What To Consider When Buying a Commercial Property In Istanbul?
The higher level of investment is investing in commercial properties. This is more lucrative, but it is also more stable and with a shorter ROI time. Choosing the right kind of property has a huge role to play in your investment being successful. Here are a few points to should consider when looking for a commercial property for sale in Istanbul.
Is It Close To Public Transportation?
You should check whether the property is located close to public transportation. Most of Istanbul’s inhabitants use Istanbul’s metro network for their everyday transportation. The metro network has been rapidly expanding in the past few years and is trying to catch up with the quick city expansion. The length of the metro network was measured in 2019 as was found to be 441 kilometres. By 2025 the network length is supposed to reach up to 981 kilometres. Suppose the commercial property is located close to the metro station. In that case, it will guarantee a higher demand for the property and will give you the advantage to get a great resale price later on.
Is The Property Located In The City Centre?
Some people consider the city centre to be the Taksim Square and the regions around it? This is not true. The city centre of Istanbul includes the districts of Fatih, Besiktas, Sisli, Uskudar, Beyoglu, and Kadikoy. However, now the Istanbul city is much bigger and has other regions as active as the above-mentioned districts.
Other people use the term city centre to refer to the energetic and active parts of the city where restaurants, hospitals, government centres, banks, and cafes are located. When you decide to choose your commercial property, you must make sure that you pick a region in the old city centre of Istanbul. These regions are more demanded and offer higher rental income. The cost of the establishment may also increase because of the demand. Still, it will be more profitable in the future.
Is The Property A Shopping Or Business Centre?
Suppose the property is located in a shopping or business centre. In that case, it puts the property in the spotlight of searches and guarantees a higher rental income and demand.
Is The Property Ready?
When buying a commercial property, it would be more advantageous if the property was already ready. However, this may inflate the cost. Thus, it is best to buy the property under construction or in an off-plan phase.
The Type Of Commercial Property
There are many varieties of commercial properties available. Each will have its features and specifications like hotel apartments, offices, shops, land. Hotels generate the highest rental income, followed by shops, offices, and then land.
You need to figure out for how long are you planning to have this investment. In the case of commercial properties, you may buy a property off-plan at an early stage and sell it when it’s ready and achieve 20 to 40% in profit.