Istanbul pricing has increased substantially on a Turkish Lira basis, rewarding local Turkish risk takers with a fantastic premium over the last 24 months. The acceleration continues unabaited in 2021. Like most major world cities, traditional city centre regions remain in demand. Istanbul’s difficult geography and infamous traffic means regions with easy access to the business district show the largest growth.
Istanbul’s earthquake problem’s also plays a major factor in supply and demand. A large number of property vulnerable to earthquakes remain, especially in central districts like Sisli, Besiktas and Beyoglu. As a result, the construction of new stock has struggled to keep up with demand. Other factors, such as the growing cost of contstruction, high land prices, and unreasonable demands from exisiting property owners, has ensured developers have not built the number of property required to keep up with demand.
Traditional city centre districts remain the most expensive
The most expensive property are in Sariyer, overtaking Besiktas which was first in 2020. While the average square meter prices in this district increased beyond 15,000 lira. In the extreme, Sariyier has seen prices per square metre increase to $8,000 on high end luxury property.
Here is a full list of the ten most expensive districts in Istanbul:
- Sarıyer 15,000 lira
- Besiktas 12,318 lira
- Bakırköy 12,307 lira
- Kadikoy 11,266 lira
- The Prince’s Islands 11,000 lira
- Beykoz 7,538 lira
- Şişli 6,524 lira
- Uskudar 6,294 lira
- Atasehir 5,500 lira
- Beyoğlu 5,371 lira
