for year |
|---|---|---|---|---|
| Adalar (Prince's Islands) | 2,061 | 251,442 | – | 44.36% |
| Bakırköy | 2,506 | 338,313 | 28 | 38.89% |
| Beşiktaş | 3,420 | 454,832 | 28 | 41.10% |
| Beykoz | 2,890 | 575,075 | 41 | 79.04% |
| Beyoğlu | 1,803 | 167,667 | 18 | 46.21% |
| Çatalca | 1,089 | 142,603 | – | 66.10% |
| Eyüpsultan | 1,473 | 154,686 | 19 | 59.39% |
| Fatih | 1,021 | 91,925 | 17 | 39.06% |
| Gaziosmanpaşa | 997 | 104,647 | 16 | 52.22% |
| Kadıköy | 2,602 | 335,642 | 25 | 37.26% |
| Kartal | 1,322 | 145,376 | 20 | 52.06% |
| Sarıyer | 3,718 | 557,760 | 27 | 40.03% |
| Silivri | 893 | 119,605 | 20 | 58.09% |
| Şile | 1,855 | 328,358 | 29 | 74.10% |
| Şişli | 1,780 | 190,410 | 19 | 38.61% |
| Üsküdar | 1,906 | 228,729 | 26 | 63.01% |
| Zeytinburnu | 1,528 | 166,554 | 25 | 59.72% |
| Büyükçekmece | 1,149 | 172,288 | 23 | 48.15% |
| Kağıthane | 1,405 | 126,430 | 18 | 50.43% |
| Küçükçekmece | 1,079 | 111,096 | 17 | 46.82% |
| Pendik | 1,062 | 117,857 | 17 | 50.85% |
| Ümraniye | 1,288 | 133,967 | 19 | 44.71% |
| Bayrampaşa | 1,117 | 117,271 | 18 | 46.19% |
| Avcılar | 998 | 117,746 | 20 | 41.22% |
| Bağcılar | 1,085 | 119,317 | 21 | 55.06% |
| Bahçelievler | 966 | 99,472 | 18 | 45.36% |
| Güngören | 924 | 101,592 | 17 | 52.97% |
| Maltepe | 1,503 | 160,871 | 21 | 45.80% |
| Sultanbeyli | 908 | 99,931 | 18 | 57.18% |
| Tuzla | 1,174 | 129,111 | 18 | 50.85% |
| Esenler | 1,004 | 101,426 | 20 | 47.29% |
| Arnavutköy | 887 | 98,418 | 19 | 47.29% |
| Ataşehir | 1,540 | 177,132 | 19 | 41.56% |
| Başakşehir | 1,437 | 191,128 | 21 | 45.79% |
| Beylikdüzü | 868 | 117,113 | 17 | 36.91% |
| Çekmeköy | 1,140 | 118,564 | 17 | 55.08% |
| Esenyurt | 627 | 69,008 | 14 | 42.03% |
| Sancaktepe | 927 | 101,916 | 17 | 55.13% |
| Sultançiftliği | 835 | 87,659 | 18 | 55.50% |
Brief conclusions:
- The districts of Istanbul where prices are growing the fastest are Beykoz, Sarıyer, Zeytinburnu, Kartal, and Üsküdar.
- The slowest price growth is observed in the districts of Beylikdüzü, Çatalca, Kadıköy, Ümraniye, and Küçükçekmece.
- The most rapidly profitable districts in November were Esenyurt and Gaziosmanpaşa.
- The longest investment return periods are in Beykoz, Şile, Bakırköy, Beşiktaş, and Sarıyer.
- Within $100,000, it is possible to find housing in the districts of Fatih, Bahçelievler, Sultanbeyli, Arnavutköy, Esenyurt, and Sultançiftliği.
- Three districts where the favorable cost per square meter combines with quick profitability are Gaziosmanpaşa, Sultançiftliği, and Esenyurt.
Here are the data on the quantity, area, and age of secondary housing offered for sale in Istanbul at the end of November 2023:
| District | Average floor area (m²) | Sale period (days) | Age (years) | Amount of units for sale |
|---|---|---|---|---|
| Adalar (Prince's Islands) | 122 | 120 | 31 | 302 |
| Arnavutköy | 111 | 66 | 3 | 1,689 |
| Ataşehir | 115 | 67 | 13 | 2,672 |
| Avcılar | 118 | 67 | 8 | 3,564 |
| Bahçelievler | 103 | 72 | 13 | 5,169 |
| Bakırköy | 135 | 90 | 18 | 3,242 |
| Bayrampaşa | 105 | 69 | 8 | 1,363 |
| Bağcılar | 110 | 66 | 8 | 2,811 |
| Başakşehir | 133 | 68 | 8 | 5,866 |
| Beykoz | 199 | 84 | 18 | 1,097 |
| Beylikdüzü | 135 | 72 | 3 | 12,297 |
| Beyoğlu | 93 | 74 | 28 | 1,426 |
| Beşiktaş | 133 | 91 | 26 | 2,818 |
| Büyükçekmece | 150 | 74 | 8 | 3,730 |
| Esenler | 101 | 63 | 8 | 1,790 |
| Esenyurt | 110 | 66 | 7 | 12,044 |
| Eyüpsultan | 105 | 63 | 8 | 3,888 |
| Fatih | 90 | 75 | 31 | 2,634 |
| Gaziosmanpaşa | 105 | 69 | 8 | 2,560 |
| Güngören | 110 | 69 | 28 | 1,440 |
| Kadıköy | 129 | 68 | 8 | 10,144 |
| Kartal | 110 | 71 | 8 | 4,851 |
| Kağıthane | 90 | 70 | 8 | 3,938 |
| Küçükçekmece | 103 | 65 | 8 | 6,580 |
| Maltepe | 107 | 75 | 8 | 7,631 |
| Pendik | 111 | 64 | 8 | 4,697 |
| Sancaktepe | 110 | 64 | 4 | 4,229 |
| Sarıyer | 150 | 76 | 8 | 4,251 |
| Silivri | 134 | 80 | 8 | 2,156 |
| Sultanbeyli | 110 | 61 | – | 1,917 |
| Sultançiftliği | 105 | 62 | 8 | 3,304 |
| Tuzla | 110 | 69 | 4 | 2,391 |
| Zeytinburnu | 109 | 74 | 8 | 1,765 |
| Çatalca | 131 | 66 | 8 | 275 |
| Çekmeköy | 104 | 66 | 3 | 3,743 |
| Ümraniye | 104 | 64 | 8 | 4,626 |
| Üsküdar | 12 | 76 | 8 | 3,907 |
| Şile | 107 | 77 | 4 | 1,017 |
| Şişli | 107 | 77 | 18 | 3,738 |
Based on the data from this table, the following conclusions can be drawn:
- The main array of the newest housing is in the districts of Arnavutköy, Beylikdüzü, and Çekmeköy (3 years), as well as in Sancaktepe, Şile, and Tuzla (4 years).
- The oldest housing stock is in the districts of Prince's Islands (Adalar) and Fatih (31 years), Güngören, and Beyoğlu (28 years).
- The largest selection of secondary housing is in Esenyurt, Kadıköy, and Beylikdüzü.