Is buying a property in Besiktas a good investment?

Last updated on December 29, 2023

Yes, the analysis of Istanbul's property market is included in our pack

If you've marveled at the Bosphorus views and vibrant lifestyle in Besiktas, you might consider owning property in this Istanbul district.

Is it a good idea though? What's the current state of the real estate market in that area? Are property values appreciating or depreciating? Are investors seeing returns on their real estate investments? How's the demand for rentals?

We'll answer all these questions for you! When building and updating our property pack for Turkey, our team has been researching and surveying this area. In fact, there is significant customer interest in investing there. Therefore, we believe it would be beneficial to include some information about it in our property pack.

Why do property buyers like investing in Besiktas?

Besiktas, nestled in the vibrant city of Istanbul, stands out as a prime location for property buyers for several reasons.

Imagine a place where the historical charm of Istanbul meets modern living; that's Besiktas for you. This area, which gained popularity in the late 20th century, especially among the young and affluent, continues to maintain its appeal, thanks to a blend of factors.

Firstly, Besiktas offers a unique blend of cultural and historical richness. Unlike some of the newer, more modern districts of Istanbul, it's steeped in history. You'll find centuries-old palaces alongside trendy cafes and galleries, creating a living mosaic of the past and present.

This historical charm is something you won't find in many other areas, especially the more recently developed parts of Istanbul.

Now, let's talk about location and connectivity. Besiktas sits right on the European side of the Bosphorus, providing stunning views and easy access to both the Asian and European sides of Istanbul. This strategic position is unmatched, making it a coveted area for those who appreciate both beauty and convenience.

Comparing Besiktas to other areas in Istanbul, it's like comparing apples and oranges. While places like Levent and Maslak are known for their skyscrapers and corporate offices, Besiktas retains a more eclectic and vibrant atmosphere.

It's not just about luxury apartments; it's about being part of a lively community. This aspect attracts a diverse crowd, from young professionals to artists and expatriates, all drawn by the area's unique character.

But it's not just the cultural vibe that's appealing. The real estate market in Besiktas has shown resilience over the years. While other areas might see fluctuations, Besiktas has maintained steady growth, thanks to its evergreen appeal. This stability makes it a smart choice for long-term investment.

It's a melting pot. You've got a mix of locals and foreigners, young entrepreneurs, and well-to-do families, all coexisting in harmony. It's this diversity that adds to the area's charm and keeps the community vibrant.

However, it's important to acknowledge some downsides. Besiktas can be bustling, and with that comes the typical city challenges like traffic and noise. For those seeking a quiet, suburban lifestyle, this might not be the ideal spot.

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Why is Besiktas a nice place to live?

Living in Besiktas, is akin to experiencing a microcosm of the city's rich cultural tapestry.

This district, with its vibrant lifestyle and diverse culture, offers a unique living experience that resonates with both locals and expatriates.

The lifestyle in Besiktas is a blend of the traditional and the contemporary. It's a place where historic landmarks like the Dolmabahce Palace coexist with modern cafes and art galleries.

This mix offers residents a rich cultural experience, with access to a variety of dining, entertainment, and shopping options. You'll find bustling markets alongside upscale boutiques, reflecting the diverse economic status of its residents.

Besiktas is also known for its welcoming expat community. People from around the world are drawn here, attracted by the area's cultural richness and modern amenities.

This has created a cosmopolitan environment where various languages and cultures mingle seamlessly. Expats often gather in popular spots like Bebek or Arnavutkoy, where cafes and restaurants provide a perfect backdrop for socializing.

Living in Besiktas, however, does come with a certain cost. It's one of Istanbul's more upscale districts, so the cost of living can be higher compared to other parts of the city. Rent and property prices reflect the desirability of the area, but many find the cultural and lifestyle benefits justify the expense.

Safety is a consideration for anyone choosing a place to live, and Besiktas is generally considered safe. Like any bustling urban area, it's wise to be aware of your surroundings, but the district is known for its secure environment, making it a favorable choice for families and individuals alike.

In terms of amenities and facilities, Besiktas doesn't disappoint. The area is home to reputable educational institutions like Bahcesehir University and Galatasaray University.

For healthcare, facilities like Acibadem Fulya Hospital and American Hospital offer top-notch medical services. Shopping enthusiasts will enjoy the variety, with centers like Zorlu Center and Akmerkez close by, offering a mix of local and international brands.

The quality of infrastructure in Besiktas is generally good. Roads and utilities are well-maintained, keeping pace with the demands of a busy district.

Internet connectivity is robust, catering to the needs of a digitally connected population. This infrastructure supports both the residential and business communities in the area.

Accessibility is one of Besiktas's strong suits. It's well-connected to other parts of Istanbul, making commuting relatively easy. Major transport hubs like Istanbul Airport are accessible via the E-5 and TEM highways, and the district is well-served by public transportation.

Options like buses, minibuses, and ferries are readily available, and the Kabatas tram line provides easy access to other key areas of Istanbul.

How much does it cost to buy real estate in Besiktas?

If you need a detailed and updated analysis of the prices, rents and yields, you can get our full guide about real estate investment in Turkey.

Buying a property in Besiktas varies widely in cost, depending on several factors, including the type of property and its exact location.

In Besiktas, you'll find a range of residential properties, such as apartments, houses, and even luxury villas. The area is known for its blend of historic and modern architecture, offering something for every taste and budget.

Apartments, especially those with views of the Bosphorus, are particularly in high demand in Besiktas. This demand is driven by the area's vibrant lifestyle, rich history, and central location, making it a highly sought-after neighborhood.

Luxury villas, although less common than apartments, are also sought after, especially those located in more exclusive parts of Besiktas, like Bebek or Arnavutkoy.

In Besiktas, you'll find both new developments and resale properties. Recently, there has been a trend towards modern, high-end apartment complexes, catering to those looking for contemporary living spaces.

However, the charm of Besiktas's older, more traditional properties continues to attract buyers looking for a piece of Istanbul's history.

The price range for properties in Besiktas is quite broad. On average, prices per square meter can range from about $2,000 to $5,000 or even higher for luxury properties with prime locations and views. These prices are indicative of Besiktas's status as one of Istanbul's premium real estate markets.

Over recent years, property values in Besiktas have shown an upward trend. This increase can be attributed to the area's continuous popularity, its limited space for new development, and the general appeal of Istanbul's real estate market.

The district's ongoing attractiveness to both local and international buyers has helped sustain and increase property values.

Regarding future developments, any upcoming large-scale projects or city planning changes could potentially impact property values.

For instance, developments in transportation infrastructure or new luxury residential projects can make the area even more attractive, potentially driving prices up.

Predictions for the real estate market in Besiktas in the coming years suggest continued growth. Factors like Besiktas's central location, its appeal to a diverse range of buyers, and the limited availability of new land for development indicate that property values are likely to keep rising.

Additionally, Istanbul's growing status as a global city and Turkey's economic policies attracting foreign investment also play a role in boosting the real estate market.

Where is the best area to buy a property in Besiktas?

When considering the best area to buy a property in Besiktas, it's essential to understand the diversity within the district.

Besiktas isn't a monolithic area; it comprises various neighborhoods, each with its own unique atmosphere, property types, and price ranges.

Let's start with some of the most prestigious areas. Neighborhoods like Bebek and Arnavutkoy are renowned for their luxurious properties, including waterfront villas and upscale apartments. These areas offer stunning views of the Bosphorus and are known for their exclusive restaurants and cafes.

Consequently, property prices here are among the highest in Besiktas, reflecting the luxurious lifestyle these areas offer.

In contrast, central Besiktas has a more urban feel. This part of the district is bustling with activity, home to many shops, markets, and cultural venues. The properties here tend to be apartments, ranging from modern developments to older, more historical buildings.

Prices in central Besiktas are somewhat lower than in Bebek or Arnavutkoy but still reflect the area's central location and vibrancy.

An up-and-coming area within Besiktas to consider is Levent. Known for its modern skyscrapers and business centers, Levent is becoming increasingly popular for residential purposes too.

The area offers a mix of luxury apartments and older, more affordable options. Its growing popularity is due to its excellent infrastructure and proximity to both central Besiktas and other key areas in Istanbul.

If you're looking for a property in Besiktas, areas like Bebek, Arnavutkoy, and central Besiktas are good options. These areas offer a blend of luxury, culture, and convenience, making them highly desirable for both living and investment purposes.

On the contrary, some areas in Besiktas might not be advisable for certain buyers. For instance, areas closer to the busy traffic routes might not be ideal for those seeking a quieter residential environment.

Additionally, while up-and-coming areas like Levent offer potential for growth, they might not have the same historical charm or established community feel as other parts of Besiktas.

Here is a summary table to help you visualize better. If you need more detailed data and information, please check our property pack for Turkey.

Area	Atmosphere	Property Types	Price Range	Suitability
Bebek	Luxurious, waterfront views	Waterfront villas, upscale apartments	High	Those seeking luxury and exclusivity
Arnavutkoy	Exclusive, serene	High-end apartments and villas	High	Buyers looking for prestige and quiet
Central Besiktas	Urban, vibrant	Modern to historical apartments	Moderate to High	Seeking urban lifestyle, convenience
Levent	Modern, business-oriented	Luxury apartments, older buildings	Moderate to High	Investors, professionals

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Is there a strong rental demand in Besiktas?

Besiktas, certainly experiences a strong demand for rental properties, catering to a diverse range of tenants.

The nature of this demand, whether for short-term or long-term rentals, largely depends on the specific location within Besiktas and the type of property.

For short-term rentals, areas like Bebek and Arnavutkoy, known for their scenic views and upscale ambiance, attract tourists and short-term visitors. These areas are popular for holiday rentals or short stays, with tenants typically looking for furnished apartments that offer comfort and luxury.

Short-term rentals here cater to tourists, business travelers, and those seeking a temporary upscale living experience in Istanbul.

On the other hand, long-term rentals are in demand throughout Besiktas, particularly among students, young professionals, and expatriates. Central Besiktas, being close to universities and major business areas, is a hotspot for long-term rentals.

Here, the target demographic includes university students, faculty, and professionals working in Istanbul. They often seek apartments that are affordable yet comfortable, ideally located near transport links, and equipped with basic amenities.

The profiles of potential tenants vary. Students and younger tenants typically look for budget-friendly options and might prefer shared apartments or smaller studios. Young professionals and expats, meanwhile, might opt for more upscale apartments, possibly favoring modern complexes with additional amenities like gyms or swimming pools.

In terms of amenities, properties that offer conveniences like internet connectivity, proximity to public transport, and access to local shops and restaurants tend to have lower vacancy rates.

In addition, features like modern appliances, air conditioning, and security can also be attractive to potential tenants, especially in the more upscale segments of the rental market.

The potential returns on investment for rental properties in Besiktas can be quite promising. While specific numbers can vary greatly depending on the exact location, property type, and market conditions, landlords in sought-after areas like Bebek or Arnavutkoy can expect higher rental yields due to the premium nature of these locations.

Central Besiktas, with its constant demand from students and professionals, also presents a lucrative opportunity for steady rental income.

In recent times, there's been an increasing demand for properties that offer a blend of comfort, convenience, and modern amenities. Apartments in well-maintained buildings, particularly those that provide additional facilities like parking, fitness centers, and communal areas, are becoming more popular.

Such properties not only attract a wider range of tenants but also have the potential to offer better yields in the long term.

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Is it easy to buy a property as foreigner in Besiktas?

Before we answer the question, please know that we have an article dedicated to the experience of buying real estate as a foreigner in Turkey.

Buying a property in Besiktas, Istanbul, as a foreigner is relatively straightforward, but it does come with certain considerations, regulations, and steps that are important to understand.

Firstly, in Turkey, there are some regulations for foreign buyers, but they are generally not restrictive. Foreigners can purchase property in Turkey, including in Besiktas, as long as the property is not in military zones or security areas.

It's important to check that the property you're interested in is eligible for foreign ownership, which a local real estate agent or lawyer can assist with.

The purchasing process in Besiktas typically involves finding a property, agreeing on a price, obtaining a tax number, opening a bank account in Turkey, and signing a sales contract.

The process also includes a title deed transfer, which is done at the Land Registry Office, and payment of related taxes and fees. It’s crucial to have all legal documents translated and to understand the contract terms fully.

One of the primary risks associated with property investment in Besiktas, as with any real estate investment, is market volatility. While Besiktas is a sought-after area, property values can fluctuate due to various factors, including economic conditions and changes in real estate laws.

Additionally, there's the risk of purchasing property with legal encumbrances, such as unresolved ownership disputes or debts tied to the property.

A classic pitfall specific to buying property in Turkey is not conducting thorough due diligence. This includes verifying the property’s legal status, ensuring there are no outstanding debts or legal issues, and confirming that the property has the correct building permits and is registered correctly.

Another common mistake is not considering additional costs like maintenance fees, taxes, and utilities, which can add significantly to the overall investment.

Working with a local real estate agent or lawyer is highly advisable. They can provide invaluable assistance with navigating the local real estate market, understanding legal requirements, and ensuring that all paperwork is in order. They can also help in negotiating prices, understanding local market trends, and avoiding common pitfalls.

As for exit strategies, property investors in Besiktas have several options. These include selling the property for capital gains, especially if the property value has increased over time, or renting it out to generate continuous rental income.

Some investors also consider transferring their investment into a different type of asset or a different location, depending on market conditions and personal financial strategies.