Real Estate in Istanbul, Turkey
Last updated on Jun 16, 2024
Summary: The average cost of a nice 2 bedroom home in Istanbul, Turkey is around $200,000 USD. A nice 3 bedroom home in Istanbul is around $300,000 USD. These properties typically include modern amenities such as air conditioning, central heating, and modern appliances. Some properties may also include a balcony or terrace. Foreigners are allowed to purchase property in Istanbul, however, there are certain restrictions. For example, foreigners are not allowed to purchase property in certain military zones. An expat looking to purchase a home in Istanbul should begin by researching the different neighborhoods and areas of the city. They should also consider their budget and lifestyle when selecting a property. Additionally, they should consult with a real estate agent to help them find the best property for their needs. The most desirable neighborhoods in Istanbul include Beyoglu, Besiktas, and Kadikoy. These areas are known for their vibrant nightlife, cultural attractions, and modern amenities.
How do I find a place to live in Istanbul?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"When looking for a place to live in Istanbul, it is important to consider the area you would like to live in, your budget, and the type of accommodation you are looking for. A great way to start your search is to use online resources such as websites like Airbnb, Zillow, and Nestpick, which offer a variety of rental options in Istanbul. Additionally, you can also look for local real estate agents who can help you find the perfect place to live. Additionally, you can also look for local Facebook groups or forums that can provide you with helpful information about the different neighborhoods in Istanbul," remarked one foreigner who made the move to Istanbul.
"We narrowed down the area we wanted to live in and went to a local real estate agent and gave him the list of what we wanted in an apartment," explained one person living in Istanbul, Turkey.
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What is a typical expat home or apartment like in Istanbul?
"Expat homes and apartments in Istanbul tend to be modern and comfortable, with many featuring large balconies and terraces that offer stunning views of the city. Many expats choose to live in the city center, where they can enjoy easy access to public transportation, restaurants, and other amenities. Expat apartments often come with modern appliances, air conditioning, and other amenities, making them a comfortable and convenient place to live," said one expat who made the move to Istanbul.
"We live in a middle-class Turkish neighborhood. It's mostly apartments in our area. There are very, very few expats in this part of town," explained one foreigner living in Istanbul, Turkey.
What is the average cost of housing in Istanbul?
If you are thinking about moving to Istanbul, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Istanbul can vary greatly depending on the area and type of property. Generally, the average cost of renting an apartment in Istanbul is around €500-€800 per month, while the average cost of buying a property is around €1,500-€2,500 per square meter," remarked one member in Istanbul.
"Housing costs vary widely here. We don't live in a compound, so we pay much less in rent. Our rent for a 3 bedroom 1-1/2 bath flat with a Bosphorus view and within walking distance of shopping and the ferryboat is $400 US," explained one expat living in Istanbul, Turkey.
Should I buy or rent a home in Istanbul?
If you have not spent a lot of time in Istanbul, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Istanbul can be a great investment, as the city is a vibrant and growing metropolis. However, it is important to consider the cost of living in Istanbul, as well as the availability of housing, before making a decision. Renting a home in Istanbul can be a great option for those who are not ready to commit to a long-term purchase, as it allows for more flexibility and can be more cost-effective in the short-term. Ultimately, the decision to buy or rent a home in Istanbul should be based on individual needs and preferences," said one expat who made the move to Istanbul.
What do I need to know when buying property in Istanbul?
When we asked expats what advice they would give a foreigner before buying a property in Istanbul, they said:
"1. It is important to research the area you are interested in buying property in, to ensure it is safe and suitable for your needs. 2. Make sure you understand the legal process of buying property in Turkey, including the necessary paperwork and fees. 3. Consider the cost of living in the area, including taxes, utilities, and other expenses. 4. Hire a reputable lawyer to help you navigate the legal process and ensure your rights are protected. 5. Consider the potential for rental income if you are buying an investment property. 6. Be aware of the exchange rate between the Turkish lira and your home currency. 7. Make sure you understand the tax implications of buying property in Turkey. 8. Be aware of any restrictions on foreign ownership of property in Turkey. 9. Consider the potential for capital appreciation when buying property in Istanbul," said one foreigner living in Istanbul, Turkey.
Are foreigners allowed to own property in Istanbul?
When we asked expats what advice they would give a foreigner before buying a property in Istanbul, they said...
"Yes, foreigners are allowed to own property in Istanbul. The Turkish government has made it easier for foreign nationals to purchase property in the country by lifting certain restrictions and simplifying the process. Foreigners can buy residential and commercial properties, as well as land, provided that they comply with the legal requirements and regulations. However, there are some restrictions on the total amount of land that can be owned by a foreign individual or company, and certain military and strategic zones are off-limits to foreign ownership. It is essential for foreign buyers to work with a reputable real estate agent and a lawyer to ensure that they follow the correct procedures and meet all the necessary requirements," explained one person living in Istanbul, Turkey.
What appliances are typically included in a rental?
We asked foreigners in Istanbul what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Istanbul, rental properties typically include a refrigerator, stove, oven, washing machine, and air conditioning unit. Additionally, some properties may also include a dishwasher, microwave, and/or a water heater," explained one person living in Istanbul, Turkey.
Additional Information about Searching for a Home in Istanbul:
We asked foreigners in Istanbul what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Istanbul often start by researching online through various property websites and forums to get an idea of the housing market. They may also join expat communities and social media groups to seek advice and recommendations from fellow expats who have already gone through the process. Additionally, they might consult with local real estate agents who are familiar with the needs of expats and can help them navigate the housing market. Expats may also explore different neighborhoods in Istanbul to find the one that best suits their lifestyle and preferences. Once they have narrowed down their options, they typically schedule property viewings and negotiate rental or purchase agreements with the help of their real estate agent," said one person in Istanbul.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
Other Questions:
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- What is the average cost of housing in Istanbul?
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- What advice to expats in Istanbul have about housing?
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