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Mar 25, 2013

Rental returns in Istanbul have fallen significantly


Last Updated: Mar 25, 2013
Bakırköy apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
75 sq. m. 156,675 578 4.43% 2,089 7.71
120 sq. m. 247,800 918 4.45% 2,065 7.65
Beşiktaş apartments
75 sq. m. 171,750 658 4.60% 2,290 8.77
120 sq. m. 304,920 1,276 5.02% 2,541 10.63
250 sq. m. 1,193,250 3,910 3.93% 4,773 15.65
Beyoğlu apartments
75 sq. m. 169,950 838 5.92% 2,266 11.17
120 sq. m. 348,600 1,468 5.05% 2,905 12.23
250 sq. m. 776,750 3,455 5.34 3,107 13.82
Kadıköy apartments
75 sq. m. 147,000 556 4.54% 1,960 7.41
120 sq. m. 215,040 761 4.25% 1,792 6.34
175 sq. m. 335,650 1,122 4.01% 1,918 6.41
Sariyer apartments
75 sq. m. 117,525 701 7.15% 1,567 9.34
120 sq. m. 225,600 883 4.70% 1,880 7.36
250 sq. m. 731,750 2,693 4.42% 2,927 10.77
Şişli apartments
75 sq. m. 133,950 739 6.62% 1,786 9.85
120 sq. m. 256,800 1,154 5.39% 2,140 9.62
250 sq. m. 709,750 2,113 3.57% 2,839 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 Europe and the US, due to the fall in the Turkish New Lira.  Apartments in the marvelously attractive Besiktas district are (of course) more expensive than elsewhere in Istanbul, with prices of just under €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!

Since last year, yields for smaller apartments in Besiktas have fallen significantly. A 120 square metre apartment now yields a return of around 5.02%, versus 6.6% last year. 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 5% to 6%, from 5%-8.7%

Bakirkoy is a mixed district, and has a large range of houses and apartments and areas. Gross rental yields are around 4.5% on 120 square metre apartments – again significantly lower last year.

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 slightly better than last year, 120 square metre apartments here can return 4.2%

The beautiful Sariyer district is expensive in its upper reaches, with residential property prices reaching just under €3,000 per square metre. But smaller apartments are good value. Yields are again down significantly to around 4.7% on a 120 square metre apartment.

The varied Sisli district has apartments mostly over €2,000 per square metre, and yields of around 5.4% on 120 square metre apartments.






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