Demand in the non-primary real estate market is noted in Istanbul, mainly due to the interest of foreigners in it

An apartment in a city on the banks of the Bosphorus is already worth more than a villa in Miami, Sözcü newspaper reported on Tuesday, citing local realtors.

“Property prices in Istanbul just soared. While a villa in Miami will cost $400,000, ads in Umraniye [in the Asian part of the city] offer a three-room apartment for that amount. Prices in Istanbul bypassed Miami, where you can Take out a mortgage for 30 years and still receive rental income,” real estate expert Toprak Ozsan said in an interview with the newspaper. He called housing prices in the city outrageous.

As an example, the businessman cited the cost of a villa in the Adzharkent area on the banks of the Bosphorus – from 5.8-6.8 million dollars and more.

According to realtors, the greatest demand “primary” in Istanbul is among residents of the Middle East. Russians are more inclined to buy housing in the Mediterranean region of Antalya, although they have recently shown interest in Istanbul, experts say.

They recall that in Turkey there is a law according to which foreigners, purchasing real estate worth at least 250 thousand dollars, are entitled to obtain local citizenship.

According to the consulting company Knight Frank, Istanbul, Ankara and Izmir were included in the list of leading cities in the world housing price index last year. Real estate prices in them increased by 83.5%, 73.5% and 73% respectively.