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Mar 23, 2016

A bargain little apartment in Istanbul's cute Besiktas district, anyone?


Last Updated: Mar 20, 2016
Bakırköy apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
50 sq. m. 183,150 634 4.15% 3,663 12.68
120 sq. m. 322,560 998 3.71% 2,688 8.32
Beşiktaş apartments
60 sq. m. 152,040 695 5.49% 2,534 11.59
120 sq. m. 449,280 1,229 3.28% 3,744 10.24
Beyoğlu apartments
50 sq. m. 131,050 678 6.21% 2,621 13.56
120 sq. m. 364,440 1,151 3.79% 3,037 9.59
Kadıköy apartments
55 sq. m. 151,745 587 4.64% 2,759 10.67
120 sq. m. 271,440 912 4.03% 2,262 7.60
Şişli apartments
70 sq. m. 237,160 904 4.57% 3,388 12.91
120 sq. m. 254,760 1,163 5.48% 2,123 9.69
Bakırköy District: Ataköy, Yeşilyurt, Yeşilköy
Beyoğlu District: Cihangir, Taksim
Beşiktaş District: Etiler, Bebek, Levent, Ortaköy
Kadiköy District : Bagdat Avenue , Moda
Bagdat Avenue : Bostanci, Çatalçesme, Suadiye, Saskinbakkal,
Erenköy, Caddebostan, Göztepe, Çiftehavuzlar
Selamiçesme, Feneryolu and Kiziltoprak.
Sariyer District : Büyükdere, Yeniköy
Sisli District: Nisantasi , Tesvikiye
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

Istanbul has been enjoying a property boom, in local currency terms.  However over the past few years, gross rental yields for apartments have fallen significantly, due no doubt to various pressures on the Turkish economy.

Apartments in the marvellously attractive Besiktas district are somewhat more expensive than elsewhere in Istanbul, with prices of just above €3,740 per square metre for 120 square metre (sq. m.) apartments. However, this price premium does not now apply to smaller apartments, which are now a bargain, compared to elsewhere in the city, at around €2,500 per sq. m.. It is surprising that these apartments are not all snapped up by the Airbnb crowd. Lucky are those that live in this area of palaces and large houses, looking out onto the Bosporus! 

A 120 square metre apartment in Besiktas now yields a return of around 3.3%, versus 6.6% two years ago. Yields are of course much better at the smaller sizes, and we find that 60 sq. m. Besiktas apartments typically yield 5.5%.

Bakirkoy is a mixed district, and has a large range of houses and apartments and areas. Prices for small apartments are as high, or higher, than in Besiktas. Gross rental yields are around 3.7% on 120 square metre apartments – again significantly lower than three years ago.

True, as in previous years, better returns can be had in the noisier Beyoglu which is a more ‘work-oriented’ district. Yields have risen here since we last surveyed it, especially for smaller apartments. Yields are up to 6.1% for 50 sq. m. apartments. 

Kadikoy on the Anatolian side of the Bosporus is another very mixed district, buzzing with life and students, largely residential. As is to be expected, prices of residential apartments here have a wide range. This year we found yields in this district to be the slightly lower than last year, with 120 square metre apartments returning 4%.  Smaller apartments here have reasonable yields of 4.6%

The varied Sisli district has yields of 5.5% on 120 square metre apartments.

Round trip transaction costs are reasonable in Turkey. See our Poland transaction costs analysis and our Turkey transaction costs compared to other countries.






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