Last Updated on 07/10/2022

Where to buy second-hand properties in Istanbul

Facing the successive variations that have affected the real estate market in Istanbul mainly, Many investors are trying to find a profitable alternative to brand-new properties. Therefore, many international buyers consider purchasing second-hand properties in Istanbul. However, they are wondering where  are the most profitable area for resale investment. 

MEO Consultants experts provide you with recommendations of selected beneficial regions in terms of second-hand properties purchasing. 

Buying second-hand properties in Istanbul

Numerous factors contributed to the impressive price growth in the Turkish real estate market in 2022. The main driver behind this increase is the disparity between strong demand and limited supply. The Russian invasion of Ukraine, which attracted Russian investors to the Turkish market, is only one example of the numerous political and economic causes that increased the demand for real estate in Turkey and in Istanbul mainly. Additionally, the citizenship by investment program increases foreign interest in Turkish real estate, particularly during the interim between the announcement and the implementation of the new investment minimum value amendment.

The supply/demand imbalance in Turkey’s resale real estate market gave buyers and sellers new investment alternatives. In fact,  buyers who made their purchases a few years ago decided to sell their properties in response to the high demand. they could thus make a good profit based on the amount they paid at the time of purchase while also benefiting from the price index growth over time. Meanwhile, buyers started to turn to resale markets seeking more affordable prices. Therefore, lately we noticed that many international investors are willing to buy second-hand properties in Istanbul. 

Which areas to choose for second-hand properties in Istanbul 

Many investors are aware of the importance of the resale real estate market in Turkey today. In fact, recently we noticed a growing demand for buying second-hand properties in Istanbul. Yet, to achieve an ultimate benefit the area must be chosen carefully.  MEO Consultants experts recommend the following districts and neighborhoods. 

Bomonti 

Bomonti‘s quick urban renewal and reasonable costs when compared to neighboring areas like Besiktas and Nisantasi, one of Istanbul’s poshest districts, attracted real estate investors. To be clear, Bomonti’s urban redevelopment offers the possibility for investors to realize important returns, particularly with infrastructural upgrades like new hospitals, universities, and most importantly, new transportation connections linked with regeneration projects.

But even with all these important elements enhancing the area’s urban value, the price of new buildings grew significantly due to the rising demand and the constrained supply. The shortage of vacant lands in the region restricted new construction. However, renovating old buildings will take four to five years. So, up until that point, intelligent investors would choose second-hand properties in Istanbul as a good prospect for real estate. A good opportunity for both buyers and sellers, resale possibilities would showcase high-standard residences of the same quality but at more affordable costs.

Kağıthane 

Kağıthane has very favorable geographic features due to its central location and its straddling of two important routes. Additionally, it is close to Istanbul’s most important investment areas, including Levent, Maslak, and Şişli. However, kağıthane offers a variety of real estate options at lower  prices than its surrounding areas. Middle-class populations that need to reach their offices in the adjacent commercial districts frequently choose Kağıthane because of this. As a result, the need for homes in the area greatly grew. Consequently, investors began to pay attention to kağıthane as one of the best Istanbul real estate investment hubs in terms of ROI.

Nişantası 

Istanbul’s opulent Nişantası area has a refined Parisian vibe. Additionally, it is home to numerous deluxe structures that were once the mansions of Ottoman nobility. Therefore, these homes won’t be replaced by brand-new housing developments due to their increasing historical, architectural, and urban qualities. As a result, it is incredibly difficult to get brand-new buildings in Nişantası. Consequently, the area offers the most valuable second-hand properties in Istanbul. However, the majority of the existing structures have been upgraded with comfortable features and cutting-edge materials to meet the needs of modern society.

However, it’s important to note that purchasing a home in this area requires a high budget . Therefore, it is an ideal alternative for wealthy investors on many scales; Nişantası will satisfy people looking for a location to live that is appropriate for their opulent lifestyle. 

Benefits of buying second-hand properties in Turkey 

less expensive prices

Second-hand properties in Istanbul offer a good selection of options at more reasonable pricing than newly built apartments. This is also one of the main advantages of buying a resale house. In some cases, a pre-owned apartment in the same area will cost you 50% less than a newly built one.

Less tax obligations

People who acquire a resale house in Turkey, as opposed to new home buyers, will not be required to pay the VAT tax. Be aware that depending on the type of property, this tax can range from 1 to 18%.

To know more about the benefits and the important useful information regarding buying second-hand properties in Turkey,  you can look at our experts’ recommendations. 

Investors interested in resale real estate can obtain detailed advice upon request through a risk-free initial consultation. 

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