Istanbul real estate prices up 20 percent
Real estate value nevertheless increased significantly year-on-year, even in the city's cheapest districts (File photo)
Average per square meter real estate prices in İstanbul rose 20 percent between March 2014 and last month, according to a recently released report from real estate firm Reidin.
Real estate in the district of Beşiktaş rose by 24.7 percent during that period and was the most expensive İstanbul district at TL 5,885 per square meter, according to Reidin. Beşiktaş is widely considered to be the most centrally located district in the city, situated on the Bosporus and home to Boğaziçi University, major workplaces and a number of luxury hotels. Some of the city's most expensive neighborhoods are located in the district, which is a five-minute ferry ride from the Anatolian side and a five-minute minibus ride to Taksim Square in good traffic.
The district of Sarıyer, which flanks the Bosporus and the city's northern forests, was home to the second-highest real estate prices in the city at TL 5,236 per square meter, while homes could be purchased on the Anatolian side district of Kadıköy at an average of TL 5,094 per square meter, the third-highest prices in the city. Sarıyer and Kadıköy real estate prices increased 22 and 10.7 percent year-on-year, respectively.
Even in the city's cheapest district, where prices per square meter were around seven times cheaper compared to the most expensive areas, real estate value nevertheless increased significantly year-on-year. The outer Anatolian side district of Sultanbeyli was the city's least expensive district at TL 887.7 as of last month, although prices increased 17.8 percent year-on-year. Prices in the second cheapest district of Silivri rose 16.1 percent, averaging TL 1189.5 per square meter.
During the first three months of this year, İstanbul was the preferred choice in Turkey among foreign buyers, while the province of Antalya ranked second among foreign purchasers of Turkish real estate.
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