The Istanbul real estate market has experienced rocky times throughout 2018, with the suburbs taking a hefty shock in prices. However statistics recently released by the Turkish statistics authority, show a surge in the number of sales when compared to 2017.
In the first 10 months of 2018, 1,148,800 sales were completed compared to 1,409,000 for the full 12 months of 2017. If the trend continues, 2018 will exceed the performance of 2017.
Regions that turned a profit in 2018
2018 surprised many a expert with the holiday region of Sile leading the way. This was caused by Turks looking for second homes within a short distance of more central parts of Istanbul. Sile produced a premium if 25.5% in 2018 compared to 2017.
Buyukcekmece produced the next best with a performance of 19%, again with Turks causing the spike in their search for a second home in the countryside of Istanbul.
The city centre region of Eyup comes in third at 19.4%, caused by a resurgence of millenials looking for modern homes near the city centre.
Regions to look out for in 2019
With business looking for traffic free locations, Media Highway is expected to show barnstorming performance in 2019.
A real lack of commercial space in what is Istanbul’s next generation business district means prices will rise, rentals are also in very high demand.
Urban regeneration continues at high pace in older central locations like Eyup, and a lack of supply of high quality housing is pushing prices at a stable rate. Expect this to continue in 2019. This is accentuated by the M7 metro line, expected to open in 2020. This line will link the Golden horn districts to the traditional business district of Sisli and Besiktas.
The idyllic tramline along the Halic river will give a boom to the region as well, due to open in 2020.
