2024 Property Sales in Istanbul: A Detailed Breakdown

 As the city bridges Europe and Asia, Istanbul remains a magnet for those seeking not just investment opportunities, but also lifestyle enhancements through Turkish citizenship and residency programs. Below is a detailed look into the statistics for property sales in Istanbul in 2024, highlighting the top nationalities buying properties, the most popular areas, and the types of properties in high demand.

Nationalities Leading the Property Market

Foreign nationals have significantly contributed to the growth of Istanbul’s real estate sector in 2024. The top five nationalities purchasing property in Istanbul this year are:

1. Iranians Continuing from previous years, Iranian nationals remain at the forefront of property purchases, primarily driven by the desire for a stable investment and access to Turkish citizenship through real estate.
2. Russians Amid ongoing geopolitical uncertainties, many Russians have sought safe havens for their investments, with Istanbul providing an attractive option. The allure of a cosmopolitan lifestyle coupled with the ability to secure Turkish citizenship has drawn many Russian buyers.
3. Iraqis Iraqi nationals continue to invest heavily in Istanbul, as the city offers security, proximity to their home country, and the ability to relocate family members.
4. Germans of Turkish Descent Many Turkish expatriates living in Germany have been returning to invest in their homeland, drawn by a sense of familiarity and the potential for real estate growth in Istanbul.
5. Ukrainians Similar to Russians, Ukrainians have also sought stability in Turkey’s property market amidst regional tensions, looking at Istanbul as a safe and promising destination.

Popular Areas in Istanbul for Property Purchases

In 2024, the districts that attracted the most attention from international buyers are primarily those that blend lifestyle benefits, investment potential, and proximity to key areas:

1. Beylikdüzü and Esenyurt Known for their affordability and high-rise apartment complexes, these districts continue to attract middle-income buyers, particularly from the Middle East and Central Asia. Many investors are drawn to these areas due to ongoing urban development and improving infrastructure.
2. Başakşehir With its family-friendly environment and proximity to Istanbul’s mega projects, Başakşehir has become a favorite among Middle Eastern buyers, especially for those seeking larger, more luxurious properties.
3. Kadıköy Located on the Asian side of Istanbul, Kadıköy remains popular among European and Turkish expatriates. The district offers a more laid-back lifestyle with its cafes, parks, and cultural centers, attracting those looking for a blend of urban living and leisure.
4. Şişli and Beşiktaş High-end buyers from Russia and Europe are gravitating towards these central districts, which boast luxury apartments, proximity to the Bosphorus, and a vibrant social scene. These areas have been the go-to for buyers seeking premium real estate with high rental yields.
5. Zeytinburnu Another area experiencing a real estate boom, particularly with waterfront properties along the Marmara Sea. International buyers looking for long-term investments are showing strong interest here.

Types of Properties in High Demand

In 2024, the types of properties that have seen the most demand can be categorized as follows:

1. Istanbul Apartments in Modern Complexes The majority of foreign buyers have opted for apartments in newly-built complexes that offer a wide range of amenities, such as security, swimming pools, gyms, and proximity to transportation hubs. These are especially popular among Iranians, Iraqis, and Central Asian buyers. The affordability and easy access to citizenship programs through these properties have boosted their popularity.
2. Luxury Istanbul Properties High-net-worth individuals, particularly from Russia and Europe, are increasingly investing in luxury apartments and villas in prime locations like Beşiktaş, Şişli, and the Bosphorus region. These properties often come with breathtaking views, proximity to international schools, and high privacy levels, making them ideal for both personal use and rental income.
3. Waterfront Properties Istanbul’s coastline, particularly in districts like Zeytinburnu and Beylikdüzü, continues to draw attention. Waterfront properties, whether apartments or villas, offer not just scenic beauty but also higher potential for long-term capital appreciation. They are particularly appealing to buyers from the Gulf States, who are drawn to luxury waterfront living.
4. Commercial Real Estate Some buyers, particularly from Europe and the Middle East, are showing increasing interest in Istanbul's commercial real estate sector, including office spaces, retail outlets, and hotels. With Istanbul being a hub for business and tourism, commercial properties have become lucrative investments, offering strong returns.

Reasons Behind the Popularity of Istanbul’s Property Market in 2024

Several factors have contributed to the continued growth of Istanbul’s real estate market in 2024:

1. Turkish Citizenship by Investment Program The primary driver for many foreign buyers remains Turkey’s citizenship-by-investment program, which requires a minimum real estate investment of $400,000. This program has attracted a diverse range of buyers, especially those from countries with political or economic instability.
2. Currency Advantage With the Turkish lira’s value remaining lower against major currencies like the U.S. dollar and the euro, foreign buyers see Turkish real estate as a bargain, allowing them to purchase larger or more luxurious properties at relatively lower prices.
3. Strategic Location Istanbul’s position as a cultural, economic, and geographical bridge between East and West continues to attract international buyers. Its growing transportation network, new infrastructure projects like Istanbul Airport, and proximity to major global markets make it a strategic choice for investors.
4. Strong Rental Market Many international buyers are also drawn to Istanbul for its strong rental market. The city is a hotspot for short-term rentals, particularly among tourists and business travelers, which has provided foreign investors with an additional stream of income.
5. Cultural and Lifestyle Appeal Istanbul offers a unique mix of historical charm, modern amenities, and cosmopolitan lifestyle. This blend of old and new continues to resonate with buyers from around the world, particularly those looking to relocate with their families or enjoy a holiday home.

Conclusion

The 2024 property sales landscape in Istanbul reflects the city's global appeal and its strategic importance in the real estate market. With diverse nationalities purchasing properties, from Iranians to Russians and Iraqis, and a wide range of districts catering to different needs, Istanbul continues to be a thriving destination for international real estate buyers. Whether for citizenship, lifestyle upgrades, or pure investment purposes, the city’s dynamic property market shows no signs of slowing down. For those interested in securing a piece of Istanbul’s property market, Turkey Expert offers comprehensive services, from property selection to legal guidance, ensuring a smooth buying process.