Luxury Houses in the Bosporus Area Hit the Istanbul Market
October 04, 2021
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There are 62 mansions to choose from in one of the most prestigious areas of the Turkish caltural capital.
During the pandemic, the number of mansions for sale in Turkey jumped sharply. There are about 62 luxury houses in the Bosporus area with a historical past on sale, prices start at $1.13 million. This category of housing is of particular interest to Arabs, market experts say.
According to the data of luxury real estate consultants Gulchin Genul and Safie Genul, the new tax on luxury housing has increased the percentage of rental real estate. But sales of mansions have also increased due to reduced prices and the interest of investors who understand the benefits of long-term investments in such objects.
Luxury Housing Tax in Turkey
The Turkish government has introduced a new annual tax on housing worth from 5.25 million Turkish lira ($700,180). The relevant law was approved at the end of 2019, but its application was postponed for a year.
How it is calculated:
According to the legislation, residential properties worth from 5.25 million to 7.87 million Turkish liras ($700,180 - $1.05 million) must be subject to an additional annual tax of 0.3%.
A 0.6% rate must be applied to housing worth from 7.87 million to 10.5 million Turkish liras ($1.05 million - $1.4 million).
Residential real estate with a value of 10.5 million Turkish lira ($1.4 million) will be subject to a fixed amount of annual tax of 22,500 Turkish lira ($3,000) plus 1% of the value of the object.
The taxable base for luxury housing is calculated in accordance with the assessment carried out by the General Directorate of the Land Cadastre. After the evaluation stage is completed, the agency will send notifications to those owners whose housing will be more expensive than 5 million Turkish liras. The results will be available on the official website of the organization. The owners will have 15 days to challenge the assessment.
But Has It Stop the Buyers?
Sales of luxury properties increased in the areas of Anadoluhisarı, Kandilli, Kanlıca and Yeniköy on the Bosphorus line. In total, there are 660 mansions in this part of the city and about 10% are on sale. It is noteworthy that before the pandemic, expensive mansions were sold on average for 553 days, and after the pandemic, this period was reduced to 47 days.
Alexandra Kabakchi, the CEO of Ataberk Estate: "During the pandemic, the demand for villas and apartments with access to the garden, as well as for options for terraced houses, has increased. During the pandemic, buyers began to appreciate more secluded, environmentally friendly, quiet places, without the accumulation of a huge number of people. Since villas and cottages in Antalya and Alanya are located at some distance away from the sea, in quieter places, there is an increase in demand for these options. And developers have become more active in offering options for new villas both in complexes and single-family housing. New modern villas in the finished form will cost from 250,000 euros."
Examples of luxury housing in Turkey:
1 650 000 €
Villa in Antalya, Turkey
200 sq.m5
Residence
RestProperty
1 250 000 €
Villa in Kemer, Turkey
350 sq.m543
Citizenship
For sale a unique villa within walking distance from the sea, in a small village, suburb of Kemer. The villa is built on a plot of 1000 m2, the area of the villa itself is about 330 m2.
The villa consists of 2 floors and a larger basement, where there is a Turkish bath, a staff room, a shower room, a Jacuzzi, a massage room. On the ground...
Turkish Riviera Homes
1 100 000 €
Villa in Alanya, Turkey
500 sq.m76
Residence
Suitable for citizenshipHas a private garden
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1 110 400 €
Flat in Istanbul, Turkey
210 sq.m43
Residence
A dream project located in the heart of Istanbul and considered
a rising symbol of prestige in the city.
Behind this project is a respected and well-known developer
who brings together the best for living, working and commerce.
An exceptional experience awaits you with beautifully designed apartments, elevated office spaces and conceptual...
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5 500 000 €
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2000 sq.m1
Residence
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Renaissance Estate
1 591 400 €
Flat in Istanbul, Turkey
239 sq.m65
Residence
The newest residential complex is located in the city center.Living in the heart of nature with the concept of luxury is what we offer you. Family concept and modern architecture.. This project offers you the opportunity to merge with nature in the Beljerad forest.
The residential complex, located on an area of 117,000 m2, offers you a life...
Renaissance Estate
1 000 000 €
Villa in Alanya, Turkey
250 sq.m4
Residence
RestProperty
1 034 000 €
Villa in Alanya, Turkey
350 sq.m54
Residence
Luxury villa for sale in a complex of villas with a roof terrace.
The villa has a private garden, a swimming pool, a garage for 2 cars, an elevator and a social area.
It is built of premium quality materials and is located in a prestigious area.
Renaissance Estate
1 496 376 €
Mansion in Antalya, Turkey
600 sq.m55
Residence
A complex of luxurious modern villas with mountain views in an eco-friendly and picturesque area of Antalya. The villas are located in the Deshemealty area – in a new elite area with mostly low-rise buildings surrounded by the splendor of the Antalya mountains and picturesque nature. New high-tech villas have everything you need for a...
We offer you a project of 2 2-storey villas with a layout of 4 +1 with an area of 300 m2 in Tepe. The villas will finally be built in 2024. The project includes two luxury villas built on a plot of land with a total area of 1169 m2. Each villa has 4 bedrooms, a large living room corresponding to modern architectural styles, bathrooms and...
At the end of 2023, complex of premium class villas inTepe area was commissioned. 3 villas are built on area of 1,455 sq.m. Distance to the sea is 3 km. Cafes, famous restaurants, and markets are located in the nearest walking distance.
Plot area of each villa is 485m2
Villa area is 380 m2
Living area 310 m2
Layout 5+1- 5 bedrooms and...
Alanya Property Sales
2 200 000 €
Villa in Kalkan, Turkey
850 sq.m846
CitizenshipOnline ViewingRemote Transaction
Exclusive villa for sale in Kalkan with sea and mountain views!
FethiyeDom
1 400 000 €
Apartment in Bodrum, Turkey
164 sq.m433
ResidenceOnline ViewingRemote Transaction
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288 sq.m43
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268 sq.m43
Residence
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