The Five Most Expensive Areas in Istanbul

Istanbul, the largest city in Turkey, is an annual magnet for tourists and immigrants seeking to establish long-term residence in the country's commercial and cultural capital. Istanbul is divided into 39 distinct districts, each with its own unique characteristics. These districts differ in terms of transportation options, infrastructure, and, of course, property prices. So, what are the best residential areas in Istanbul? Continue reading to discover which areas are considered prestigious and come with a higher price tag, as well as to gain insights into the cost of purchasing real estate in these regions.

• The European and Asian Sides of the City
• Beşiktaş
• Sarıyer
• Bakırköy
• Kadıköy
• Beyoğlu

The European and Asian Sides of the City

Istanbul spans an expansive area of over 5,000 square kilometres and is divided into two distinct parts: the European and the Asian sides. Traditionally, the European side holds greater allure for tourists due to its concentration of iconic landmarks, including the Hagia Sophia Mosque, Topkapi Palace, Grand Bazaar, Basilica Cistern, Constantine Column, Galata Tower, and numerous others. This is the primary reason why most luxury districts are located in the European part of Istanbul, where the majority of tourist spending occurs.

Many local residents choose to reside in the Asian part of the city, as most of its neighbourhoods were thoughtfully designed as residential areas, complete with essential amenities such as supermarkets, schools, public transportation, and more. One of the primary benefits of living in the Asian side of Istanbul is the comparatively tranquil lifestyle it offers, owing to a lower influx of tourists. 

Please be aware that the prices for properties in the most luxurious areas of Istanbul may not be accurate at the time of your reading due to the volatility of the Turkish lira (TRY) exchange rate. It's important to consider this when converting property prices from Turkish lira to USD.

Beşiktaş 

Real estate prices: from 980,000 TRY ($36,225) to 230,000,000 TRY ($8,501,892).

The first of the Istanbul residential areas is Beşiktaş. Beşiktaş is situated in close proximity to the tourist hub of Istanbul, yet it doesn't draw as many visitors as its neighbouring districts. This area extends along the Bosphorus and features real estate options offering picturesque views of the strait, a factor that notably impacts property prices.

Another notable advantage of Beşiktaş is its excellent transportation infrastructure. The district boasts numerous metro stations, well-connected bus routes, and a ferry service that provides convenient access to the Asian part of Istanbul. For those who own cars, Beşiktaş is a preferred choice, thanks to its well-maintained roads and the presence of the two main highways that pass through the area, providing a seamless connection to the Asian part of the city.

Beşiktaş is renowned for its vibrant nightlife, with numerous nightclubs and bars that appeal to a younger crowd. Additionally, one of Istanbul's primary business hubs is located in Beşiktaş, in close proximity to the Levent metro station. 

Beşiktaş is beloved by many expatriates for its diverse architecture. Within this neighbourhood, you'll find a fascinating juxtaposition of modern skyscrapers housing business centres and upscale hotels, alongside historical buildings that infuse an authentic charm into the area.

The most affordable studio apartment in Beşiktaş starts at 980,000 Turkish Lira (TRY), equivalent to $36,225. Meanwhile, the most expensive penthouse in Istanbul with a sea view, boasting five bedrooms and an additional room, can be found for around 230,000,000 Turkish Lira (TRY), which is approximately $8,501,892.

Sarıyer 

Real estate prices: from 950,000 TRY ($35,116) to 192,500,000 TRY ($7,115,706).

Sarıyer, located to the northern edge of the European part of Istanbul, rests near the point where the Bosphorus meets the Black Sea. In contrast to high-rise buildings and bustling business centres, Sarıyer offers serene coastal promenades and lush forests. It's no wonder that this is one of the residential areas in Istanbul highly sought after by those who prioritise privacy, tranquillity, and comfort. Along the coastline, you'll discover an abundance of villas, parks, and scenic promenades. Similar to Beşiktaş, one of the standout features of local properties is the breathtaking view of the Bosphorus.

Sarıyer boasts its own array of tourist attractions. In addition to its scenic parks featuring tulip and Japanese garden festivals, as well as picturesque embankments, visitors can explore the historical Roumeli Hissar Fortress nestled along the seashore. Furthermore, during the summer months, Sarıyer's residents have easy access to the stunning beaches of the Black Sea.

Sarıyer is also traversed by one of the three bridges connecting Europe and Asia. This convenient connection enables locals to travel effortlessly not only to other European districts but also to the distant regions of the Asian side. Although, for a more scenic journey, taking a ferry to the Asian side is often recommended.

A studio apartment in Sarıyer can be purchased for 950,000 Turkish Lira (TRY), equivalent to $35,116. Alternatively, for those seeking a more spacious option, a seven-bedroom penthouse with a stunning Bosphorus view is available at 192,500,000 Turkish Lira (TRY), approximately $7,115,706. This is one of the most expensive property in this area of Istanbul.

Bakırköy 

Real estate prices: from 1,180,000 TRY ($43,618) to 134,000,000 TRY ($4,953,271).

Bakırköy is another one of the Istanbul rich areas. While Sarıyer predominantly serves as a residential area, Bakırköy is akin to a sprawling business hub. Its primary strength lies in its exceptional transportation infrastructure. Bakırköy is intersected by several metro lines, including the Marmaray, which is the sole line that runs beneath the Bosphorus. Additionally, the area boasts an extensive network of bus routes and convenient intercept car parks, offering a practical solution for those who prefer to leave their vehicles and use public transport. It's worth noting that until recently, Bakırköy was the host of the city's main airport.

Bakırköy boasts a robust and well-developed infrastructure, offering an abundance of cafes, restaurants, gyms, and cinemas, all conveniently within walking distance of residential complexes. Among the contemporary attractions in this area, visitors may find interest in exploring one of Istanbul's largest aquariums. Nearby, you can also discover Floria, a well-loved urban beach. These luxurious amenities set Bakırköy apart, as despite Istanbul's coastal setting, there are few safe and accessible places to swim due to the prevailing strong sea currents. 

For those interested in real estate, affordable two-bedroom flats in Bakırköy begin at 1,180,000 Turkish Lira (TRY), which is approximately $43,618. On the other hand, a luxurious five-bedroom penthouse with breathtaking sea views can be found for approximately 134,000,000 Turkish Lira (TRY), or around $4,953,271.

Kadıköy 

Real estate prices: from 1,250,000 TRY ($46,216) to 370,000,000 TRY ($13,680,010).

We continue the list of the rich neighborhoods in Istanbul with Kadıköy. Kadıköy stands out as the most renowned and upscale district in the Asian part of Istanbul. It appeals to both tourists and those seeking permanent residence in the city. Kadıköy is embraced by the picturesque Bosphorus and the expansive Marmara Sea. Regardless of your location within Kadıköy, you'll have convenient access to ferry services connecting you to Karaköy, Beşiktaş, and other European areas. Moreover, the Marmaray line traverses this neighbourhood, providing swift passage across the Bosphorus. Notably, Kadıköy marks the final stop of the metro line offering direct access to Sabiha Gökçen Airport.

In addition to its excellent transportation connections, Kadıköy is characterised by its remarkable diversity. On one hand, there's a modern waterfront promenade complete with bicycle lanes and sports facilities along the Marmara Sea. The lively Moda quarter thrives with numerous bars and shops, infusing the area with vibrancy well into the night. The central Bagdat Avenue adds to the allure with its upscale boutiques and fine dining establishments. On the other hand, Kadıköy also offers serene residential areas along the seashore, providing a serene daytime atmosphere and a tranquil ambiance at night.

All of these factors contribute to the relatively high property prices in Kadıköy. The starting price for the most affordable flat is 1,250,000 Turkish Lira (TRY), equivalent to $46,216. With this budget, you can acquire a furnished studio in this area. On the other hand, for those with a budget of 370,000,000 Turkish Lira (TRY), approximately $13,680,010, the opportunity exists to invest in a luxurious five-bedroom villa situated on the picturesque seashore.

Beyoğlu 

Real estate prices: from 750,000 TRY ($27,730) to 161,000,000 TRY ($5,952,653).

Beyoğlu is the richest and tourist neighborhood in Istanbul. Beyoğlu stands out as Istanbul's most renowned tourist destination. It is renowned for its vibrant İstiklal Avenue, where an antique tram glides along, and the iconic Galata Tower, providing stunning views of the Bosphorus. Beyoğlu also boasts the historic Pera Palace Hotel, which hosted some of the illustrious passengers of the famous Orient Express, among numerous other captivating attractions.

In addition to its attractions, Beyoğlu is renowned for hosting some of the most exclusive (and costly) restaurants and hotels in Istanbul. The historic streets of Karaköy hold particular prominence, harking back to the era when Istanbul was known as Constantinople. Typically, Beyoğlu is the first stop for those looking to acquaint themselves with the city. It offers an array of public transportation options, including the metro, trams, cable cars, and ferries, seamlessly connecting the area with other districts across Istanbul.

Although Beyoğlu is a popular tourist destination, there are still properties available for sale, but they come with steep price tags. With a budget of 750,000 Turkish Lira (TRY), approximately $27,730, you may secure a one-bedroom unfurnished flat on the ground floor. Meanwhile, luxury properties in Beyoğlu can command prices reaching up to 161,000,000 Turkish Lira (TRY), or approximately $5,952,653. This budget would enable you to acquire a spacious ten-bedroom flat offering scenic views of the Bosphorus.

In a Nutshell

When relocating to Istanbul and in the market for a property purchase, it's essential to weigh your priorities. Expat businessmen and investors often opt for Bakırköy or Beşiktaş, as these areas are most conducive to business endeavours. If a comfortable life away from the city's hustle and bustle is your preference, then Sarıyer or Kadıköy are excellent choices. Those seeking a vibrant and upscale atmosphere with a touch of ancient Istanbul's charm may find Beyoğlu to be the perfect fit, attracting investors and affluent admirers alike.

Cover photo: Meruyert Gonullu (Pexels)