As tourists are returning to Turkey, local realtors are growing more optimistic about the real estate market dynamics in the near future. They expect that the prices are going to start rising as the pandemic is coming to an end. If you purchase a piece of real property in Istanbul now, you stand good chances to make capital gains when you resell it in a few years. We would like to bring to your attention the possibility of purchasing an apartment in İstanbul Panorama Evleri residential complex.
The pandemic slowed the Turkish real estate market down as the demand for houses and apartments in the country fell. Last autumn, however, the market started to pick up again in Turkey similarly to other countries of the world. The realtors are now selling property via videoconferencing applications such as Zoom and WhatsApp, for example, giving the prospective buyers virtual tours. Foreign investors in particular are pleased by the fact that the Turkish lira has depreciated during the coronavirus crisis. This means that they can get more for their money when investing in Turkish real estate.
Moreover, an investment in Turkish real property can make you eligible to apply for full citizenship of the country. The key requirement is that the house, the villa, the apartment, or any other piece of property that you purchase in Turkey should cost not less than quarter of a million in US dollars.
Where should you invest? The options are plentiful. The InternationalWealth team and our Turkish partners are pleased to recommend the best pieces of real property that you can buy. If you are interested in purchasing an apartment in Istanbul (as most foreign investors in Turkey do), then you should consider a new residential complex in the city that is called İstanbul Panorama Evleri.
General information about İstanbul Panorama Evleri residential complex
The complex is located in a prestigious district of Istanbul in the European part of the city. İstanbul Panorama Evleri borders on a large green area, which protects its residents from the noise of the megalopolis. An advanced infrastructure that includes such recreational objects as reflection basins, walkways running through the green area, and sports facilities will make living in İstanbul Panorama Evleri simply fantastic.
The windows give wonderful views of the city landscapes and various social objects in the vicinity of İstanbul Panorama Evleri will make living there convenient as well. The residential complex occupies an area of 18,000 square meters and purchasing an apartment there would be a great choice for an investor who wants to let the apartment on a lease or just make it the place of his/ her permanent residence!
İstanbul Panorama Evleri has a two-hundred meter trade street where almost twenty shops are located. This fact certainly adds value to the residential complex: everything that you need is at hand!
The complex has a three-level underground parking area as well as parking lots on the surface that your guests can use when they come to visit you at İstanbul Panorama Evleri. The territory of the residential complex is under video surveillance 24/7 and security guards are on duty at the entrance points. The table below lists the key properties that İstanbul Panorama Evleri possesses.
|Property type||Residential and commercial property|
|Property location||The district of Bağcılar in Istanbul|
|Technical information about İstanbul Panorama Evleri||The complex consists of three high-rise buildings. They conform to the seismic requirements as well as thermal- and noise-insulation standards. Buildings A and B have 25 stories each with 6 apartments on each floor. Building C has 23 stories with 4 apartments on each floor. In total, 498 apartments are available. Nineteen shops and stores are going to be located on the ground floor. The area that İstanbul Panorama Evleri occupies is 17,534 m²|
|Apartment types||• One-bedroom – 94 apartments;
• Two-bedroom – 300 apartments;
• Three-bedroom – 104 apartments.
Buildings "A" and "B" have two- and three-bedroom apartments. Building "C" has one- and two-bedroom apartments. The apartments have floor spaces of 70, 120 and 155 square meters with the living spaces of 45, 80 and 102, respectively.
|Infrastructure in the district||Places of interest:||• Taksim Square – 17 km;
• The Marble Sea coast – 10 km;
|Hospitals||• City hospital|
|Trade centers||• Newly Built City Park – 1 minute away;
• AVM – 3 minutes away.
|Transportation network||• Üçyüzlü subway station – 900 m;
• Soğanlı tram station – 800 m;
• E5 Highway – 5 km;
• TEM Highway – 6 km;
• Ataturk airport – 10 minutes;
• Seabus – 15 minutes.
|İstanbul Panorama Evleri infrastructure||Recreational and social objects||• Sauna;
• Turkish bath;
|• Indoor swimming pool;
• Basketball grounds;
• Children’s playground;
• Trade street;
• Reflection basins;
|Car park||A three-level underground parking and surface parking.|
|Security||• Video surveillance;
• Key cards;
• Security service.
|Apartment equipment||• Central heating;
• Passenger lift and freight lift;
• Thermal insulation;
• Fiber optic Internet connection;
• Luxurious bathrooms;
• A cloakroom in the master bedroom;
• A balcony;
• A storage area;
• Fire extinguishing devices;
• Video intercom;
• Noise insulation.
The indoor swimming pool in İstanbul Panorama Evleri will allow going for a splash at any season of the year. The residential complex will also have an open-air swimming pool where children can safely swim in the summertime.
Prices for apartments in İstanbul Panorama Evleri
The investor can choose a one-, two- or three-bedroom apartment in İstanbul Panorama Evleri. The price of the apartment will depend on its size, the floor where it is located and the direction that its windows face.
|Apartment type||Area, square meters||Price, Turkish liras|
|One-bedroom||120||1,200,000 – 1,696,500|
|Two-bedroom||155||1,641,000 – 2,093,000|
|Three-bedroom||198||1,986,000 – 2,391,000|
Please bear in mind the fact that the prices indicated above do not include the costs of acquiring Turkish citizenship by investment. The application process will involve additional administrative fees. InternationalWealth experts will be happy to tell you how you can apply for Turkish citizenship in the frameworks of a personal consultation.
The location of İstanbul Panorama Evleri: introducing Bağcılar
İstanbul Panorama Evleri is located in the district of Bağcılar, an area where four villages used to be located. This part of Istanbul has been inhabited since times immemorial.
A great number of Turks moved to Bağcılar from Greece in the 20th century. Many Turks also came to the area from Bulgaria in the 1979s. Today, Bağcılar is one of the most densely populated districts of Istanbul with people from various countries forming its cosmopolitan character.
To be frank, you will not find many historical monuments in Bağcılar but there are a few places of interest in the district anyway. We would like to point out the following of those:
- Kaşıkçı Çeşmesi Fountain: The architectural complex is located near Beltaş Kumaş Fabrikası textile factory. In the ancient times, traders would rest near the fountain while they were waiting for permission to enter the city.
- Silk Road (Tarihi İpek Yolu): The road served as an important transportation route for centuries. It was paved with flatted stones. Some of the old stones were used in the construction of the local mosque and school.
- Çifte Gelinler Çeşmesi Fountain: The fountain was also used by the traders travelling along the Silk Road. Its construction allowed people and animals to drink water from different reservoirs. Today, only the ruins of the fountain remain.
- Tavukçu Köprüsü bridge and aqueducts: You can find an arch bridge over the Tavukçu brook in the district. Two aqueducts are located not far away.
The district of Bağcılar is located in the European part of Istanbul between ТЕА and E-5 highways, which makes all other districts of the city easily accessible from İstanbul Panorama Evleri.
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Introducing Pearl İnşaat, the developer of İstanbul Panorama Evleri residential complex
Pearl İnşaat Company has qualified personnel and it uses the most up-to-date construction equipment. It has been erecting residential and commercial buildings in Turkey since 1987.
The Company prioritizes high quality of the buildings, safe labor conditions for the workers, and clients’ satisfaction. The developer tries to change the world for the better by using innovative architectural solutions and ecologically friendly construction materials. This approach allows the company to build highly comfortable and sturdy residential and commercial structures in a seismic region.
Pearl İnşaat Company has participated in the construction of residential complexes, factories, trade centers, hospitals, airports, highways, bridges, dams, and channels. In particular, the company has built Bahçelievler Memorial Hospital in Istanbul, Carrefour AVM Trade Center in Adan, and BB Kartal Halk Ekmek FabrikasıKartal bakery complex in Istanbul.
Shortage of rental accommodations pushed the property prices up in Istanbul
Even though the sales of real estate are only starting to pick up in Turkey due to the factors mentioned above, the rental accommodations market is stably growing. This is especially true for Istanbul where rental prices are growing at a faster rate than the inflation while the number of rental accommodations is not increasing. The lack of supply is, actually, the main reason for the price growth. This circumstance makes purchasing an apartment in İstanbul Panorama Evleri an especially attractive investment option.
According to the Turkish Statistics Institute (Türkiye İstatistik Kurumu; TÜİK), the sales of residential accommodations in the country grew by 124.1% in April 2021 on a year-to-year basis and the number of sold houses and apartments reached 95,863. However, the number of sales dropped by 14% in relation to the number of sales in March of the same year (see the graph above).
Experts say that the risk of inflation makes local buyers hedge financial risks by investing into real property. At the same time, high mortgage rates and unfavorable currency exchange rates slow down the sales.
The first consequences of the COVID-19-related limitations introduced in March 2020 became evident in April of the same year. The sales of real estate in Turkey dropped by 55.5% in relation to the sales in April 2019. The total number of houses and apartments sold in the country was only 42,783 (see the table above).
In June 2020, state banks in Turkey lowered the mortgage rates temporarily. The rate was 0.64% for those buying newly built property and it was 0.74% for those buying a house or an apartment that has already been lived in. When this temporary measure came to an end in September 2020, the number of real property sales started falling again and the trend continued until February 2021. In March 2021, however, the market grew by 2.4% on a year-to-year basis and the number of sales reached 111,241.
Prices keep growing
According to the «Real Estate Market Review for May 2021» (Konut Piyasası Görünümü Mayıs 2021), compiled by the Center for Social and Economic Research of the University of Bahçeşehir (Bahçeşehir Üniversitesi Ekonomik ve Toplumsal Araştırmalar Merkezi; BETAM), the pandemic has had a serious impact on the market. Information from open sources (the ads that the developers publish) suggests that the asking prices for real property continue to grow. The graph below shows the price dynamics in percentages.
According to the BETAM report, the average price of residential accommodations for sale has grown by 38.4% in April 2021 in relation to the price in April 2020. The average price grew to 3,829 Turkish liras per square meter. The real estate in Istanbul, Ankara, and Izmir has grown in value by 31.7%, 37.5%, and 36.5%, respectively.
The average price of residential accommodations in Istanbul was 5,104 Turkish liras per square meter in the month under review, in Ankara, it was 2,637 liras, and in Izmir, the price was 4,571 liras.
The prices for real property also have grown even if you take the inflation into account. Economy class housing costs 2,073 Turkish liras per square meter on average, and premium class housing costs 11,684 liras on average.
Short supply and high demand for rental accommodations
According to the BETAM research, the pandemic-related restrictions have affected the rental accommodations market. While the prices continued to grow, new rental accommodations were in short supply. In April 2021, rental prices in Turkey grew by 18% on a year-to-year basis. Renting one square meter of residential property cost 14.5 Turkish liras on average in April 2020, and the price grew to 17.1 liras in April 2021.
The rental prices grew by 26% in Istanbul in April 2021, they grew by 14.3% in Ankara and by 17.7% in Izmir. The average price of rental property was 25, 12.4, and 18.2 liras per square meter, respectively.
Real rental prices (adjusted for inflation) grew in all Turkish cities with the exception of Ankara. The changes in the ratio between the ‘will rent’ and ‘for rent’ ads that are used for estimating the supply – demand ratio in the rental accommodations market indicate that Istanbul, Ankara, and Izmir are starting to experience shortage of residential accommodations available for rent.
The information about the selling price index, the inflation rate, and the actual prices for residential accommodations (the graph above covers the period between September 2017 and April 2021) supplied by the Central Bank of the Turkish Republic (Türkiye Cumhuriyet Merkez Bankası; TCMB) clearly demonstrates a record-breaking growth in the value of real property in Turkey.
Expert support to investors in Turkish real estate
The Turkish realtors are optimistic about foreign investors returning to the local real estate market. Many of them report that the demand is growing so fast that they are short of time processing the requests. The time to act is now! Make the first step towards acquiring foreign citizenship by investing in İstanbul Panorama Evleri residential complex!
Please request a personal consultation with InternationalWealth experts right now and learn more about the opportunities to invest in Turkish real estate! You are welcome to use any means of communication that you prefer (see the Contact us icon at the top of the page).
What types of property can I invest in to qualify for Turkish citizenship?
The Turkish Government does not specify the property types nor its locations. In other words, you are free to invest in any kind of real property in the country in order to qualify for Turkish citizenship provided that you invest a sufficient amount of money. In this respect, investing in Turkey is more attractive than investing in Montenegro or the Caribbean countries whose Governments limit the choice of property available to foreign investors.
Can I add my children to the application for Turkish citizenship?
Yes, you can, but only minor children. Children above the age of 18 are not classified as dependent family members even if they are full-time students. Other countries running citizenship-by-investment programs are more liberal in what concerns adding dependent grown-up children to the application for citizenship.
Can I work in Turkey when I obtain citizenship of the country by investment?
When you are granted Turkish citizenship and the passport of the country is issued to you, you acquire the same rights as the native-born Turks enjoy. That means, in particular, that you can find employment in Turkey without having to apply for a work permit.