Important update
This article was originally published in 2021 and contains historical Istanbul property pricing data from that period. Prices, rankings and market conditions have changed significantly since then.
For our latest analysis, please read the updated guide:
Historical Snapshot of Istanbul Property Prices in 2021
Istanbul property prices increased substantially on a Turkish lira basis during this period, rewarding local Turkish buyers who had taken early positions in the market. By 2021, price growth was continuing at pace, particularly in central districts with strong transport links and direct access to Istanbul’s business areas.
As with many major global cities, traditional city-centre districts remained in high demand. Istanbul’s difficult geography and heavy traffic meant that areas offering easier access to business districts, transport connections and established lifestyle infrastructure often experienced stronger price growth.
Earthquake-related concerns also played an important role in supply and demand. A significant amount of older housing stock remained in central districts such as Şişli, Beşiktaş and Beyoğlu, while demand for newer and more resilient residential buildings continued to rise.
At the same time, high land prices, rising construction costs and complex negotiations with existing property owners made it difficult for developers to deliver enough new housing stock in prime central locations.
Traditional City Centre Districts Remained the Most Expensive
In 2021, the most expensive Istanbul property prices were concentrated in established central and coastal districts. Sarıyer overtook Beşiktaş, which had ranked first in 2020, while districts such as Bakırköy, Kadıköy and Beykoz continued to attract strong demand from higher-income buyers.
The figures below should be read as a historical 2021 snapshot rather than current market pricing.
- Sarıyer — 15,000 TL per m²
- Beşiktaş — 12,318 TL per m²
- Bakırköy — 12,307 TL per m²
- Kadıköy — 11,266 TL per m²
- Prince Islands — 11,000 TL per m²
- Beykoz — 7,538 TL per m²
- Şişli — 6,524 TL per m²
- Üsküdar — 6,294 TL per m²
- Ataşehir — 5,500 TL per m²
- Beyoğlu — 5,371 TL per m²
While the exact pricing is now outdated, the broader pattern remains useful for understanding Istanbul’s luxury property market: prime central districts, Bosphorus-side neighbourhoods and areas with limited new-build supply have historically commanded the highest values.
Read the updated guide
For a more current view of Istanbul’s wealthiest districts, luxury property areas and updated market positioning, see our latest guide.
