- The vast majority of foreign buyers in Istanbul are those looking for a second home.
- Most foreign buyers unwittingly buy in the Esenyurt region - a low quality part of Istanbul
- Vacation homes are best along the western coast of Istanbul - Beylikduzu and Buyukcekmece
- The smart foreign buyer on a budget invests in Bahcesehir - combining a low cost vacation home with excellent investment potential
Foreign buyers in general are looking for a vacation home - a getaway for the summer months. Future prices rises or return on investment are secondary priorities - but a nice bonus, a nest egg for future generations.
Unfortunately many foreigners are unwittingly pulled towards the district of Esenyurt in western Istanbul. Advertised as the “new Istanbul”, it has proven to be anything but this. Most property price rises in Turkish Lira terms have been blown away by the poor performance of the Turkish Lira against foreign currencies. Hence today, most investors that bought at its pomp in 2010-2015, have barely made a return. Esenyurt is home to low income families, and combined with next to zero government investment, and dense planning permission, transport is a massive problem in the region. Esenyurt has become the district to avoid in Istanbul. It has developed such a reputation that most sellers try to pass their property as being in Beylikduzu.
The saving grace for Esenyurt are secure complexes within walking distance of the D100 highway, providing relatively easy access to central Istanbul.
Buyukcekmece and Beylikduzu
Offering large swathes of land for development, these regions are very popular with working Turkish families as well as retirees. The proportion of retirees increase the further west you travel, with prices also decreasing as you move westwards. Both districts offer exquisite Marmara sea views at affordable prices. These regions are mainly made up of large apartment and villa compounds, surrounded by cafes and restaurants. The D100 highway offers all that one needs - hospitals, malls, private schools etc. These regions really are the perfect family getaway.
Due to the proximity to central Istanbul (90 minutes at peak times), the region does not offer prime investment value, with growth in the region of 10-15% per annum, after taking the currency performance into account.
Bahcesehir, along with Atasehir on the Asian side, is one of the most well organised parts of Istanbul. Due to the nature of its development as a villa retreat, and later a commuter belt for professionals working in the business district, Bahcesehir has always been home to the professional middle classes. As a result, the region is free of low quality property stock which plagues central Istanbul. Instead, apartment and villa compounds dominate the landscape, and only of late have high rise apartment compounds been allowed. These high rises are of medium to high quality.
With a fast metro link to the business district coming in 2024, the new airport being just 20 minutes away, and a train link into Fatih, the region is popular with families and investors alike.