It’s no surprise that so many people look to invest in Istanbul real estate. As one of the world’s fastest-growing cities, with a population of now nearly 15 million people, foreigners from all backgrounds have been buying Istanbul real estate for sale for a variety of purposes.
This includes those looking to buy a flat and work in the city, those who want a holiday home, and investors buying apartments to either rent or to turn into temporary accommodation for visitors on business. But for those with limited knowledge of Istanbul, it’s important to note that there are actually two sides to Istanbul that you should be aware of before purchasing a property. No, there’s not a ‘good’ or a ‘bad’ side – rather, Istanbul is a city of two distinct areas.
It’s due to the Bosphorus strait – a large waterway that literally runs through the city’s two sides. This doesn’t just serve as a split in the city, but a literal split between the geographical continents of Europe and Asia. For this reason, you will often find Istanbul property listed as either ‘European side’ or ‘Asian side’.
As aforementioned, there isn’t a good or a bad side to either part of the city – they’re just different. The European side is, for example, more densely populated – making up about 10 million of Istanbul’s residents. The Asian side is more sparsely populated, but still is home to approximately 5 million of Istanbul’s residents. So it’s definitely worth learning about the differences between the two before buying land for sale in Istanbul.
The first striking difference between the two sides is the culture. The European side has the feel of a European cosmopolitan. Unfortunately, that does mean it loses a bit of Turkey’s terrific sense of culture and history – which is more present on the Asian side. In fact, the Asian side is perhaps a truer representation of Turkey as a whole. However, the European side is still home to some of Istanbul’s most famous sites such as the Hagia Sophia and the Blue Mosque.
Due to the difference in population size, the Asian side is far calmer than its more populated European counterpart. With that being said, if you intend to find property in Istanbul for sale to rent out to European workers, you may want to consider the European side. While some will want to experience the Asian side, many others would rather stay amongst familiar surroundings. But it is possible to travel between the two sides with relative ease.
There’s a road bridge connecting the two, as well as many boats and ferries that also transport commuters. It’s thought that over one million make the daily commute across the Bosphorus. This is definitely a consideration if you plan to work in Istanbul. As your job will be located on one side or the other, you may want to consider finding Istanbul real estate for sale on the same side as your new workplace.
The two distinct sides to this metropolitan marvel create a consideration that is truly unique to buying houses or apartments in Istanbul. But no matter which side you look at Istanbul real estate for sale on, you’ll find welcoming and warm communities throughout the city. From the home you arrive and hop into a Sabiha Gokcen airport taxi, we’re sure you will fall in love with this place.
What To Consider When Buying A Property In This Part Of The World
Istanbul real estate is an attractive proposition, and when people decide they want to purchase there, it is not uncommon for them to dive right in. With that being said, read on to discover the different factors that need to be considered before purchasing.
- Assess the rental market – If you are interested in villas and apartments in Istanbul for the purpose of making a profit, which is usually the case, you will need to assess the rental market carefully. Of course, Istanbul is in high demand, not only for tourists but for young professionals too. Dig deeper and find out the best areas in Istanbul for rental, as well as the type of properties that appeal the most too.
- Visit Istanbul several times – Make sure you visit Istanbul several times throughout the summer – both in-season and out of season – to be certain that it is the perfect place for you. If you are planning to move abroad, remember, this is going to be your home, not an extended holiday.
- Considering a new build? – If you are considering purchasing a new build, you should check their reputation and make sure they have a good amount of experience. If rental returns are mentioned, find out what these have been based on. No matter where you are buying in the world, you need to make sure that the company you purchase from is reputable. Never believe everything you read; make sure it is accurate.
- Work out your finances – It may sound obvious, but before looking for property for sale in Turkey, you need to determine how much money you have available. Remember, it’s not just the purchase price you have to consider, there are also legal fees, agent fees, and stamp duty too. Plus, you will want a little pot set aside for maintenance and taxes too.
- Get all documents translated – Make sure you get all documents professionally translated before you agree to any purchase. You need to make sure you understand everything clearly. Choose an independent translator, rather than asking the company to translate it for you or using an online solution.
If you consider all of the points mentioned above, you will feel better prepared when looking to purchase Istanbul real estate. It can always be a bit stressful when buying a property. This is especially the case if you are purchasing a property that is in a different country. However, if you take your time and do your research, you should find that the whole process goes a lot smoother.