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Attractive prices for cheap apartments in Istanbul

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In recent years, Turkey in general and Istanbul in particular have seen an unprecedented influx of Arab and international investors looking to acquire inexpensive apartments for sale in Istanbul in recent years, with the primary purpose of securing permanent real estate residency in Turkey for these investors.

In order to encourage investors to engage in Turkey, Turkish law recently offered a set of fantastic facilities for foreigners in a number of various investment sectors. Investors may gain real estate residence permits by investing in the real estate sector, whether in the domain of lands, offices, stores, and the like, including apartments, where investors can also obtain Turkish citizenship via real estate investment, given that the value of the property to be purchased is equable to or exceeds the value of 400 thousand USD.

Istanbul, Turkey's largest city with 39 districts, is the first investment destination in the country, offering a wide range of alternatives and options for places and apartment pricing. Obviously, the prices of apartments for sale in Istanbul vary depending on the economic and commercial aspects of the neighborhood, as well as a variety of other considerations.

However, the following are the most important factors that influence apartment prices and real estate values in Istanbul's neighborhoods:

  1. The importance of the location and the area in the city

The location of the apartment is one of the most important aspects in deciding the value of apartments in Istanbul, since apartments closer to Istanbul's main areas, such as Şişli, for example, would cost more than apartments located on the outskirts of Istanbul, such as Maltepe on the Asian side of Istanbul.

The profitability of real estate investments in Istanbul is greatly influenced by the location, which is represented by a number of significant factors, the most significant of which are:

- The central real estate location: This is the most important factor in real estate pricing. Property with a direct view of the Sea of Marmara or close to the city center, markets, commercial hubs, and essential roadways gains additional value. The proximity of the real estate project to these locations results in the investor’s saving significantly on expenses such as transportation and the time required to complete the most critical works and needs.

- Transportation: It has a vital role in determining the price of property. It is advantageous to be close to major highways, public transportation lines, beaches, recreation facilities, and public squares, whether the property is residential or commercial.

  1. Availability of service and recreational facilities

The presence of amenities such as stores, malls, cleaning service providers, and recreational facilities affects apartment pricing. It has a significant impact on Istanbul real estate prices. The more social services there are in the complexes where the apartments are located, the higher the cost of apartments in Istanbul compared to identical apartments where such services are not available.

  1. The vista from the apartment

The apartment's view is a significant aspect in deciding its pricing. Flats having sea views of the Marmara Sea or the Bosphorus Strait, for example, will be more expensive than apartments with no distinguishing features.

Views of the sea, greenery, or tranquil spots are preferred for residential properties, whereas views of bustling, pedestrian-filled streets are favored for commercial real estate.

  1. Apartment floor

The higher the apartment, the wider its view, and therefore the price. And vice versa, in somewhat old buildings that may not have an electric elevator, for example, the equation changes. The lower the height of the apartment, the higher its price.

  1. The quality and condition of the apartment

The apartment's quality and readiness are crucial factors in deciding its price. The finer the apartment's status in terms of paint, furnishings, and design, the higher its price. In contrast to apartments that are still under construction or have medium specifications.

  1. Area, age, and other benefits of the apartment

The age of the apartment, the area of the apartment, the number of divisions, and the materials used in construction are all important variables in deciding the price of the apartment. For example, the larger the area of the apartment and the higher the quality of the building materials used, the higher their price.

Furthermore, if the property is a residential apartment with high-quality construction materials and supplies that meet universal standards such as sound, heat, water, and earthquake resistance according to the conditions set by the Istanbul earthquake department and the presence of entertainment in the residential complex (gym, swimming pool, sauna, children's playgrounds, garage, and other amenities), the price will inevitably rise.

  1. Financial laws, regulations, and facilities for real estate companies

Real estate prices are affected by the nature of the requirements and regulations in each location, whether in the short or long term. Different rules governing each form of real estate also have an impact on pricing and returns. The amenities offered in each location also influence property prices.

As a necessary consequence, it is critical for the investor to be familiar with all of the systems and facilities in order to select the right property that is in line with his goals and capabilities, or to purchase through a real estate company that facilitates these matters and provides all that the investor requires.

As we already indicated, the existence of these features raises the value and price of Istanbul properties . In this article, we will also discuss the most significant areas in Istanbul where you can find apartments for sale at affordable costs.

Advantages of cheap apartments in Istanbul

Istanbul’s affordable apartments, despite their low price and suitability for a wide number of investors with limited cash, offer several advantages, including the following:

  • Owning a property in Istanbul at a fair, appropriate, and reasonable price.
  • Getting rid of the burden of paying monthly rent on a regular basis.
  • The apartment may be converted into a second source of income by transforming it into an investment project, such as renting it out to tourists during the tourist season and profiting greatly after some changes, such as furniture and decoration.
  • It is simple and may be profitable to resell the apartment afterwards.
  • Purchasing apartments under construction at an adequate price is considered an investment project in itself, since the property may be resold at a high price thanks to its condition right after the delivery of the project.
  • Regardless of the apartment's modest price, it qualifies its buyers for permanent real estate residency in Turkey.

Disadvantages of cheap apartments in Istanbul

  • The cheap apartments in Istanbul are located far from the lively, commercial, and touristy regions.
  • The financial return on renting cheap apartments is rather modest.
  • Transportation is often scarce or absent in areas of cheap apartments.
  • Investors in under-construction apartments may wait many months, if not a year, for delivery.
  • Due to the low price, buyers of cheap apartments are not eligible to get Turkish citizenship .
  • In most cases, low-cost apartments are old and in need of repair.

Key factors to take into account while purchasing cheap apartments in Istanbul

  • Modern apartments are not an option: Old apartments have a little lower price than modern apartments because they require more maintenance work, and in some circumstances, the price is extremely acceptable. Therefore, investors are urged to take the chance and acquire them without hesitation.
  • Specifications of the apartment: Apartment costs in Istanbul are influenced by a variety of factors, including quality, modernism, interior design, paint quality, and apartment plan. So, if you want to find your request for a cheap apartment in Istanbul, you must compromise on certain quality requirements. For example, a high-quality finishing on the apartment is not necessary.
  • Auctions apartments: One of the options that should not be passed up is buying cheap apartments for sale in Istanbul at open auctions. Due to the accumulation of payments and bank debts on the owner, apartments may be put up for public auction, where they may be sold for significantly less than their true value.
  • Distance from service amenities: The distance between the apartment and service amenities such as hospitals, restaurants, shopping malls, schools, and universities affects the price of the property in some manner. Specialists from Damasturk's sales and consulting department advise customers wanting to buy cheap apartments in Istanbul to choose an apartment that is not that far from or close to the city's service amenities in order to find the apartment at a reasonable price.
  • Storey of the apartment: The principle that states "the higher the apartment, the higher its price" applies if the cheap apartment is situated near the main attractions in the city. Regarding the old cheap apartments away from the main attractions, the rule is that the higher the apartment, the cheaper the price. This is because of a multitude of factors, including the fact that some of them do not have elevators, so investors should move quickly to take advantage of this opportunity.
  • Be careful not to be duped by the price: In order to avoid falling victim to fraud, a foreign investor must thoroughly research the Turkish real estate market before beginning the process of looking for a cheap apartment for sale in Istanbul. As such, those looking to buy cheap apartments in Istanbul should always work with a reputable real estate expert.

Do apartments in Istanbul have fixed prices?

The price of apartments for sale in Istanbul is not predetermined; conversely, it varies according to how lively the region and its suburbs are. Prices are influenced by supply and demand as well. Therefore, there is no fixed price per square meter for apartments for sale in Istanbul.

However, in general, it can be said that the robustness of the Turkish economy is a good guarantee of the stability of prices for apartments for sale in Istanbul. The state's steady and ongoing support for the real estate market also contributes to the stability of Istanbul's real estate prices, which are reasonable when compared to the prices of properties and apartments for sale in the surrounding countries and Europe.

Istanbul's most prominent areas with affordable real estate prices

The old properties in Istanbul's historic areas, such as Fatih and Beyazıt, date back to the Ottoman era, hence the prices of flats and other real estate for sale there are often relatively low. However, Silivri, Esenyurt, and Beylikdüzü provide the most affordable real estate in Istanbul. These regions' cheap prices do not necessarily imply a lack of quality. In fact, their quality requirements occasionally coincide with the apartments whose prices are seen to be scorching.

For instance, in Istanbul, a 70-80 square meter apartment that is neither close nor distant from the city's vital areas may cost up to 400,000 liras. Depending on the character and vitality of the neighborhood, this price may go up to as much as two million liras in some places. Despite these high prices, there are still affordable apartments for sale in Istanbul that cost up to 70-80 thousand liras.

Silivri and Esenyurt, two recent districts, are distinguished by their affordable housing, which has attracted several Arab and foreign investors. Additionally, the price of apartments in the Arnavutköy area, which is halfway between Istanbul and the new Istanbul Airport, has come down to a manageable level. There, you can get three-room apartments with a salon for around 150,000 Turkish Lira.

In addition to these areas, the prices of apartments for sale are lower in the Asian side's districts and suburbs than they are in the European side's neighborhoods. The lack of people and the area's distance from Istanbul's main centers may have contributed to the decrease in real estate prices. For example, the Kartal area is well known for its rather affordable flats and real estate.

Cheap apartments for sale in Istanbul 2022:

Istanbul is the largest city in Turkey and the most beautiful city in the world that enjoys stunning views, tourist attractions, and historical places. Therefore, Istanbul is considered one of the most important areas to investment in Turkey real estate.

Moreover, different options and opportunities for apartments for sale in Istanbul are available at cheap prices that match everyone's budget. These apartments are located in some neighborhoods and districts of Istanbul , such as:

  1. Cheap apartments in Beylikdüzü:

Beylikdüzü is one of the popular districts on the European side of Istanbul. The attractive sites and new apartments in this district grab attention due to their extremely low prices when compared to other districts in Istanbul with cheap apartments for sale.

The price of an apartment varies in different neighborhoods depending on a variety of criteria. For instance, the distance between a neighborhood and the region's commercial hubs is one of the most crucial considerations. These low prices can be found in various internal Beylikdüzü neighborhoods, including Cumhuriyet Neighborhood, Beylikdüzü Osb Neighborhood, and Yakuplu Neighborhood.

During the last four years, the rate of rice increase has reached 92.49% in these neighborhoods of Beylikdüzü. As a result, Beylikdüzü is regarded as the most affordable in comparison to other areas that have increased at an arbitrary and high rate. Prices in these cheap neighborhoods in Beylikdüzü range from 200 to 400 thousand Turkish liras.

  1. Cheap apartments in Esenyurt

There are several housing project options in this region. In comparison to other parts of Istanbul, Esenyurt apartments are likewise comparatively cheap.

Apartment prices vary depending on neighborhoods and their development. For instance, Istiklal, Osman Gazi, Şehitler, Çınar, and Battalgazi neighborhoods are inner areas that are distinguished by cheap prices compared to other neighborhoods. 

The increase in prices in these neighborhoods during the past four years amounted to 70.13%, which is lower than the rest of the neighborhoods. The average prices in these neighborhoods are between 100 thousand and 300 thousand Turkish liras.

  1. Cheap apartments for sale in Gaziosmanpaşa:

It is one of the places with the highest immigrant population. Gaziosmanpaşa has a lot of cheap new apartment alternatives available as a result of the urbanization of the region.

You can find an apartment at a low price in the neighborhoods of Samsi Paşa, Yeni Mahalle, Fevzi Çakmak, Yeni Dogan, and the neighborhoods surrounding these areas. This is because the increase in these neighborhoods over the course of four years amounted to 48.45 percent. In this district, cheap apartments cost between 150 and 400 Turkish liras.

  1. Cheap apartments for sale in Silivri:

Silivri is one of Istanbul's most remote districts; it is about 70 kilometers from the city center. It is a unique option for individuals seeking peace and serenity as well as a regular life, and certain neighborhoods in this area have extremely affordable and acceptable apartment prices.

You can find apartments for a reasonable price in the Sancaktepe, Gümüş Yaka, Ismetpaşa, and Fevzypaşa neighborhoods. The rise in these neighborhoods during the last four years was 79.5%, which is lower than the rest of the regions and neighborhoods. Prices in these neighborhoods and the surrounding area range from 100,000 to 400,000 Turkish liras.

  1. Cheap apartments for sale in Tuzla:

Tuzla is one of the areas on Istanbul's Asian side where you can easily identify and purchase a property at a reasonable price. There are certain neighborhoods in this region, including Orta, Aydınlı, Mescid, and other surrounding districts, where apartments are reasonably priced. In comparison to the rest of the areas, the growth over the last four years was very modest at 62.17 percent. Apartments may be bought for between 220,000 and 700,000,000 Turkish liras.

  1. Cheap apartments for sale in Kartal:

Kartal is located on Istanbul's Asian side, overlooking the Marmara Sea. It is distinguished by having the most affordable apartment prices in the interior, far from the sea, which are represented in the neighborhoods of Uğur Mumcu, Aydos, and Gümüşpinar.

You may get an apartment at an affordable price since these neighborhoods' growth over the last four years amounted to 60.80%, which is lower than that of the other areas and neighborhoods. The average price of a cheap apartment was between 100,000 and 200,000 Turkish liras.

  1. Cheap apartments for sale in Pendik:

It is located on the Sea of Marmara and is on Istanbul's Asian side. It is distinguished for having the lowest prices among the neighborhoods close to Şişli, Tuzla, and Sultanbeyli. You can get an apartment at a fair price in the inner neighborhoods that are far from the sea, such as Kurtköy neighborhoods, Ramadanoğlu neighborhoods, and Ahmet Yesevi neighborhoods.

The average price of these apartments is between 170,000 and 400,000 Turkish liras, with a growth of 53.46 percent in these districts over the previous four years.

  1. Cheap apartments for sale in Sultanbeyli:

It is located on Istanbul's Asian side and is one of the city's most significant locations. Some neighborhoods have the cheapest apartment prices, while other neighborhoods have higher prices.

The increase in prices over the past four years in Macidiye, Hamidiye, Fatih, Yavuz Selim, and some other areas known for having the lowest prices amounted to 44.70 percent, which is a negligible amount when compared to other neighborhoods and other regions. Apartments in these areas can be bought for anywhere between 160 and 400 thousand Turkish liras.

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