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What is the Demand for Penthouses in Istanbul?
Istanbul is a unique city that hosts a magnificent Bosphorus view where the Asian and European sides meet. In terms of real estate, penthouses that bring the view of this city to your home have become very popular lately. Penthouse apartments in Istanbul generally appeal to those who want to have a magnificent view as well as higher ceiling heights and an isolated life in the city.
The demand for Penthouses in the real estate sector has increased constantly in the last 2 years. The reason behind this is that the people want to isolate themselves from the Metropol and its sounds as they already face the complexity of the city during working hours and also enjoy the remarkable combination of the sky and the city view.
What are the Features of Penthouses Properties in Istanbul?
Real estate in the Penthouse category in Istanbul has various features. These features are:
- Penthouses are generally located on the top floors of buildings and have city views both day and night. The altitude also grants privacy that comforts the mind, and solitude that heals the soul.
- This type of real estate structure has very high ceilings, which grant spaciousness, natural lights, and ventilation.
- These apartments have specially allocated entrance/exit elevators and smart systems.
- By purchasing this house type, you also have your private garage. So that you won't have to worry about parking lot problems.
- It also has very large terraces allocated only to you.
- One of the most important features of penthouse apartments is that the house offers a wide living space within city life. Living in a crowded city may frustrate the person due to a lack of solitude, but these penthouses grant the privacy that everyone needs.
Where are the Best Places to Buy a Penthouses Property in Istanbul?
Istanbul is a megacity with many districts. If you want to buy a penthouse property in Istanbul, there are a few different districts you can look at.
Istanbul's Sisli and Levent districts allow you to create your world in modern city life with penthouse options that provide easy transportation. Properties in these districts can cost you at least 5 million Turkish liras, depending on location, features, and route. Another option is to buy more traditional penthouses in Bebek, Besiktas, and Emirgan areas, but these neighborhoods have higher prices as they offer panoramic Bosphorus views.
Is it a Good Idea to Buy Penthouses Properties in Istanbul?
Due to the rapidly increasing real estate prices in Turkey, it is quite reasonable to purchase these properties both for living and for investment purposes. Furthermore, Investment properties in Turkey are classified as excellent investment options. This is undisputedly the best time to invest in a penthouse in Istanbul. These luxury properties will provide you with a very profitable investment. In addition to these, thanks to the many features offered by the penthouses in Istanbul, you will have the opportunity to live in a pleasant area with all these features included.
How Much are Penthouses in Istanbul?
It is very profitable to buy these structures both in terms of investment and in terms of living, as the Penthouse type real estate on sale in Istanbul, Turkey are more affordable than similar structures in Europe or America, and it is possible to acquire citizenship when the property purchased from Turkey is more than 400 thousand dollars. These structures have recently started to be sold in the sector with 10 million Turkish Liras ($500,000 USD) and more, and their prices may increase depending on their features, location, view, and width in square meters. You can get consultancy from our real estate agents to buy a penthouse in Istanbul.
What Should you Know Before Buying a Penthouse in Istanbul?
Penthouse apartments offer a luxurious experience of life with remarkable views, expanded rooms, terraces, exceptional amenities, and isolated living experiences at the peak of the building. These features sound catchy to the ears but choosing the best penthouse that suits your liking requires some questioning. These questions are:
- Is it worth it?: Purchasing a penthouse is generally more expensive than the average apartment. The amenities, privacy, solitude, terrace, and other features often matter to buyers. All these perks should be discussed with an experienced real estate agency like Istanbul Property, in order to be provided with a dream penthouse that meets the buyers' expectations.
- Will the view always be there?: The view is one of the defining elements of penthouses. There may be no guarantee that the view will stay like this until the end. It's recommended to do research about property development in the surrounding area, whether there will be new constructions that may block out the view of the penthouse.
- How is the quality of the materials used?: It's highly advised to ask questions to the architect or the people in charge during the construction phase about the quality of the construction materials used.
- Is it on the top floor or else?: Throughout the years, the definition of penthouse property has changed. The first meetings of penthouses with people occurred hundred years ago and used to mean a luxurious top floor with terraces. However, recently real estate market has witnessed some apartment units on the lower floors being labeled as penthouses. The features of the penthouses may change depending on the floor level. For these reasons, it is advised to check the offerings of both apartment types and then decide.
What are the Advantages of Living in a Penthouse Property in Istanbul?
Choosing the dream apartment requires a lot of thinking beforehand. Whether one prefers a mega-city or a county, coastal or inland, these are some of the types of properties that are available in Istanbul, Turkey and all of them have their own advantages and potential disadvantages. The process of making decisions should be taken into thought carefully. The list below defines the advantages of living in a penthouse in Istanbul:
- Private outdoor and indoor spaces
- Direct elevators
- Rent and resale value
- Expanded floors
Work with Istanbul Property, one of the most renowned real estate agencies in Turkey, which will provide the most updated information about penthouse properties and real estate in Turkey.
What are the Disadvantages of Living in a Penthouse Property in Istanbul?
As we mentioned the advantages, it's worthwhile to mention the potential disadvantages as well. Even though living in a penthouse sounds flawless, there may be several discomforts. These may be:
- They are more expensive: A penthouse doesn't always mean a luxurious top floor of a building. In some cases, a penthouse just means the top floor of an old building that lacks the amenities. However, just because it's called a penthouse, may drive up the prices. According to research, penthouses are %20 percent more expensive than the average apartment prices.
- Technical problems with the roof: The roof may leak, disturb and cause problems for the resident. However, this problem only occurs in old buildings.
- Long durations: It can take too much time to reach the top with an elevator.
- Maintenance cost: As penthouses may contain a lot of amenities such as a terrace or pool, they will require additional costs for yearly maintenance.
After all these conditions are taken into consideration, it will be the buyer's decision whether the penthouses meet the expectations or not. It would be wise to get professional help from a real estate agency such as Istanbul Property before and during the purchase process.
Where Can You Find Penthouses for Sale in Istanbul?
The most demanded place for penthouses is Levent. Levent is a district located on the European side of Istanbul, Turkey. It is a bustling commercial and residential area that is known for its modern high-rise buildings, luxury shopping centers, and business headquarters. Levent is filled with high-end and modern residences. The prices range between $1,000,000 USD to $5,000,000 USD. You can easily buy properties in Turkey by consulting us, Istanbul Property.
How Can You Buy the Best Penthouse in Istanbul?
Finding a suitable penthouse for sale that meets the requirements of the buyer's preferences may be challenging. Even some people can't get out of the complicated ways of finding property and yield. However, there are numerous ways to search for it. These ways include:
- Arranging your budget: First of all, budget calculations are recommended so that the buyer won't lose any of his precious time. Additionally, it will eliminate some of the options that your budget doesn't support which will hasten the process.
- Consulting real estate agencies: One of the most common and speedy ways of finding a penthouse for sale is through consulting real estate agencies. You can search online or visit real estate agency offices to be provided with professional assistance that will smooth the process of finding a property in Istanbul.
- Surfing through social media: Some of the real estate agencies also provide important knowledge from their social media accounts. You may find information and photos about the properties.
- Making the final decision: Presumably, the buyer found his dream penthouse for sale. From this point, it is up to the buyer whether he'd like to continue the process or not. If it's positive, for the legal procedures, it is wise to consult a real estate agency if not consulted before.
Can Foreigners Buy a Penthouse Property for Sale in Istanbul?
Yes, foreigners can buy a penthouse property for sale in Istanbul, while complying with the laws and regulations of the Turkish Government. Recent law changes have eased for foreigners to purchase properties for sale in Turkey. There are no restrictions on the type of property. You can rent out or live in the property without any problems.
The only restriction is that foreigners are allowed to possess no more than 30 hectares of land in Turkey, for residential or commercial purposes. Foreigners who wish to purchase a penthouse property for sale in Istanbul must be in possession of a Turkish tax identification number, meaning that they have to create a Turkish bank account. In addition to that, a residence permit may be required. It is wise to remember that there may be other fees such as real estate agent commissions, title deed fees, etc.
Due to the many complexities of the purchase process, it is highly recommended to consult a reputable real estate agency or a lawyer who will ensure the process is going smoothly.
Do Foreigners Pay Taxes for a Penthouse for Sale in Istanbul?
Yes, Real Estate Laws state that every owner of property inside of Turkish borders is to comply with the property tax whether you are a foreigner or a local. These tax rates may change depending on the status of the property. If you are living in it, you are to pay for annual property tax, if you are renting out the property then you are to pay for both the annual property tax and income tax. Annual tax rates may double in case of the property is located in a metropolis in Turkey.
There is also a one-time tax that is paid at the time of the purchase and is calculated as a percentage of the property's sale price. The current rate for title deed transfer tax is 4% for residential properties.
Foreigners who purchase a penthouse property for sale in Istanbul may also be subject to other taxes and fees, such as stamp duty, real estate agent commissions, and legal fees. It is advisable to consult with a tax specialist or lawyer who has experience working with foreign buyers to understand the full scope of taxes and fees associated with purchasing a property in Istanbul.