Real estate Istanbul: New vs. Old

[Zara1600]

Hi all,

I am planning to buy a flat in Istanbul and I would like to get some advices on the 2 options I have and their +/-:

Option 1: Brand new flat in Beylikduzu area
Advantages:
Very good general condition ( brand new)
Low maintenance cost
Disadvantages:
Far from city center
Low return on investment
Difficul to resell (project of around 400 units)

Option 2: Flat in a "historical" building in Beyoglu;
Advantages:
Central location
Expected rent higher than Option 1
Flat renovated to high standards (which is not the case of the building)
Disadvantages:
Possible high maintenance cost (for the building)
Building in bad condition
Difficult to resell due to the general condition of the building?
Risk of demolition?

Let me know if I have missed out any important point.
Which option would be more atracting according to you?

Also I have 2 more questions:
Are the properties in Turkey leasehold or freehold?
What happen if the Municipality decides to renovate/destroy the building?

Many thanks for your comments :dito:
Zara.

 

[Norbert]

Why

What is the reason of buying that apartment in Istanbul?

Hi all,

I am planning to buy a flat in Istanbul and I would like to get some advices on the 2 options I have and their +/-:

Option 1: Brand new flat in Beylikduzu area
Advantages:
Very good general condition ( brand new)
Low maintenance cost
Disadvantages:
Far from city center
Low return on investment
Difficul to resell (project of around 400 units)

Option 2: Flat in a "historical" building in Beyoglu;
Advantages:
Central location
Expected rent higher than Option 1
Flat renovated to high standards (which is not the case of the building)
Disadvantages:
Possible high maintenance cost (for the building)
Building in bad condition
Difficult to resell due to the general condition of the building?
Risk of demolition?

Let me know if I have missed out any important point.
Which option would be more atracting according to you?

Also I have 2 more questions:
Are the properties in Turkey leasehold or freehold?
What happen if the Municipality decides to renovate/destroy the building?

Many thanks for your comments :dito:
Zara.

 

[Daril]

I also plan to buy in Istanbul. The price will be higher in 2-3 years.

 

[totallyproperty]

Will we see wild swings in the Istanbul real estate market if the political troubles of recent times flare up again?

 

[medseA]

Make a thumb of rule prior any commitment to check if there has been an iskan issued for the construction after completion (both the apartment and complex) by the city municiplity. Then the purchase is safe, make a final offer.

The iskan is the last word for the construction after built, issued by the municipality. Any new or resale property without it will always hold risk to be destroyed..

 

[Emlak]

new for sure in European side