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Mar 17, 2014

Unattractive yields in Istanbul, Turkey


Last Updated: Mar 17, 2014
Bakırköy apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
75 sq. m. 171,975 591 4.12% 2,293 7.88
120 sq. m. 315,120 842 3.21% 2,626 7.02
200 sq. m. 604,000 1,850 3.68% 3,020 9.25
Beşiktaş apartments
120 sq. m. 279,000 1,147 4.93% 2,325 9.56
175 sq. m. 768,250 2,545 3.97% 4,390 14.54
250 sq. m. 1,283,000 3,860 3.61% 5,132 15.44
Beyoğlu apartments
50 sq. m. 102,200 565 6.63% 2,044 11.29
85 sq. m. 168,130 828 5.91% 1,978 9.74
120 sq. m. 342,600 1,453 5.09% 2,855 12.11
200 sq. m. 723,200 2,186 3.63% 3,616 10.93
Kadıköy apartments
120 sq. m. 206,280 733 4.27% 1,719 6.11
175 sq. m. 314,300 1,122 4.28% 1,796 6.41
300 sq. m. 668,700 1,995 3.58% 3,616 10.93
Sariyer apartments
120 sq. m. 307,560 1,003 3.91% 2,563 8.36
225 sq. m. 1,097,325 2,777 3.04% 4,877 12.34
Şişli apartments
75 sq. m. 162,300 838 6.19% 2,164 11.17
120 sq. m. 274,440 979 4.28% 2,287 8.16
170 sq. m. 381,650 1,437 4.52% 2,245 8.45
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 is less expensive this year for buyers from the US and UK, due to the fall in the Turkish New Lira. However the bad news is that over the past two years, yields for apartments have fallen significantly, due no doubt to the pressure on the Turkish economy.

Apartments in the marvellously attractive Besiktas district are (of course) more expensive than elsewhere in Istanbul, with prices of just above €5,000 per square metre for the largest apartments. 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 4.93%, versus 6.6% two years ago. Yields fall off significantly at the higher sizes, which are much more expensive to buy per square metre.

True, somewhat better returns can be had in the noisier Beyoglu which is a more ‘work-oriented’ district. But here yields have fallen particularly far since we last surveyed it, especially for larger apartments. Yields are down to 3.63% to 6.63%, from 5%-8.7% two years ago.

Bakirkoy is a mixed district, and has a large range of houses and apartments and areas. Gross rental yields are around 3.2% on 120 square metre apartments – again significantly lower than two years ago.

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 same as last year, 120 square metre apartments here can return 4.3%

The beautiful Sariyer district is expensive in its upper reaches, with residential property prices reaching €4,900 per square metre. But smaller apartments are good value. Yields are again down significantly to around 3.9% on a 120 square metre apartment.

The varied Sisli district has apartments mostly over €2,000 per square metre, and yields of around 4.3% 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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