The Turkish CBI program allows applicants to obtain citizenship through real estate investments starting at $400,000, and most applicants choose Istanbul. Rental yields vary significantly across different areas of the city—ranging from 3.8% to nearly 15%—which has a significant impact on the return on investment. Learn more about the most profitable areas of Istanbul for investment under the CBI program in 2026

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Turkey’s Citizenship by Investment (CBI) program requires an investment of at least $400,000 in real estate, with a commitment to hold the property for three years. The vast majority of applicants choose Istanbul, where investments may be spread across multiple properties. However, the difference in returns between the city’s districts is striking: from less than 4% in premium locations to over 14% in the western suburbs.

We’ll discuss which specific districts an investor should consider depending on their strategy later in this article.

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Istanbul’s real estate market: an overview as of early 2026

According to data from the Central Bank of Turkey (CBRT), nominal housing prices in Istanbul rose by 27.99% in the period up to February 2026; however, when adjusted for inflation, real growth was negative—a decline of 2.69%.

At the same time, rent for new tenants increased by 41% over the same 12-month period—nearly twice as fast as real estate prices. It is this gap that explains why the average gross rental yield in Istanbul currently stands at 8.17%—the highest figure among Turkey’s major cities, according to a Global Property Guide study for the first quarter of 2026.

Sales to foreign buyers in 2025 fell by 5.25% (9,101 transactions), and their share dropped to 2.9% of the total number of transactions. For new participants in the CBI program, this means less competition and more room for negotiation.

Ranking of Europe’s most expensive capitals for buying a home in 2026 — find it here.

Premium districts of Istanbul: Sariyer, Besiktas, Kadikoy

These locations are geared toward buyers who plan to live in the property they purchase or seek to preserve capital in the long term.

Sariyer is the most expensive district in the study. The average price of a one-bedroom apartment here is $259,200, and a two-bedroom apartment is $344,100. For $400,000, you can purchase only one property. Gross yield ranges from 3.84% to 4.23%, the lowest in the city.

The district is valued for its location on the Bosphorus, proximity to Belgrade Forest, international schools (British International School, Istanbul International Community School, MEF International), and medical facilities (American Hospital, Liv Hospital).

Administratively, Maslak—Istanbul’s financial center—belongs to Sariyer. Prices per square meter in new developments in Maslak range from $3,200 to $6,500, and the yield on properties in prime locations reaches 7–9% thanks to stable demand from high-income local and international professionals.

Beşiktaş is a district with minimal available land for new development, ensuring high liquidity of existing real estate even during market downturns. Rental yields here are lower than in developing districts, but capital preservation and the predictability of investment returns offset this difference.

Kadıköy (Asian side) offers two-bedroom apartments for $336,000 and three-bedroom apartments starting at $493,000. Yields range from 4.20% to 5.32%. The Moda neighborhood is recognized as one of the most attractive urban areas in the world according to Time Out. The British International School of Istanbul and SEV American College are located here. Data from expat forums show that long-term visitors to Istanbul choose the Asian side nearly twice as often as the European side, and Kadıköy is the main reason.

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Target Areas: Kağıthane, Şişli, Topkapı

These locations are attractive to investors who expect capital appreciation due to urban regeneration and the narrowing price gap with neighboring premium districts.

Kagitan is right next to Maslak, yet prices per square meter are about a quarter of those in Maslak. The average price for a one-bedroom apartment is $88,900, and for a two-bedroom apartment, $113,500. For $400,000, you can purchase three to four properties here with a gross yield ranging from 6.11% to 8.77%.

The district is undergoing rapid transformation: the M11 metro line connects Kagithane to Istanbul Airport in about 25 minutes, and new residential complexes with parking and modern amenities are springing up where industrial zones once stood.

Tenants are primarily young professionals and corporate employees seeking access to business centers at prices lower than those in Şişli or Beşiktaş. However, some experts believe that the best time to enter Kagithane is already passing, and the next window of opportunity could be Topkapi, where the city is phasing out industry and replacing it with mixed-use commercial and residential complexes.

Şişli — the hub of expat life on the European side. The average price of a two-bedroom apartment is $114,700, with a yield ranging from 6.74% to 8.37%. The Nişantaşı district in Şişli includes Abdi İpekçi Street—Istanbul’s most expensive shopping street. The MEF International School and the Istanbul International Community School are located nearby.

Example of a combined strategy: three apartments in Kağıthane (each $90,000–$115,000) plus one apartment in Beyoğlu or Nişantaşı with the remaining budget.

How to plan a budget trip to Istanbul in 2026 — find out more at the link.

Areas with the highest rental income: Beylikdüzü, Esenyurt, Küçükçekmece

Three districts on the western side of Istanbul demonstrate profitability atypical for major global cities.

Key metrics:

• Beylikdüzü — one-bedroom apartments for $45,800 with a 14.93% return; two-bedroom apartments for $70,000 with an 11.83% return. For $400,000, you can purchase five to eight properties with a gross annual income of over $40,000 before taxes and expenses.
• Esenyurt — one-bedroom apartments for $49,300 with a 10.71% return; three-bedroom apartments for $88,300 with an 8.02% return. The district has one of the largest foreign communities in Istanbul.
• Küçükçekmece — one-bedroom apartments for $78,000 with a yield of 10.62%; two-bedroom apartments for $100,400 with a yield of 8.73%. The lakeside location and metro improvements offer an advantage over western neighbors for a small premium on the price.

High yields in these areas are driven by low property prices relative to rent. Tenants are primarily from the working and middle classes. Historically, property value growth here has lagged behind premium areas, and the range of residential infrastructure is more limited.

Read also: Golden Visa, real estate investments, and countries with yields over 6% in 2026.

Maltepe and promising locations on the Asian shore

Maltepe occupies a middle ground between Kadıköy’s prices and the affordability of the western suburbs. One-bedroom apartments cost $142,200 with a 7.43% return, while two-bedroom apartments cost $177,800 with a 6.61% return. For $400,000, you can purchase two spacious apartments with views of the sea, green parks, and Marmaray rail connections to the European side of the city.

Among other promising Asian locations, Atasehir is worth noting, attracting attention due to the development of the Istanbul Financial Center, as well as Beykoz—a district on the Asian shore of the Bosphorus with abundant green spaces.

Entry requirements for Turkey — here.

Important considerations: taxes, expenses, and currency risk

Data from the Global Property Guide are gross figures. Actual net returns are typically 1.5–2 percentage points lower after deducting taxes, maintenance costs, vacancy rates, and management fees.

Key expenses to consider:

• Annual property tax in Istanbul — 0.2% of the assessed value (rate for metropolitan areas).
• Progressive tax on rental income—ranging from 15% to 40%, with a tax exemption of 58,000 Turkish lira (approximately $1,270) in 2026.
• Management, maintenance, and vacancy costs.

A separate factor is currency risk. The CBI program values investments in dollars, but rent is received in Turkish lira, which has depreciated by approximately 17% against the dollar over the past 12 months. A 41% increase in rent in lira partially offsets this effect, but the dollar equivalent of the income remains less certain. The KKM currency risk protection program, previously used by investors, was discontinued by the CBT in August 2025.

Need help with real estate transactions in Turkey?

Choosing a region for investment under the CBI program is just the first step. Legal due diligence on properties, proper drafting of purchase agreements, compliance with all citizenship program requirements, and tax planning require qualified legal support.

A real estate lawyer from the Visit World portal will help verify the legal soundness of your selected properties, guide you through the transaction at every stage, and ensure your investment meets the CBI program requirements.

Book a consultation with a real estate lawyer on the Visit World portal to protect your investments in Istanbul from legal risks!

Reminder! In our previous article, we discussed Turkey beyond the resorts and 10 of the country’s hidden gems.

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